Shanghai

Did you switch to a new expat-focused bank when you moved abroad? What types of special services do they offer?

Yes. I switched to HSBC, which together with their Premier service allowed me to easily transfer my salary to and from my UK bank accounts. This also made it easier applying for a mortgage locally. Once coming to China I also engaged with a local-foreign owned firm to assist with my personal finances. They gave me much insight into the local market and enabled me to invest RMB into local funds. A risky endeavour for some but with currency appreciation against the USD I'm set to make at least 2%pa in interest alone. Incidently the fund returned 7% last year.

What advice would you offer others about banking abroad?

Always speak with a local banker first and organise them to set-up a meeting with one of their branches in your next location. Research your home countries Tax treaties so you better understnad when you leave. Speak with professionals about the local market and seek out investment opportunities in your new home country. Especially in China.

Understanding the local restrictions on currency exchange in China and Tax implications on various investments.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Shop around like you would back home.

http://www.hsbc.com.cn/cn/ (my bankers)

www.polarisam.com (my investment managers)

www.dezshira.com (my accountant)

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

My investment manager introduced a local tax agent to assist. They also employ plenty of registered foreign accountants and didn't charge too much for their service.

What advice could you offer others about doing your taxes as an expat?

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