10 tips to save money when moving abroad

Are you planning to move abroad soon? If so, you’ll know that there’s so much to consider. From how you’re going to ship your furniture overseas to how you’ll keep your finances in order, it certainly is a juggling act! Luckily, WorldRemit and this helpful guide can help you with the finances part. So that’s one less thing to worry about.

Simply download the WorldRemit app and you can start sending money abroad to be ready for the time you arrive. Keep reading to find out more about what you need to plan before the big move.

WorldRemit Content Team

05 July 2022 • 3 mins read • Updated 05 July 2022

A mother with her two children looking at one another and smiling

1. Open a local bank account and transfer money overseas

Having a local bank account is advantageous because it means you can transfer money to yourself and avoid expensive transfer fees. You can also start using it immediately when you arrive in your new country, which means you’ll also avoid costly card transaction fees. Choose a local bank which offers mobile banking. You can then stay on top of your finances at the touch of a button. The WorldRemit app in particular can help with managing any international transfers you might need to make.

2. Stay in touch with financial institutions

Make sure you keep your current bank up to date with any changes on your account. Let them know that you’re thinking about moving abroad, as they might be able to help you while you’re away with account changes or closures. Make sure you update your contact details as well and pay off any outstanding debts. Finally, discuss any bank account fees you might incur and arrange for those to be paid regularly while you’re abroad.

3. Factor in exchange rates

An exchange rate is the amount that one currency is worth compared to another. If you’re planning to move a significant chunk of your capital abroad – it’s better to do so when the rate is most favourable. To find out more about how exchange rates work, please read through this helpful guide.

4. Think about taxes

You’ll also need to tell your local tax authority that you’re moving to another country. Then make sure you research the tax authority and requirements in your new country. You may find it beneficial to contact a financial advisor who can tell you all the ways to save money on your tax bill.

5. Think about pension and retirement

The next step is to inform your pension provider that you’re moving abroad. Save all of your work contracts, payslips and pension policies in case you need to provide proof of employment. Then you should research pension and retirement policies within your new country. If you plan to retire there, you’ll need to contact your old provider to see if you can move your money abroad.

6. Research health insurances

Depending on the country you’re moving to, healthcare costs can be high. Researching health and medical insurance providers can help you save money and avoid expensive bills.

7. Research cost of living and relocation costs

It pays to have a look at the cost of living in your chosen country. This should include estimates of food, rent, bills, healthcare, etc. You could then use comparison sites to see if you can get a better deal with some of these everyday necessities. Getting a few quotes will be especially helpful when it comes to using relocation companies to ship your things abroad.

8. Create a budget plan

Once you’ve researched the cost of living and relocation, you should create a budget plan for your move. This will help you to stay on top of your finances for the first few weeks you’re in the country. Try a few different online budget planners to see which one works for you – and helps you save money!

9. Gather all essential documents

One thing you don’t want to forget or lose in the midst of a move is your important documents. Here are some of the types of documents you might need:

Visa and work permit (plan this step in advance, as it can take a while to come through)
Birth certificate
School diplomas
Payslips
Bank statements
Medical records
IDs: passport, driver’s licence
Marriage certificate
Tax record

10. Get local financial assistance

Finally, you should also look into getting local financial assistance. This is one of the simplest ways to get a better understanding of the area you’re living in, while also receiving valuable money-saving tips.

WorldRemit is here to make life abroad a little bit simpler, at least when it comes to your international transfers. Visit our website or download the app today to get started with your financial journey. You can also take a look at our other blog posts about life abroad, if you’re curious about what it’s like to live in these popular countries. Happy sending!

This communication is intended for marketing purposes only and does not constitute or provide legal or investment advice.

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