Top Ten Facts about Overseas Banking and Financial Services
Money is money no matter where you are, but it changes hands differently, depending on where you go. In order to make the most of your money as well as your expenses, you will want to learn a little bit about how financial transactions work overseas.
Banking abroad can be easy, just keep a few things in mind.
1. Assume that nothing is the same
– The best rule to follow in foreign financial transactions is that nothing is the same. This will help you look at each process with an open mind and learn about what you need to do.
2. You should ask questions
– If you’re walking into a financial situation that you’re concerned about, try to find someone that can help. Look for a banking representative or some other professional.
3. Currencies are different
– While you already know this, learning about currency differences can help you determine the ‘actual’ cost of things that you are bargaining for.
4. In person is the best way to handle things
– Instead of doing everything online or through an ATM, try to handle your financial transactions in person. This can help you with more difficult situations as well as allow you to build relationships.
5. Keep multiple accounts
– If you’re able to, try to keep separate accounts in both your home country and your current location. This will allow you to have money at your disposal no matter where you are.
6. Credit card fees can be higher
– When using your credit card in a foreign country, you might find that you need to pay additional service fees in order to do so. Instead, be sure to call your credit card company ahead of your travel or move to make sure that you’re not paying needlessly.
7. Monitor your accounts
– You will want to watch your financial accounts to make sure that nothing suspicious happens. Seeing and catching a problem early is much easier.
8. Maintain old investments if you can
– When you’re moving overseas, you will want to try to keep your investment portfolio up to date. Any lapse in your investment strategy can cause problems upon your return.
9. You will want to keep records
– While most account information can be found online, you will also want to keep paper files of your important financial accounts. This will help you track any problems as well as give you supportive information should you need it.
10. There’s a lot to learn
– If you have some time before you head overseas, take the time to talk with locals or friends that might have moved. They can direct you to the right books and information.