Moving abroad can be stressful enough without having to think about how you will manage or replace your bank account, so it is important to know a few things beforehand to make the financial move a little easier when the physical move happens.
If you plan to stay in your chosen country permanently or for quite some time, it is important to open a bank account in your new country. This will enable you to access your money easily without having to rely on internet banking. It will also be the most convenient way of receiving new wages or paying bills for which using any other system would be much more difficult.
Opening a new local account is also one of the best ways of guaranteeing you don't lose any money due to a volatile exchange rate. For example, suppose you are moving to a European country, it is strongly urged that you transfer all your assets and savings into a euro-denominated account. Otherwise, any daily interest you acquire can be wiped out because of the exchange rate which flits about all the time. Even if you find that the bank account in your new country gives less interest, chances are it will still be more than what is left after you try and rely on funds from home.
Also, you can take advantage of a special currency exchange rate if you end up transferring regular amounts of money from British bank accounts (such as pensions), so make sure you look into them to cut down any excess transfer charges you may incur. For example, the popular foreign exchange specialist HIFX allows you to fix a singular exchange rate for up to 2 years in order to make the process easier and more controlled. They also claim to give better exchange rates than your usual bank.
For those who are only moving for a short period of time, it is strongly advised that you set up internet banking, as you will not be able to access a local branch quickly and you will need to keep track of your income and expenditure at all times.
Bank accounts aside, there are also other things to consider. For example, if you normally get a pension, you should look into how much of a difference moving abroad will make - usually there should be no problem as most people are eligible to claim their UK state pension if they move abroad to anywhere within the European Union.
A potentially bigger issue you may face is the tax regulations in your new country. Taxation of expats can be a complex issue. You will usually be required to carry on paying UK taxes as long as you are classified as a resident and this will be charged if you spend over 183 days in the country, or your visits average 91 days or more a year over 4 years. If you choose to become a non-resident to avoid tax issues, it is not so simple as you will then have to pay taxes in your new country.
It is important to make sure that you have extra money on hand for unanticipated costs, especially while you are still getting used to the new laws and services. Pay a visit to your financial advisor before leaving and explain what you are planning; they should be able to answer questions you may have and will know first hand what your financial situation is and will be able to advise you on what steps to take.
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