Money Matters When Moving Country
When you decide that you want to move abroad, be it for work, relationships, or just because you want a big adventure, there tends to be a lot of costs attached. However, with a little time and effort, you can make sure that your finances are shipshape. Not only that, but with the right planning, you can save plenty of cash too.
Many people close their home accounts and open new ones straight away. It is actually better for your credit rating to leave your home ones open for some time after you leave. However, make sure that you have the most updated app, and switch everything to online only. This way, you can manage your home account and money with ease. There are also many online global banks that work in multiple currencies so you can have an account set up long before you leave. Read the T&Cs for things like currency transfers and so on.
It is much more difficult to get your birth certificate if you no longer live in the country, some aren’t willing to post them abroad. So before you leave, invest some time and cash in getting all of your certificates in order. Here is a quick list of those you will need:-
- Birth certificate for you and your whole family
- Payslips, bank statements
- Medical records
- Any work permits
- Marriage certificate
- Driving License and papers
- Any change of name certificates
- Education certification
The more you know, the better. If you have already secured a job, then you are in a much better position. If not, you are going to have to do some calculations about how long your savings will last you before you get another job. Here is where a migration agent could be your best friend. You will need to take into account the following expenses, and the earlier you have them in place, the less of a big financial hit you’re going to take.
- Rent/ mortgage
- Any required paperwork for the country
- Furnishing your place
- Exchange rates
All of this will give you a monthly budget that you can work on. The more time you have for research, the more likely it is that you can find the best deals.
There is nothing like the advice of other expats to help you out. There are many Facebook groups, as well as local groups that can help you get acquainted with other people who have gone through the same thing. They will be able to tell you their experiences as well as give you advice on the best bakers, accountants, and insurances. Aside from the practical information, they can be a source of support and friends when you first arrive and are finding your feet.
When it comes to moving, there are always unexpected costs that can creep up on you. Saving in advance of moving, planning well, and getting advice from experts and locals will save you stress, time, and money when it really counts.