Organising your finances will be one of the first things you need to do once you arrive in a new country. If you have purchased a property, you should already have a bank account set up there – so you can prove that the money used to purchase the home has come into the country legally.
Generally banks in most countries will operate in the same way as they do in the UK. Still, it’s a good idea to understand them beforehand to ensure you have all the facilities you need to manage your money.
Here are OverseasGuidesCompany.com’s top tips for organising your finances in your new country:
Research your nearest bank
Spend some time researching the banks in your local area, and think about exactly what you need from your bank. Make a shortlist based on the facilities each one offers compared to your requirements. It’s also important to note that you may have to pay to use any ATMs not affiliated with your chosen bank – so make sure you chose one that has an ATM nearby.
Choose a bank with English-speaking staff
When it comes to your money, it’s vital to understand everything to do with the way it’s stored and the facilities that you can take advantage of. We recommend finding a bank with at least one member of staff who can explain everything to you in English.
Look into fees and other costs
In the UK, most standard bank services are free. Overseas, this is not always the case. When you set up a bank account, check whether a monthly fee is payable and, if so, what you will receive for this fee. You should also establish if you need to pay extra for any other services, such as an overdraft or to withdraw money from an ATM.
Open an account before you go
If you start the process of opening an account before you make the move to your new country, all you will need to do once you arrive is provide proof of identity and address before it is fully functional. This is especially helpful for managing your finances as soon as you arrive in the country, particularly if you are starting a new job or paying bills and utilities.
Think about how to transfer funds from the UK to your overseas account
Never just use your bank’s rate to transfer funds from one country to another. Instead, speak to a currency exchange specialist like SmartCurrencyExchange.com, as soon as you know you want to either buy property or make the move overseas. Their experienced traders will be able to guide you through the currency transfer process, recommending the best time to make transfers and offering you better rates than your local bank.
