Are you planning to move abroad any time soon? Do you need help saving money as your plan for your move? Then you’re not alone. One of the biggest hurdles of moving overseas is the cost associated with it. Moving is so expensive, even if your company is paying for it.
Even with the slightly reduced living expenses, saving money can still be very difficult. If you’re in this situation, this article will give you money tips to help you save when moving overseas.
Table of contents
Open a Local Bank Account
We bet this one slips your mind when you think about the cost of moving overseas. But, before you arrive in the country you should have a local bank account which will save you a lot of time and money both in the short and long run. When you arrive in the country you can avoid transfer fees, which can be very expensive.
Also, you can avoid very costly card transaction fees on your credit card. Speaking of cards, you should also consider getting a credit card, while you’re at it.
But most importantly, get access to mobile banking as soon as possible. Remember, for the most part, all banks nowadays have mobile banking. But it’s still a good idea to make sure that your chosen bank has this feature and that they have loans you can easily get. Not having access to mobile banking may not be the biggest problem, but it does incur a lot of hassle.
Shop for Shipping Quotes
Are you planning to take a lot of things with you overseas? If you’re not keen on leaving your belongings in a container back home, this might be the best time to look for a shipping company and inquire about their quotes.
Shipping things can be expensive, so getting accurate quotes is important if you want to get the most out of your money. There are a lot of shipping companies around the world, but that doesn’t necessarily mean that you should pick one thoughtlessly.
When considering the cost of moving internationally, make sure the one you choose aligns with your budget without compromising the quality of service you want.
Sell Stuff You Don’t Need
If you have a lot of belongings that you don’t necessarily need overseas, you might want to consider selling them as fast as possible. Think about it. Do you need to have your current TV abroad? What about that toaster you rarely use?
If you have many things you can live without, you should sell the items and use the money for your move or getting settled. This is especially true if a specific belonging brings on a pricey shipping cost.
Plan When to Buy Flights
As your belongings take their watery routes, we assume you’d take a route on the skies. If you’re looking to save on the cost of flights as you prepare to move overseas, the best thing you can do is buy a flight at least 6 to 7 weeks before your departure. However, that’s not enough if you want the best prices.
Thankfully, many websites can help you get the best prices on flights, especially Skyscanner, which is just about everyone’s go-to site for cheap flights. If you’re looking to book a short flight, buy your ticket at least seven weeks earlier. However, if you’re up for the long haul, you should go 18 weeks earlier.
Naturally, buying a ticket during the offseason can be a wise move. Only a few people are planning to fly during these seasons. Compare it to November for Thanksgiving, or December for the Christmas season, and you’ll just about lose your hair looking for cheap flights.
Sort Out Your Taxes
The IRS is an eternal fixture of the universe, and if you incur its wrath, you’ll pay with money. Jokes aside, before you consider the cost of moving overseas, you should sort out your taxes. Once you’re set on that front you can realign your focus on moving.
Make sure you notify your government of the move. This way you will only be paying what is necessary for your home country and the new one.
Final Words
Moving overseas has a lot of moving parts, from your finances to your taxes. That said, always plan carefully and consider all the things that might happen when you move. It might be a long process, but remember plans tend to change and you’ll just have to roll with the punches.
