There are so many reasons you might be preparing to move abroad. You may have accepted a new job, maybe you’re going to be participating in a volunteer program, you could be going to school abroad, or maybe you’re going to travel for an extended period of time.
Regardless of the reason, it can be overwhelming to think about the things you need to do beforehand. There are things to think about like local customs, but also logistical concerns such as banking, and how family can send you money, as well as how you can send money abroad if necessary. There are also visas, accommodations and more to think about.
The following are some specific things to start thinking about if you’re preparing to live abroad.
Making a move anywhere, even within the same city, can be expensive. Making a move abroad can be even more expensive, and you might run into unexpected situations when you first arrive.
You should try to save up at least six months of living expenses to take with you. Think about things like the cost of living where you’re going, and the exchange rate.
You might also create a budget plan before you leave, but leave yourself a cushion for the inevitable unexpected expenses.
Of course, if you’re moving abroad, you need a passport, and you need to make sure it isn’t expired. You’ll also need to look into any other travel documents that could be required. For example, you should research the visa requirements for the country you’re going to, as well as any work permits you may need.
Tax and Banking Preparations
Just because you’re moving abroad doesn’t mean you won’t need to deal with your U.S. taxes. You may want to speak with a tax professional about what will be required of you if you’re living in another country. To avoid tax liabilities, a lot of people moving abroad will close out things like bank accounts and other ties they have with the state they lived in.
Banking overseas is another consideration. If you’re maintaining assets at home, you may need to leave your U.S. bank account open so that any expenses can be automatically withdrawn from that account.
If you do leave your U.S. bank account open, you may be able to use a foreign money exchange service to have the money you make in your new country deposited into your U.S. bank account.
Finally, another thing a lot of people don’t necessarily think about before planning a move abroad is how they’ll deal with getting credit in their new country. Every country is going to have different standards for how people can get access to credit including credit cards, and make purchases like a car. You may not be able to get credit because you don’t have a history in the country. However, you can speak with your domestic bank or financial company, and they might be able to help you get access to credit while you’re abroad.