Organising your finances
When going to live and work abroad you will need to get your financial affairs in order.
Sainsbury's Bank has published a useful visual guide to keeping your money safe abroad on their blog Money Matters.
Have a discussion with your employer to fully understand how they will be paying you your salary and discuss the best options for you.
You could start by going to your bank to find out what kind of service and advice they can offer you.
It would be advisable to use a bank that has an online banking facility, so that even if it takes a while for you to set up internet access in your ‘new home', you can obtain access to your account from your office or an internet café (take care though when using an unknown internet source and ensure that you log out and delete history when finished).
Remember to notify your bank and credit card companies that you will be conducting transactions from abroad, as some expats in countries considered to be susceptible to fraud, have found access to their accounts blocked.
Many major banks have branches in many countries worldwide, where you will have the use of the facilities such as safety deposit boxes (for a fee) and advisors that you can talk to. Some banks also have offshore bank account facilities, located in places such as Jersey and the Isle of Man, specifically catering to the expat community; these offer a large range of services that cater to the expat needs.
Decide how you will handle credit card bills as many expats have ended up with ruined credit histories or high charges for late payments. Once your credit rating is ruined it can take years to put right and can have serious implications in the future when looking to take loans or buy property.
Look into the best savings options for you, at home and overseas.
Continue or start to save for retirement.
Need to know more?
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