Friday, November 20, 2015, AM | Leave Comment
Moving to a new country can be an exciting event, but it comes with its fair share of stresses and concerns. Handling your finances is just one aspect of an international move, but it’s one of the most important.
If you’re crossing the border during your next move, here are some tips to keep in mind.
Open an Account in Your New Country
According to Internations Magazine, a resource for expatriates, you will usually need your passport, proof of residency and an initial deposit to open a new account.
You may also need a letter from your employer, a statement from your financial institution in your original country, a copy of your credit report or proof of income.
You may also need to provide documentation that you’ve applied for residency status, if you don’t already have residency.
While banking rules are strict, most financial institutions will have no problem telling you what they require to open a new account.
Learn the Rules of Your New Account
In the United States, most debit cards work with either a swipe-and-sign or a swipe-and-PIN.
However, this is not the case worldwide. For example, Canada uses a chip system in their debit cards that require you to insert your card into the machine and enter your PIN.
Differences in per-transaction fees, account fees, minimum balances and check-writing rules vary, too.
By understanding all the stipulations, you can avoid excessive fees and manage your account responsibly.
Transfer Money in Both Directions
Don’t wait until someone back home needs money or wants to send it to you to try out transfers.
Set up online banking transfers for anyone left in the original country, such as your parents or adult children.
Also have them set up small transfers to ensure the process works and to see how long it takes.
If your bank doesn’t offer international transfers, set up an account with an online firm that handles them, such as Sharemoney.com. By doing this right away, you won’t be in unfamiliar territory if an emergency happens.
Convert Some Emergency Savings to New Currency
Even if you plan to return to your original country later and are leaving most of your investments and savings in that country’s currency, you will want to convert some of your emergency savings to the new currency.
You never know when you’ll need extra cash, and you don’t want to get hit with ATM fees and an unfavorable exchange rate in an emergency.
Moving to a new country leaves you with a lot on your plate. By handling these financial matters as soon as you arrive, you’ll be prepared for conducting business in your new home country.
Anica Oaks is a Freelance writer and web enthusiast. Read some of her published work on her Google+ page.