Idea
Five Banking Tasks to Complete Before Moving Overseas
by
iFAST Global Bank
Moving overseas is an exciting milestone, whether you're relocating for work, study or a new chapter in life. While much of the focus is placed on visas, accommodation and travel arrangements, banking is often left until the last minute.
Preparing your finances before you relocate can help make the transition smoother. From receiving income to paying everyday expenses, having the right banking arrangements in place before you leave can make settling into your new country more straightforward.
Here are five practical banking tasks to consider before moving overseas.
1. Review How You'll Manage Multiple Currencies
Relocating internationally often means dealing with more than one currency.
You may continue to receive income, maintain financial commitments, or hold savings in your home currency while spending in another. Managing multiple currencies efficiently can help simplify everyday banking and reduce the need to maintain separate accounts across different providers.
An account that supports multiple currencies can make it easier to view and manage your balances in one place.
2. Plan How You'll Send and Receive Money
International moves often involve transferring funds before and after relocation.
Examples include paying rental deposits, moving living expenses, receiving salary, or sending money between countries.
Before relocating, it is worth understanding how you'll transfer money internationally, how long payments typically take, and what fees or exchange rates may apply.
Having a reliable international payment solution in place before departure can make these transactions more straightforward.
3. Check Your Recurring Payments
Moving overseas doesn't necessarily mean leaving all your financial commitments behind.
Before relocating, review any recurring payments that may continue after you move, such as:
- Insurance premiums
- Mortgage repayments
- Subscription services
- Utility bills
- Loan repayments
Making sure these payments continue as expected can help avoid unnecessary disruption while you're settling into your new location.
4. Keep Your Banking Accessible Wherever You Are
Once you've relocated, visiting a local branch may no longer be practical.
Digital banking allows you to monitor your balances, transfer funds, review transactions and manage your accounts wherever you are.
Checking that your mobile banking app is fully set up before departure can help ensure you retain access to your banking from day one.
5. Choose Banking That Supports an International Lifestyle
Relocating overseas often changes the way you manage your finances.
Instead of using separate providers for everyday banking, international payments and foreign exchange, many internationally mobile customers prefer an integrated banking experience that brings these services together.
iFAST Global Bank's Multi-Currency Current Account allows customers to hold and manage up to nine currencies in one account while making international payments across more than 160 countries and supporting over 30 currencies. Customers can also transfer funds between eligible iFAST Group accounts in the UK, Singapore, Hong Kong and Malaysia, making it easier to move money within the Group when needed.
Key Takeaway
Moving overseas involves more than arranging travel and accommodation.
Preparing your banking before you relocate can help make managing money across countries simpler, allowing you to focus on settling into your new environment with greater confidence.
Terms and conditions apply.
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iFAST Global Bank is a member of the Financial Services Compensation Scheme (FSCS).
iFAST Global Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 716167. We are registered in England and Wales, our company number is 4797759.
Please note that the provided details serve as general information and should not be considered as financial advice or endorsements. We strongly advise customers to diligently carry out their own research and consider seeking expert guidance for tailored financial choices.
