Personal Finance

Moving abroad? Here’s the checklist you need

Deciding to relocate overseas is a big move. It takes considerable amounts of time, effort and resources. Relocation is usually stressful, and we all want to make it as easy and painless as possible. If you consider moving abroad, some sort of an ultimate moving abroad checklist could certainly help you with this difficult process. The process is not as straightforward as booking an airline ticket and departing, of course. It is critical to have a strategy and go step by step to avoid missing anything vital and to ensure that the entire adventure of moving across international borders goes well. There is a long list of things to do before leaving your home.

Make sure you understand what to expect in terms of money, job availability, weather, the economy, and everything else. 

We’ve put up a moving abroad checklist with the different items to remember when you relocate to your new country to make the job a little simpler.

Financial management 

The most crucial thing to remember is to keep track of your foreign expenses. 

  1. Create a budget for your rent, bills, transportation, and food costs. The cost of living varies greatly throughout the world, so conduct some research and develop a monthly budget in the local currency based on your expected income.
  1. You’ll also need to familiarise yourself with the tax laws of your new home. You’ll have to pay taxes, so you should know the tax rates and when they’re due. Though it can be a difficult procedure, you can seek professional guidance if you are unsure of how much you should be paying in taxes.

Finding a place

If you are on a work visa, your new employer may be able to help you locate temporary housing. Similarly, if you are traveling to another country to study, your institution or college should provide accommodation options for international students, such as on-campus apartments or other homestay partnerships. But what if you’ve exhausted both possibilities? 

  1. Any local hostel, hotel, or welcoming couch can only keep you for so long until you need to locate a permanent place to stay. 
  2. If you are looking for a long-term stay, a property search website may benefit from this scenario.
  3. There are also several Facebook groups for those looking for accommodation in the area. Joining one of these organizations will put you in touch with other expats who have gone through the relocation process and can help you. 

As you spend more time in your new city, you’ll discover its ins and outs. During this time, you have the option of deciding where you wish to reside next. Finding a place to live will be easier than you think if you begin researching your new property market early and have an open mind.

Documents required when moving abroad

To avoid risks upon arrival, make sure you have all of your documentation in order before moving abroad. What could be worse than landing in your ideal country and finding you’ve forgotten to bring your certificates? As a result, it is always a good idea to maintain your paperwork on hand. Please put them in a waterproof bag to keep them secure. It’s also a good idea to have a backup plan. You can store your papers in a cloud app or on a USB stick, allowing you to access them from anywhere at any time.

You must carry the following documents (along with a duplicate or two):

  • Passports
  • Visa
  • Certificates of birth and marriage
  • Documentation of citizenship
  • Vaccination, as well as medical records
  • Driver’s license
  • Health-care coverage
  • Diplomas and academic records
  • Employment history
  • Proof of residency and work permit
  • A living will

It will be easier to relocate if you have all of your documentation in order. Your employer might require some additional documents, so take your time and figure out exactly what documents you’ll need and start collecting them a few months ahead of time.

Research the country

If you’re genuinely looking forward to your relocation overseas, doing research can be both useful and enjoyable. Do some study if there’s something you’re unsure of, concerned about, or fascinated about. You can go online to learn about the place, view movies, and see how it looks from the perspective of individuals who have recently migrated thanks to the internet. You could also join expat Facebook groups or forums and ask queries there.

Another crucial step is to get guidance from local authorities on what you need to do, as there may be a large list of legal requirements because your new country’s immigration authorities have their own set of rules.

When you arrive there, you’ll discover even more new things to learn. However, doing your homework ahead of time might help to alleviate your concerns and get you even more excited about your move overseas.

Banking

If possible, notify your bank of your relocation and speak with a bank manager about opening a new bank account in your new country. However, using your bank to send money to your new location is generally the most expensive option to send money internationally, especially if you need to spend significant amounts of money. Outbound remittances and cross-border banking are still highly expensive and inefficient. High currency exchange markups, a lack of transparency in fee structures, difficult paperwork procedures, incompatible formats between domestic and international banks, and a low level of automation in domestic bank internal systems are all examples.

Neobanks have been giving cross-border banking solutions to deal with such a circumstance, making the procedure instantaneous, cost-effective, and digital. They provide multi-currency wallets and do not charge a fee for currency conversion. Regardless of where you are on the earth, using online financial services can help you manage your money more efficiently. Make sure you’re set up with online banking and electronic bank statements before you move. Salt is a neo-banking platform with a focus on international payments and banking. While managing software and responding to your issues, we offer everyone an accessible and smooth experience.

Final thought

While moving abroad might be stressful, figuring out how to relocate abroad does not have to be. Moving abroad will undoubtedly be difficult, but it is quite feasible and well worth the effort with proper planning. Follow these pointers, and you’ll be living in an amazing foreign country in no time.

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