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7 Financial Tips to Follow if You Are Moving Abroad

April 21, 2023

Table of Contents

    Table of Contents

      Moving to a new country is a complex combo of fun and confusion. To make things simpler for you, here we’ve got you covered with your moving essentials. Save this checklist now!

      Moving abroad and leaving behind the warmth of your homeland will be tough, but also bring you a whole new set of life experiences.

      While it can be difficult to settle sometimes, it is totally worth it to try if your desire is to know the world beyond your home. 

      Your transition may start with confusion surrounding your mind, and you may even have a hazy view of life due to the whole process.

      Things might seem too alien, since this new country’s laws and terminologies will prove harder to pick up. What to carry? Where to stay?

      How will I make a call? What documents do I need? Will I make it in this new place? The list of questions and doubts seems endless.

      But don’t feel trapped in these walls of confusion —, things might seem odd at the start but if you make up your mind, you can make out the best out of this transition process with a little less stress.

      Good gracious, as far as the finances are concerned, we at Jar are at your rescue again. Jar believes Financial Education doesn't only help an individual rather it helps the whole nation.

      Here is your financial checklist that you must mark all in green and you will be all set to take over your new place!

      1. Begin the research a little early, save yourself time!

      You don’t want to surprise yourself with strange information about the country you are moving to at the very last minute!

      Having knowledge about the culture, location, political and economic situations etc. is essential, and ideally, you must start researching about this country 6 months prior to your journey.

      Even if you don’t find yourself keen on carrying out extensive research, at least try to collect information about basic things like climate and customs, so you can pack better and find it easy to figure things out later. 

      2. Immigration official: Your initial transition godfather

      Every country has its own basic set of rules and regulations. There might be a huge contrast in how the system works between your country and the one where you’re going.

      You wouldn’t want to get stuck just because of a document or identity certificate or any other immigration law and that’s where an immigration can be a saviour.

      Clear your doubts thoroughly beforehand — your immigration official may be willing to help you out.  

      3. First thing first, sort out your housing and cell phone services

      Initially, you might consider staying at a hotel but at some point, you will have to move out and find yourself a safe residence.

      Hotels can be expensive and avoided altogether, and you can do housing research before setting out to stay in a new country.

      With many businesses shifting online, it will be easier for you and will benefit you in the longer run. 

      Additionally, you can consult your cell phone provider and check if they provide affordable services in other countries too.

      If not, you can buy a new Sim Card as soon as you arrive there and connect to your loved ones from afar. 

      4. International moving company: To take your household goods with you

      Often, carrying your household items might save you from spending exorbitantly and buying new things, but if you want to do this, you will need some permissions from the immigrating country.

      Luckily, there are several international moving companies that carry out documentation for you and also help you move your belongings.

      While they may charge you hefty prices, they are still worth it to spend on since they know the law better and can even sponsor some part of the shifting process. 

      5. The tax laws, healthcare, immunizations and the essential documents

      When you move to a new country, you will face new laws. Taxes can be even tougher to understand since salaries and tax slabs substantially vary across countries.

      Since you will now be earning and residing in a new country, you will be paying taxes there. Therefore, prepare yourself by figuring out the tax structure!

      Next, you must consider an elaborate research on the healthcare system and compulsory (or essential) immunizations if your new home has them specified for immigrants.

      You can consider carrying your health history, recent medical certificate and report and complete vaccination details in order to eliminate chances of suspicion of communicable diseases. 

      Don’t forget to check out some international healthcare insurance if your existing policy doesn’t work in the new country. 

      In terms of important documents, you must carry: birth certificate, school certificate, child custody papers, adoption papers, marriage papers, divorce papers, social security cards, medical records, driving licence, etc.

      6. Clarify pet documentation: Don’t forget your furry friend

      Every country has different rules and regulations with regards to pet immigration.

      You will need your pet’s vaccination certificates in order to verify that they are safe to be taken with you.

      Also, some countries don’t allow pets to immigrate or might put restrictions on specific dog breeds.

      You must carry out a thorough research on this topic as there might be a case where your pet might have to get quarantined when you reach there. 

      7. Banking services: Check on your funds, open new accounts, etc.

      You will need access to your funds no matter what. Discuss with your financial institution if they have branches in other countries or if they can help you out in any way.

      If not, you can always open a new account once you reach the new country.

      Most financial institutions have online operating and consulting systems.

      You can refer to that and get easy access to your funds. 

      When you are done with checking the above list, your next step is to check it twice. Also, don’t forget to confirm your flight tickets, timings and traveller’s checks, etc.!

      Moving to a new country and cultural setting can be really tough — it is important to acknowledge that.

      But if you have thought about these things and prepared yourself accordingly, the transition will be much easier and soon you’ll be revelling in your new home!