Knowing what to consider when moving abroad can save time and money and prevent stress and culture shock. Whether you’re a British expat seeking new opportunities in European countries or embarking on a preferred destination, the logistics of expat life are both exciting and daunting.
Numerous factors, from financial institutions to adapting to new cultures, present challenges.
After settling in, expats also need to navigate the daily necessities of life, like access to money, living expenses, foreign languages, utility companies, and area-specific communities. After all, this isn’t a holiday anymore, but a new life in a different country. When living abroad, allow plenty of time for planning and preparation, seek professional advice when needed, and remain open-minded as you navigate the intricacies of expat life. But what are the specifics to take into account?
1: Money, Budget and Cost of Living
The first reason, some expats fail in their move abroad is a lack of financial advice and planning. Financial matters are essential to successful moves, and expats can never do too much planning.
Savings: Grow savings before taking up permanent residence to avoid financial struggles. Unforeseen expenses will arise, and if it all goes wrong, there is money to fall back on. Many countries also offer higher interest savings accounts than the UK.
Costs of Living: Research living costs in your chosen country and factor in inflation and exchange rate fluctuations to ensure you stay within budget. When looking at homes abroad, some areas are more expensive than others. These tend to be major cities.
Budget: Before departing, create budgets for financial stability during the transition period. Remember to factor in inflation and also currency exchange rates. Have copies of relevant financial records and set up direct debits for ongoing expenses, like council tax payments or utility bills, to avoid disruptions to essential services.
Banking: Notify current banks of your impending move and inquire about international banking options, to facilitate seamless transactions across borders. Also consider using an international money transfer provider to get cheaper foreign transaction fees. Mobile and digital banks also often offer competitive exchange rates and lower costs for foreign transactions. Don’t forget to notify credit card and debit card suppliers of your move so they don’t block the card for security reasons.
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