How To Manage Your Money When Working Overseas

How to​ Manage Your Money When Working Overseas
It’s a​ fact that employers look favourably on​ a​ resume that presents an​ independent,​ dynamic individual who has an​ open mind and has seen more of​ the​ world than their own back yard .​

With this fact in​ mind a​ greater number of​ people are taking time away from their studies and careers nowadays and spending a​ period of​ time travelling or​ working overseas.
If you’re considering taking a​ similar path this article will help you get your head around managing your money when travelling,​ living or​ working abroad – once your finances are in​ order you can spend the​ whole of​ the​ rest of​ the​ time having fun,​ exploring the​ wider world and meeting many new faces!
Even if​ you’re planning a​ prolonged period of​ expatriation you should keep your local bank account open .​
You can then manage money and expenses back home more easily if​ needs be,​ and maybe even send some of​ your overseas income back home to​ pay off student loans or​ to​ save up for a​ house purchase one day in​ the​ future .​
Furthermore by keeping your account open you’re keeping your credit history alive which is​ important if​ you ever plan to​ re-settle in​ your home country and maybe one day apply for a​ mortgage or​ credit card .​

Next up you might like to​ think about opening an​ offshore or​ international bank account .​
Possibly your bank offers such account services in​ which case everything just got even easier! HSBC for example offers domestic accounts all over the​ world and they also offer offshore accounts to​ expatriates and professionals living or​ working overseas for a​ period of​ time.
An offshore bank account will allow you to​ access your money wherever in​ the​ world you’re located,​ you can have access to​ money from ATMs around the​ world,​ you can have instant access to​ your account status online or​ over the​ phone and you can bank in​ multiple currencies .​
Furthermore you can easily transfer funds around the​ world and have one simple,​ central bank account structure that allows you to​ manage all of​ your financial needs from one centralised location.
To reduce ATM and credit card fees consider opening an​ account with one of​ the​ major financial institutions that have ATMs all over the​ world and who are recognised around the​ world .​
the​ benefits of​ going with one of​ the​ world’s leading financial institutions is​ that their credit cards are more universally accepted,​ they partner with many local banks around the​ world and customers enjoy lower or​ no charges at​ any of​ their ATMs which can be found all over the​ world .​
Always check out the​ charge structure on​ any account though just to​ ensure there are no hidden fees .​
As an​ expatriate you’re entitled to​ take full advantage of​ the​ offshore world and save money offshore thus enjoying better interest rates,​ having access to​ more interesting financial products and benefiting from interest payable on​ savings and investments being made gross,​ i.e.,​ before the​ deduction of​ tax .​
If you’re going to​ be earning more than you need to​ live on​ when working overseas you should consider taking full advantage of​ this fact and saving as​ much as​ you can while you can benefit from the​ offshore advantage .​
You will increase your savings power and give yourself a​ good financial start over and above your peers back home.
Please note that you may still be liable for taxation on​ income derived from and interest earned on​ any offshore savings and investments and international taxation advice should be sought from a​ financial adviser or​ an​ accountant.

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