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When planning a move to another country one of the most important things to sort out is your international banking arrangements. Many people in the UK go decades without changing banks, so come to take their banking services for granted. While trying to organise a move to another country and then settle into your new home, you will soon realise how much you rely on your bank account for simple things like having somewhere to have your salary paid into and to arrange standing orders from. When you are living abroad things are far more complicated because you may need to manage your money in more than one currency and arrange to transfer funds to and from the UK. Good international accounts will help to make this change in circumstances easier for you to handle. You will be able to choose which currency your account is in, which will mean you can manage your day-to-day banking tasks in the local currency. Having your salary paid in the local currency will mean you avoid having to pay foreign exchange charges to have your money converted from sterling. The same applies when making arrangements to pay your household bills, when you withdraw cash from ATMs and when you use your debit card to buy things. International accounts from reputable banks should come with a debit card which is part of a worldwide network, ensuring you will be able to withdraw cash and purchase goods easily. Having access to these basic banking services in the local currency will make your everyday life much easier once you have moved abroad. You will also need to give some thought to the issue of international money transfers, as it is very unlikely your move will involve cutting all financial relationships with the UK. For example, you may have a mortgage on your UK home, be generating an income to fund your retirement by renting out your UK property or have savings and investments in sterling. If any of these things apply, you are almost certain to need to move money to and from the UK on a regular basis. Although it is possible to arrange this each time you need to make an international money transfer, that can be a time-consuming process. A good international account will make it much easier to move money, as you will be able to set up international standing orders or make one-off arrangements to transfer funds to or from the UK. Setting these up will be simpler if you have access to internet banking or telephone support in English. While being able to access your bank account in multiple ways is important in your home country, you will find it is invaluable when living abroad as it will help to avoid any issues caused by the language barrier. Foreign currency accounts are just one of the international personal banking products which will help to make your move abroad easier. If you need help buying a second home or investing in properties overseas, your bank should be able to provide advice on international mortgages. It will also be able to assist you in making the most of your money, by offering a range of offshore funds and savings accounts - many of which will not be available to UK residents. The availability of such products and services may form part of your decision when choosing a bank for your move abroad, but even if you are only looking for a straightforward international account, make sure you do plenty of research as you will find it is one of the most important choices you make.
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International banking, international accounts, international personal banking,
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