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Aspiring expats advised to look at banking

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People from the UK who are planning to set up home in another country have been advised to think about how they intend to manage their finances.

According to Jennifer Stevens, executive editor at InternationalLiving.com, aspiring expats need to work out what would be the best way for them to bank once they have relocated.

This could be critical if they need to engage in regular online money transfer activity between the UK and their new home.

"Do you want to open a bank account over there or do you want to keep your money in your own country and just use ATM cards?" Ms Stevens asked.

Would-be expats were also encouraged to look at other practical considerations that could affect how smoothly their new life goes.

For example, she pointed out health insurance is an area that needs to be looked at, as the level of healthcare and access to treatment varies across the globe.

Ms Stevens also noted that expats will probably want to get their mail forwarded to their new address, so they must ensure this step is taken before they go. She accepted that these considerations can sometimes lead to people worrying in advance of their move abroad, but said there are lots of support channels available.

For instance, Ms Stevens said lots of Britons have successfully relocated to another country before and will be well-placed to offer guidance and useful information to those who are planning to follow in their footsteps.

"There are answers to these questions you have - you just have to remember to ask them," she commented.

"Ask folks about the banking, how they handle your mail forwarding, whether it is worth bring everything of your worldly possessions or not."

This comes after research by NatWest International Personal Banking found that more than two-thirds of expats have succeeded in assimilating into their new society. Figures also showed that many Britons do not regret their decision to leave the UK behind, with 87 per cent saying it was the right move for them to take.

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