Having access to funds as an expat requires different considerations than what you are used to in your home country. You need to figure out the local limitations and differences to manage your finances effectively. Whether you are buying property or paying for a wedding, there are money transfer companies and tax laws to consider.
We are here to hold your hand throughout the process of figuring out how to best send money internationally as an expat. We provide a choice of money transfer companies and present different use cases that require sending money. Finally, information is provided on what expats should know about a country before moving there.
Many expats decide to open bank accounts when moving to live in a different country. The first thing you should consider is if you can legally open an account. Some countries require you to have residency or a particular visa to open a bank account.
You also need to determine the top banks that operate in a country. Choosing a popular bank gives you access to more branches and ATMs in that country. This can help you save money on fees because withdrawals from a bank’s official ATM may be free of charge.
Alternatively, you can choose an international bank that offers services worldwide. These have branches in countries across all continents. However, do not expect the same number of branches as banks native to that country.
Sending money abroad as an expat
Sending money abroad means you need to consider factors that you would have never thought about back home. This includes:
Where the get the best conversion rate for your home and local currency
What transfer methods allows me to save fees when sending money internationally
What transfer companies have fantastic customer service that can help me in a pinch
What transfer methods are the fastest in an emergency
What transfer caps exist, and will they be enough to pay for living expenses
The good news is that transferring money is now easier than ever before with the horde of top-tier transfer providers. Services such as Wise, TorFx, Xe, and WorldRemit offer many advantages that expats need to manage their finances abroad. They offer an extensive network of countries, competitive transfer fees, match the mid-market rate, and provide fast processing times.
There is a lot to consider about the country an expat will move to for an extended period. This helps you plan ahead of time and assess your financial needs more easily. Once you know how much money is required per month to live in a country, then you can choose an appropriate specialist transfer provider to accommodate your needs.
Our expat guides on living abroad cover topics such as lifestyle, weather, transportation, healthcare, education system, banking system, renting and buying real estate, and the top places to live. They are worth reading to find out what adventure you are getting yourself into. Once you have a clearer picture, then you can make arrangements to support yourself financially while you are there with an industry-leading money transfer service.
Getting married abroad
Many couples choose to get married abroad to create a memorable experience. But, first, you need to figure out the costs of getting married abroad. Our guide provides information about the average cost of getting married worldwide.
We also share details of how you can save money. This includes shopping around, using forward contracts to lock in exchange rates, watching out for hidden fees, and selecting a money transfer company that charges low fees & a small exchange rate margin.
The top destinations for getting married abroad include Antigua, Mauritius, Los Cabos, Saint Lucia, and Bali. Getting funds to each of those destinations with a competitive money transfer is cost-effective and straightforward.
There are many reasons to retire abroad. It provides a change of pace, and it can be the start of a new chapter in old age. However, you need to bring your pension money with you to pay for living expenses. Therefore, it is best to send your pension abroad with a money transfer provider because you can save money on fees and receive competitive FX rates. Also, the transfer time is fast, so you do not have to wait long to receive funds.
Considering remittance, whether you are an expat or want to send money to an expat, allows you to get the best deal. Our remittance guides provide helpful information on buying property abroad, receiving a pension, and helping you understand how the process works.
Buying property abroad
You may want to have your own property abroad as an expat. It provides more control over your living standards and the security of being in a foreign country. Our guides share details of what you need to know about buying property abroad. This includes information on the details of buying a house, property inspection, getting an agent, understanding taxes, signing the contract, and how to transfer money to pay for real estate.
We also provide guides on how to buy property in specific countries. For instance, you can read our guide on buying property in Spain to learn the intricacies of the process. These guides will help you understand the local challenges you will need to face to purchase real estate.
Staying up to date with expat news
Our team of professional writers will keep you updated on any changes to the regulations, fees and will keep you updated with other money transfer news. Here are some topics you might be interested in to stay updated:
Other expat guides
This section includes links to random guides and listicles that provide helpful information for expats. For example, check out our top blogs lists for various countries. Reading these blogs allows you to get the lay of the land before you arrive. You will also find lists of the top removal companies and car shipping companies to help you move.