How to Deal With Your Finances When Moving Abroad

Moving to a new country can be super exciting but frustrating at the same time. There are massive cultural differences and simply re-acclimating yourself can prove to be difficult. And money, of course, can be a major stress point when moving abroad. What used to be so easy in your home country no longer proves to be quite as simple.

Earning money, spending it, moving it, and managing it becomes an entirely different experience than you’re used to. No matter where you go, things just won’t be the same as they are back home.

Here are some tips of what to do with your finances when you move abroad. 

Open a Local Bank Account

You can save a lot of time and money by setting up an overseas bank account before your move. Using a foreign bank account overseas will leave you exposed to paying both huge fees and a poor exchange rate on any purchases you make.

You have a few options here. Some people opt to open a bank account with a local provider. This is definitely a good idea if you re-settling and working for a local company, as you won’t pay any additional charges on withdrawals or deposits. Have a look online and find a trusted local bank.

Lots of banks are international these days, so there’s a good chance your current bank has a physical presence in your new location, if you don’t want to open a new account. If they do, head into your local branch and see if there’s anything you need to do to use your account abroad, before moving.

Use Online Banking

Definitely try and have online banking set up for your bank account at home and abroad. It’s so useful to be able to pay bills in either country online without having to call the bank. It also helps to have all the info accessible online so you can keep track of money moving in and out, and for your account at home, make sure you’re not charged outrageous fees or no fraud occurs.

Keep an Account Open at Home

Even if you think you’ll be living abroad for the long term, try not to close your bank account at home. Of course you may need to eventually if you are charged a lot of fees, but if you can manage to keep it open it’s definitely useful. You’ll be able to use it to pay any bills you may still have at home, or have money locally when you go home for a visit rather than being hit with expensive exchange fees by using an overseas card.

File Your Taxes

Moving abroad makes paying taxes even more complicated. Depending on your what country you’re in, your visa, and your living status, you might need to pay tax both at home and in your new residence.

You need to notify the relevant tax authority in your home country that you are leaving. Doing this will mean you won’t pay additional taxes that you’re exempt from while living away.

If you’re a freelancer, or own a business, living abroad may also change the way you declare your income, so learn the law of your homeland and stick to your requirements. You don’t want to overpay on your tax. Or worse, receive a huge unexpected bill in the future.

Send and Receive Money From Home

As an expat, there is always a reason to send money to and from home. Whether you get stuck in a bad situation abroad, or you need to spoil a family member, keeping an open line for finances is a must. This is where Jeton Wallet can help! With just a few clicks on your mobile or desktop you can send money abroad to more than 100 countries. With its low cost fees and security features Jeton really is a great choice for anyone who has moved to a different country and want to transfer money quick and smooth.