International Moves: Dealing with Personal Banking

International Moves: Dealing with Personal Banking

Across the globe, personal banking procedures and regulations vary. In some areas opening a bank account is a simple process; in others it just isn’t easy at all. It really depends on where you move.

In order to ensure that your personal banking affairs are in order, it is a good idea to find out how the banking system works in your new country before you move. You may learn that you’ll need special documentation in order to open a bank account. This is also a good opportunity to familiarize yourself with the different services the local banks in your new country provide.

Before You Go

Ensuring a smooth transition once you move abroad means getting your personal banking in order ahead of time.  If you are a relocated employee, how will you be paid? Will you be paid in local currency or in your native currency? Will you continue using your U.S. bank account? If you have an account abroad, what are the tax requirements? Check with your home bank to see if they have any special services for your particular situation.

Banking Abroad

If you are moving abroad for work, your human resources department might be able to help you figure out your personal banking options. This is often part of the relocation package. Check into the major international banks as they may also offer specialized services for frequent travelers and expatriates.

Online Banking

Most banks these days offer online banking, which allows customers to perform just about any routine banking task over the internet from any location. You can pay bills, send checks to vendors and transfer money all from the comfort of your personal computer. That means you might not even need to open a bank account if you are moving for a short period of time.

Lance Grooms