Overseas Money Transfer - an overview
Employers tend to prefer resumes that reflect independence, dynamism, and an individual is not restricted to a small circle but has received wider exposure. This has caused an increasing number of people to spend some of their time working or traveling overseas. Managing your finances when you are overseas can be a bit daunting if you have never done it before. It is important to keep things in order if you are to enjoy your time abroad.
Your trip abroad will be a long one, especially if you are planning to go for work, even in that case you must keep the local bank account open. This way you can always manage your money back home with ease. If you want, you could even send some of the money you earn overseas back to this account and create a nice bit of saving. Another advantage of keeping the account open is your credit history is saved from going dormant. This is a very important point if you are planning to come back and resettle because you will need the credit history for credit cards, mortgage, and so on.
Open an offshore account or an account in an international bank that has a good presence in your home country. If your local account in a bank that operates in the country where you are planning to go then everything is already set. Having an international or offshore account means your money is accessible no matter where you go. Throughout the world you can continue to use the ATMs or check your account status on the Internet. Since your account is in an international bank, you can transfer your money around very easily without having to change banks. Your financial activities are based around a single entity.
One of the unexpected expenses that occur when you are abroad is the ATM and credit card fee. To avoid paying extra charges, make sure that you open an account with a bank that has international recognition and plenty of ATMs worldwide. This way you can be sure that your credit card will be accepted no matter where you go. The bigger banks also form partnerships with local banks throughout the world to provide you greater ATM and credit coverage. When you are signing up for an account that will be used globally, check the details to make sure there are no hidden charges.
Once you are an expatriate there are many financial advantages that you can enjoy. Offshore banking will give higher interest rates, access to financial options that were previously unavailable, and savings on investments before any taxes are deducted. If your income is sufficiently higher than your expected cost of living abroad then you must make the effort to create a solid amount of savings and benefiting as much as you can through offshore banking. This will be of immeasurable help once you come back home.
Note that even if you are earning offshore, if you maintain a balance in the local bank then you are still meant to pay taxes..