How to manage your finances in your first month living abroad
Moving abroad could be one of the best decisions you ever make. But before you move, it’s important to think about your finances.
Making sure that your money is in check will help make your move stress-free, giving you more time to focus on settling into your new home.
Transfer money abroad
Consider setting up a foreign bank account before you move to ensure you’re not paying expensive withdrawal fees every time you use your account.
Note that this can be harder to do in some countries than in others. Some countries only allow you to set up a bank account once you have an address in that country, so it’s worth finding out upfront.
Consider transferring your savings to your new bank account. This can offer some much-needed financial security while you’re settling in and searching for a job.
At the time of writing, Skrill doesn’t charge any fees for international transfers to a bank account abroad. Transferring money overseas with Skrill is fast, easy and cheap - ideal when moving money between your new bank account and accounts back home.
Get to grips with local payment methods
Before you move, you should investigate local payment methods. Knowing which payment methods are widely accepted will highlight options other than traditional debit/credit cards.
In countries where bank fees are high, these alternative payment methods can be a cheap, hassle-free choice.
Use apps to help you manage your money
Mobile apps should be every traveller’s go-to for money management.
Unexpected costs are common when moving abroad and being able to quickly move money between accounts is vital.
Also, as you get more familiar with the cost of living in your new home, money management applications will make it simpler to track how much you’re spending, and on what.
The Skrill mobile app helps you keep track of transactions in real-time so you’re always on top of your outgoings.
Know the Conversion Rates
It’s worth researching the historic conversion rates between your home currency and the currency of your destination. Keep an eye on fluctuations in the rates too.
An awareness of the conversion rate will help you make a better decision as to when you should transfer your money abroad. It will also help you understand whether you’re receiving a good rate or not.
You might also be keeping up with certain payments at home. Knowing the exchange rate will help you put enough aside each month and avoid any charges for late payment.
Apps like the XE currency converter send you updates when your local currency fluctuates, making it easier to know when to take advantage of good exchange rates.
Make sure you can withdraw cash
Access to cash is helpful when in places where credit and debit cards aren’t always accepted.
A Skrill Prepaid Mastercard® lets you withdraw your Skrill balance as cash. As you can use the card at millions of ATMs worldwide, you won’t struggle to get hold of cash when you need it.