Week 14: Preparing Properly is Critical "Most purchases in the UK and Europe are made with a chip and PIN system. This is very convenient (cash is virtually unnecessary), but you need to choose your bank well, as some charge high monthly fees for the 'privilege' of keeping your money safe."
Expat Exchange Member

Proper Management of Expat Finances is Critical to Success Abroad

Expat Finances are among the most important aspects of life in another country. They must be properly managed throughout all of you your international adventures to avoid the financial pitfalls that await you.

While having access to cash on hand is important, expat finances extend far beyond being able to find an ATM that will accept your credit card... consistently.

Transaction fees, understanding exchange rates, real-estate related finance, expat taxes and more will all demand your attention at some point in time once you start to cross borders.

Expat Finances Cover A Lot of Areas

Management of your finances involves the country you are from, the country you are living in, your current location (when you travel), the financial institutions you select, your credit history and more.

Speaking of credit, when you go to rent an apartment, buy a house, get a loan, open a bank account or do anything else related to finances, you are likely to face the grim reality that your credit history means nothing in your new country of residence.

Starting the Process of Properly Managing Your Expat Finances

It already sounds complicated, right? Imagine being in another country and having the bottom completely fall out of your financial position. It's devastating for us to hear from expats who under prepare and suffer the consequences.

What does this all add up to?

You must take this aspect of life abroad extremely seriously! To the extent it's possible, you should address all of these concerns BEFORE you move abroad.

Let's get started!