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How to Financially Prepare Before Moving Abroad

Booking your flights. Securing accommodation. Liaising with your new employer. Before emigrating, it can be so easy to let your mind only consider your plans going forward. However, your finances will definitely need some attention before you jet off. Countless expats move abroad to benefit from higher salaries and more beneficial offshore legislation. Therefore, it’s all the more important to get everything in order back in your home country.

Bank accounts

There is no right or wrong option when it comes to your bank account at home. If you intend on using it to pay existing commitments in your home country there is no reason why it can’t remain and you keep tabs of it online. However, if you intend on seeking permanent residency status in a new destination or want to take advantage of any tax jurisdictions you will need to close your bank account in your home country to show that you are not affiliated with your home anymore.

Cancelling direct debits

If you are keeping your home bank account for the time being it should be remembered to cancel any direct debits or standing orders. Payments for your mobile phone, internet and TV packages should be cancelled too if nobody is taking over the service. Many expats forget these outgoings and end up paying penalties as a result.

Get a stop-gap card

For those who have closed their home bank accounts but are waiting to open a new one when they arrive in the country, a prepaid travel card is a useful stop gap. This will give you an easy way of being able to pay for necessities when you arrive in your country until your new bank account is ready to use. Scour the web and make sure you pick one that doesn’t charge fees in your new country.

Investigate healthcare options

If you have been enjoying living in a country that provides free healthcare, you may not receive this benefit when you move overseas. Whilst currently citizens moving around EU countries are entitled to free healthcare provided they have an EHIC card, this does not apply to countries worldwide. Therefore, research the medical care offered in the country you are moving to and definitely consider investing in comprehensive medical cover to ensure you are protected.

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