Preparing Finances Before You Move Abroad.

How to Prepare Your Finances Before Moving Abroad | 1st Move Blog

Thinking about moving abroad is a huge step for anybody, especially if you already have property set up in your current location, employment and a family. There are plenty of people who are either thinking about moving abroad or are in the process of doing so, and the reasons are plentiful. According to statistics, Brits are leaving the UK at an increasing rate, for reasons such as lowering the cost of living, pursuing the cost of living or for retirement purposes. However, before you move and start your new life, it’s essential that you complete some groundwork to get things going. Moving abroad is an expensive and time-consuming process, and although your new venture may offer a wild variety of new opportunities, its critical to have things in order before you move so that upon your arrival, things can function smoothly, and you can settle in easily. Here at We Buy Any House we have compiled a small guide to prepare your finances before you move abroad.

Moving Your Finances Online:

By transferring your finances online, it will be much easier to manage your money and more cost-effectively, no matter where you are in the world. A few ways to do this include:

  • Online Banking:

Online banking is a great way to manage your finances with absolute ease. It offers you a way to access your finances whenever you need or wish. Calling your bank can often be an inconvenience, and if you’re relocating somewhere far, the option to drop in and speak to someone isn’t realistic. By registering with online banking, it will make your financial transition easier when you relocate.

  • Online Money Transfer Service:

Thanks to World Remit’s digital money transfer service, it has never been easier to transfer money. The service allows you to transfer your finances to around 150 countries around the world, via the use of your smartphone, tablet or computer. 

Get Good Exchange Rates:

Before you move, it’s important to have the correct currency- so that you don’t have to worry about affording things when you arrive. It’s important that you find a service that offers a good exchange rate, in order to save money. If you pick somewhere that offers a low exchange rate, you will essentially be throwing away money. 

Ensure You’ve Paid Your Debts:

Although you may be escaping to your dream destination, your financial troubles from back home won’t be far behind. Before you move abroad, the best thing that you can do is to pay any remaining debts that you have. Despite you living abroad, overseas creditors can still take action against any remaining debts, and if you ignore the demands, you may have serious consequences.

Know When to Close Your Bank Accounts:

Before you move abroad, there are things you need to do so ensure that your finances are eligible, as it can determine your financial services and accommodation. If you close all your accounts at once, this could negatively affect your credit score. It’s wise to not rush into closing your accounts- and it may be useful to have an open account back home. 

Keep All the Right Documents:

When you arrive in your new country, there will be lots of important documents that you need to fill out in order to start your new life. From finding housing, to sorting employment, schools and healthcare, there will be documents that are a requirement. Some official documentation you may need include:

  • Passports.
  • Medical records.
  • Birth certificate.
  • Visa.
  • Work permit.
  • Tax records.
  • Driving license. 

Do Your Research:

Before you move, it’s important to conduct some research. Find out things such as job prospects, and how much you could potentially earn. Work out minimum wage for various sectors, as this will be a good indication of how your line of work will affect your income. Additionally, you may want to explore living expenses, as they may not be similar to the ones in your home country. Listing all the possible expenses you may have to pay will allow you to prepare for best and worst case scenarios.
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries. 

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