Moving abroad is a huge undertaking for anyone. You have a million things to remember, the emotional trauma that comes with any move, and the stress that goes along with it. One thing that you must get sorted is your banking arrangements. After all, you don’t want to move to the other side of the world only to discover you can’t access your money! Here are some tips to make sure your banking needs continue uninterrupted wherever you are.
Ensure you have your documentation sorted. Moving abroad is such a hectic undertaking that you may get overwhelmed; it is a good idea to make a folder that can safely store all of your vital documents. To comply with Due diligence and worldwide know your customer (KYC) legislation the following documentation is needed:
Proof of your identity (you’ll need a copy of your passport).
Proof of your current address including the date of our arrival there.
Proof of the nature and location of your employment.
Information about the sources of your wealth (for example, income, property, investments, inheritance).
Details of any regular transactions you expect to make and a statement of your reasons for wanting to open an offshore account.
By moving abroad you’re more than likely moving to a country with a different currency. If you are then it is a good idea to open a multicurrency account. Alternatively you can use a foreign exchange company such as TorFX for ease and cheaper rates than the banks.
Research the different banks. Most modern banks offer some sort of deal on its offshore accounts. It pays to shop around as some bargains can be found. As well as offering a savings account they may also offer other services such as advising you on taxation, mortgage payments and can help clarify your expat status with HM Revenue & Customs.
If you have lived in your new country for more than six months it is highly advisable to open a local bank account. It will make your life easier and you could get a better deal than the banks back home. The best thing to do is to do your research. You should check to see how many branches there are, what sort of savings accounts they offer and their rates of interest.
It is a good idea to open an online account. If your account is back in Britain, and you are say, in Australia, then an online account will make it far easier for you to monitor all of your ingoing’s and outgoings.
By following these tips your banking abroad should be made a lot simpler!