How to Prepare Your Finances for an International Move

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January 13, 2023

Moving abroad is an exciting adventure that requires thorough planning, and one crucial aspect to consider is your finances. Properly preparing your financial situation can alleviate stress and ensure a smooth transition to your new international destination. We’d like to provide a comprehensive guide dealing with everything financial that you’ll have to deal with, post-visa acquisition. Avoid any nasty surprises in financial logistics, including surcharges and card fees.

 

Manage Your Debts and Finances

Before moving, review and manage your existing debts. Settle outstanding balances or establish a plan to continue making payments while abroad. Inform your creditors about your move and update your contact information accordingly. Consider notifying your bank and credit card companies about your relocation to prevent any unexpected disruptions in accessing your accounts.

 

Research Banking and Currency Matters

Research the banking system and currency exchange processes in your new country. Determine whether it’s beneficial to open a local bank account or maintain your existing accounts. If you are going to open a local account, do it as soon as you arrive. Explore options for transferring funds between your home country and your new location, considering exchange rates and transfer fees. Often an independent transfer service is the best route as banks charge hefty fees for the same service. It’s best practice to not close your home bank account, as you may need to keep money in there for visitation, continuing debt payments, or emergency funds.

 

Tax Considerations

Familiarise yourself with the tax laws in your new country and the potential impact on your finances. Research whether you’ll be subject to double taxation or if any tax treaties exist between your home country and your destination. Consider consulting a tax professional to navigate this aspect effectively. Keep in mind that if you work in a country for only a portion of the financial year, you may be eligible for a tax refund.

 

Update Your Financial Documents

Gather and organise all essential financial documents, including passports, visas, identification cards, bank statements, tax records, and insurance policies. Make copies or scan them and store them securely both physically and digitally. Keep your financial documents easily accessible during your move and after your arrival.

 

Preparing your finances for an overseas move requires careful consideration and planning. Through this, you’ll be better equipped to handle the financial aspects of your international relocation. Remember to seek professional advice when needed and stay proactive in staying on top of your finances throughout the process. Good luck with your move and remember to contact AusMigrate with any questions about the process of Migration to Australia and any help you may need from our visa specialists.

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