How To Update Your Banking Information When Moving Overseas

Posted by on Jun 5 | 2017

If you are in the process of moving overseas, there are a lot of things that need to be put in order before you leave – from visa documents to the logistics of moving your belongings and, of course, the financial aspect of your move, including what to do about your bank account.

One of the most common questions asked by professionals moving overseas is whether or not you should keep your current bank account open. We will cover everything you need to know about banking when it comes to moving overseas, and offer some additional tips.

Update Your Banking Information When Moving Overseas

Should You Switch Banks?

One of the biggest mistakes that people make when moving overseas is closing their current bank accounts. In short, while you will need to also open a new bank account in the foreign country (unless your current bank has a branch in your new country or partners with one), it is, as we said, imperative that you also stay with your current bank. With the ease of online banking today, you can manage everything, including any bills, via online banking. Keeping your current bank account open has virtually zero downsides, but here is a more in-depth look at why you will want to keep it open:

  • You Can Maintain Your Credit

    Not only can you damage your credit score by closing all of your credit lines at once, but if you ever do plan on returning home, the ability to secure a car loan, a mortgage, or any other type of loan is easier because you have been maintaining your credit while abroad. If you close your account, getting any kind of loan would be much more difficult – if not impossible. Even if you don’t have plans to return home again, you never know what the future holds.

  • Paying Loans & Bills Will Be Much Easier

    The logistics of paying off your credit card and other loans would be nothing short of a nightmare from a foreign bank account, especially if you have to navigate a language barrier. You would have to rely on sending cheques through the mail, which would only add unnecessary complications, including whether or not the cheque made it through the mail.

    The majority of banks will also charge additional fees for doing so, but the point is that if you have bills to pay in your home country, doing so online makes the process much more simple.

  • There Will Be Times You Need To Send Money Home

    Whether for birthdays or the holiday, at some point you will need to send money home. You can do that with a few clicks of a button via online banking, but if you don’t have a bank account, the process becomes infinitely more complicated as detailed above.

How To Stay with Your Current Bank:

In short, there are many reasons why you will want to keep your current bank account open. The process may look slightly different depending on which bank you’re using, but the majority of the time, all you need to do in order to keep your account open is to have your address tied to the address of your home country. Of course, since you are moving, this isn’t possible, but all you need to do is to change your address to a relative’s address and make all of your statements paperless. It is also important to contact your bank to inform them of your move in case they require any other additional arrangements.

Tips:

  • Don’t Close All Credit Lines At Once

    While you can feel comfortable closing a couple of credit lines that aren’t going to be unnecessary in your new country, you should do this over time so that you don’t damage your credit.

  • Inform Your Bank That You Are Travelling To A New Country

    You will likely have to rely on your current debit card for at least a few weeks until you have time to set up a bank account. To avoid your bank putting a hold on your account due to suspicious activity, it is important to inform them of your travel plans. And, of course, as mentioned above, it is important to inform them of your move in case they require any additional requirements beyond simply changing your address.

  • Inquire About Your Current ATM Card

    When you make the call to your bank about your travel arrangements, it is also a good idea to ask if your ATM card will work in your new country. This is the case with most large banking institutions This will make the process of taking out money a lot easier once you are in your new country since ATMs are much easier to find than banks.

  • Ask Your Company About Reputable Banks

    Ask your company for recommendations about reputable banks in your new country.

  • Be Mindful of Currency Fluctuations

    Be mindful of currency fluctuations if you’re transferring money from your foreign bank to your bank in your home country. You may want to wait for a period of time if the exchange rate is poor. This is especially true if you are transferring large sums of money from your current bank account to your foreign one. You could lose a lot of money in the process.

Armstrong is a premier moving company that specializes in moving overseas. We will take care of all aspects of your move, including your visa documents, with flawless execution. Contact us today for more information.

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