Understanding The Financial Implications Of Moving Abroad

Moving to a different country comes with a lot of pros and cons. The biggest screamer in the pro corner is that you get a fresh start and can explore a brand new place. In the opposite corner, you’ve got a glum person murmuring about the financial implications.

Moving abroad can cost an awful lot of money, and there are plenty of financial issues that need to be thought about. Consequently, this guide will take you through everything that needs to be discussed, so you can move with more knowledge and confidence.

 

The Cost Of Moving

Moving to another country can cost a lot more than moving to a different part of the same country. Mainly, this is down to transport. You’ll have to get a plane to the new country, or maybe even a boat. Speaking of transport, you also have to think about whether or not you’ll bring your vehicles over. Moving cars from place to place can be difficult, I know sites like Shiply offer car transportation, but it might only take you so far. It’s hard to get a car overseas, but it’s also annoying selling a perfectly good car and buying another one.

So, you’ve got all your belongings, transport for yourself, transport for your transport, and it can all add up. Especially when you think about how much it costs to take suitcases on a plane. It can be around £30 per bag, which adds up to a fortune. There are other delivery services you can use, but they’re also costly too. No matter how you look at it, unless you leave with absolutely nothing, it will cost a lot to move to a new country. This isn’t even considering buying or renting a foreign property – though this could work out cheaper than buying a new place in your current area!

Pension Worries

A lot of people are worried about moving abroad because of what it might mean for their pension. Are you still entitled to a state pension when you’re not living in this country? The answer is yes, you are. It can be paid to you all over the world, the only thing you have to worry about is inflation. In some countries, your pension is adjusted regarding the local inflation there. In others – such as Canada – your pension is paid at a standard rate and won’t ever increase in value.

 

Finding A New Bank

Depending on who you bank with and where you move to, you may need to set up a new bank account. What you’ll definitely have to do is find a new branch to bank with. This is where you’ll go when you need to withdraw or deposit money, or even just look for some financial advice. It’s strongly recommended you sort things out with a new bank before you go overseas. Have everything ready and waiting when you arrive, and there won’t be any money worries.

Your finances can take a big hit when you move, but it might be worth it in the end. Don’t worry about your state pension as you’re still entitled to it if you worked in the UK beforehand as a permanent resident. Also, make sure you remember to choose a new local bank, so your money isn’t left in the dark when you get to your new country.

 

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