Travel is the only thing you buy that makes you richer – Anonymous.
One would imagine the quote meant rich in ideas of vast culture and not having more money. Leaving one’s country for another could be a result of so many reasons. However, it is not advisable to neglect one’s finances in a bid to fulfill wanderlust or other desires. As an income earner or an entrepreneur, emigrating could be an uphill task. Most people would keep a checklist of important things so as not to forget.
Finances are an essential part of travel. It is nearly impossible to survive in another country without enough funds unless you have relatives or friends willing to help. As said earlier, people create a checklist of all sorts to ensure a smooth transition. When moving abroad, it is advisable to consider the following money tips:
Pay off your debts
Living debt-free doesn’t come easy. However, when moving abroad, you should consider paying off your debts. The first few months after your arrival might be difficult, but it is better to be rest assured that you are starting your new journey on a clean slate. It may not be possible to clear off all your debts, especially the big loans like mortgage, car loans, etc. However, you can clear out your credit cards and personal loans.
Keep an eye on exchange rates
Pay keen attention to the exchange rates months before your departure. Since exchange rates typically fluctuate, you might find the right time to convert your local currency to the country you are moving to. Keeping an eye on exchange rates could also help determine how much you will be spending on settling down in the new country. For instance, if you intend to buy a house in the first few months, you might want to consider the exchange rate so you won’t overspend your budget.
Open an international bank account
You might also want to open an international bank account before moving abroad. Having an international account could help you access your funds once you are out of your home country. Being able to access funds from everywhere gives you the edge in settling down faster.
Pay Attention to Taxes
Having an idea of the taxes of the country you are migrating to could help you settle in quickly. Filing your taxes in a new country can be an uphill task. It would be best to consider gaining knowledge of your taxes in your home country and the new place. Tax obligations vary around the world. You might be surprised to get higher or lower rates in the new country.
Take your finances online
Most financial apps give you the chance to have liquid cash while moving around. You can download reliable mobile apps to help you send or receive money even while abroad. Passfolio is a mobile investment app that operates in over 170 countries. With Passfolio, you can monitor your investment portfolio while traveling around the world.
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