Whether you’re an old pro at living overseas or you’re making your first international move, having plans in place to manage your finances is a crucial step in relocating abroad. Here are a few things to keep in mind for taking care of essential money matters when living outside your home country.
Send Funds Ahead
When you land in your new home, the last thing you want to worry about is scrambling for local currency. Almost everything you’ll need to do when settling in will be reliant upon having cash on hand, whether it’s making your first trip to the grocery store or putting down a deposit with utility companies.
Do your research to find a trusted online transfer service so you can easily send money abroad and take the stress out of getting local cash. Providers like Ria offer options for bank, debit, and credit card transfers, making it simple to deposit money in your new bank account so it’s waiting for you when you arrive.
Plan for Extra Expenses
There are few things in life that cost less than you expect, and with so many potential surprise expenses lurking with an international move, your relocation budget can quickly get out of hand. From customs and visa fees to poor exchange rates and additional taxes, hidden costs have the potential to really add up.
Cushion yourself for those extra outlays by padding your relocation fund. A good rule of thumb is to create a realistic estimate of your moving expenses and then set aside an additional 25-30% beyond that to cover the unexpected.
Set a Reasonable a Monthly Budget
Use the internet and social media resources to get a clear picture of what to expect when it comes to routine monthly expenses such as housing, food, and healthcare. Websites like Numbeo.com allow you to compare the cost of living in thousands of international cities, so you see side-by-side what will be cheaper or more expensive in your new home.
Armed with this information, you’ll be able to create a workable monthly budget. Just be sure to adjust once you get settled, as prices and what you actually end up paying for each month may be different from what you had expected.
Don’t Forget Travel Costs
Although you may have included your relocation flight in your moving budget, remember that often you’ll need to travel back and forth from your home country more than once to finalize your move. You might have to scout locations, and there may be loose ends to tie up in your country of origin that require an in-person visit. Factoring in more than one flight is a smart way to keep control of your expenses.
From having cash available when you arrive to set aside enough funds for extra traveling, there are a lot of financial concerns to work through when moving abroad. By keeping these money matters in mind as you plan your overseas move, you’ll be prepared to relocate with minimal financial stress.