International Moving Guide: How to Take Care of Money Overseas

Banks


Changing banks when moving to a new country is a lot easier than you might think. In fact, you may not have to move your accounts at all. Many banks have branches worldwide and some banks have partners in other countries. Today, global banks such as Citibank and HSBC have thousands of branches across most developed countries.

If your bank doesn’t do business in your new country, try asking them for a recommendation. Your bank should be able to give you a list of banks and financial institutions in your new country. Also, if you are moving for work, your company will be able to help provide you with information on banks. You will most likely want to have a local banking relationship to handle local deposits and make it easier for you to withdraw money such as through an Automated Teller Machine (ATM) card.

You can usually use your credit card anywhere while traveling, but when you relocate it is best to get new credit cards in your destination country. Be aware that when you use your old credit cards you will have to pay for any differences in currency rate.

With the volatility of today’s currency rates, you will benefit from having locally denominated credit cards and using local banks. You will soon become comfortable with understanding the costs of items in your new currency.