How to manage your money when you move abroad

Relocating can be expensive. But there’s a lot you can do to make sure your money is spent wisely. Find out how to prepare in today’s blog…

Man's hand holding a watering can, watering plants growing imaginery money
Taking care of money matters before moving overseas can reduce expenses and reap rewards

A large part of effectively managing your money when you move abroad comes down to being prepared for the changeover from one country’s currency, banking system and income tax demands to another.

Here are tips on managing banking, income tax, insurance, pensions and the cost of living…


It’s vital to research setting up a bank account before you leave a country or as soon as you arrive. Some banks (e.g. Ing and BNP Paribas) offer an account setting up service before you arrive, putting everything in place before you touch down.

It’s quite likely that you’ll need to send money “back home”, perhaps to cover school fees and a mortgage. Read ‘Top tips for sending money overseas’ to help you keep the cost of transferring money overseas to a minimum.

Income tax

First of all, find out when your income tax is due, remember that ignorance is not an acceptable reason for late filing. In ‘Tax due dates around the world‘ I cover tax due dates for France, Germany, UK, Spain, the USA, Canada, Hong Kong and Singapore.

Do you know what a double taxation treaty is? Does your country of residence have one with other countries where you have a tax footprint? A double taxation treaty is a bilateral agreement that exists between two countries to ensure an individual tax payer (or corporation) who is resident in one of those countries (not necessarily a citizen of that country) does not get taxed on the same income in the other country. According to the World Bank, there are 3,000 tax treaties in place today between the countries of the world. So, what do tax treaties mean for you? Simply put, they mean you are taxed more fairly and less than if a tax treaty was not in place. Find out more about double taxation treaties in ‘Double taxation treaties and what they can mean to you‘.

Map of the world using coins


A recent study of British pension holders has revealed that 6.6 million people have lost track of at least one of their pensions. Could you be one of those people who has “lost” a pension? Here are some top tips to help keep track of your pensions as you move around the world.

Cost of living

Work out your likely cost of living in your new home. Easier said than done, but in ‘How to work out the cost of living in a new city’, I give you some tips to work it out, or at least have a rough idea before your boots hit new ground.

If the cost of living in your new home is a bit of a shock, read ‘20 ways to reduce your expat cost of living this spring’, which includes ideas from how to reduce bank charges to saving money on dining and childcare costs.

Remember, you may need to take advice from a financial adviser to make sure your finances are as they should be – find out if that’s the case before it’s too late!

If you found this blog post interesting or useful, please share it on your favourite social media channel, and please feel free to leave a comment below – I’d love to hear from you! Don’t want to miss out on future articles? You can sign up to be a member here.