It is never an easy decision to move to a different country. You don’t know what life awaits and what challenges are ahead of you financially. You’ll be exposed to significant cultural differences, and getting used to your new environment can be tougher than you think. As for your finances, it can be another pressing issue that should be addressed.
How you are used to earning, spending, moving, and managing your money from your homeland will be a completely new experience. Regardless of where you plan to go, things will never be the same as how they were back home.
Local Bank Account
Wherever you are, whatever you do, make it a point that you have a local bank account available. It is almost impossible to manage finances using the bank account you have in your previous country. If you earn money in the new place, you are living. You will need to have a place to make deposits and withdrawals without facing expensive charges from ATM fees.
If you’re using foreign cards in local ATMs, expect high fees to be charged by your bank and the local bank for a single transaction.
Online Banking
It is strongly recommended that you register for an online banking account. This is true, particularly in a country where people do not speak your native language. As for expats, when you are on foreign soil, communication is proven difficult, and the thought of heading out to the bank is already a challenge.
At least with an online bank account, you get the chance to check your remaining balance, transaction history and everything in between.
Keep Your Account Open back home
Because you are now living in a new country, you have to transfer all your money to the new account. Preferably, keep a couple of cards or accounts active back home and have an active balance on them. You don’t know what could happen and will need a means to pay them.
Apart from that, if an urgent situation occurs while you are living abroad, these will serve as a backup account, saving you from many inconveniences.