All the Money Saving Tips you Need to Move You Life AbroadThere are many reasons people move abroad other than a job transfer. Couples who are from different parts of the world will settle in one partner’s home country. A person may be looking for a new adventure. A person may want to return to their parent’s or grandparent’s homeland. Whatever the reason for moving overseas, the move itself can be very expensive and then there’s the settling in: a home, furniture and vehicle being the biggest costs. A lot of pre-planning is required to make the transition go smoothly, and we’ve found some good money-saving advice so you won’t go bankrupt in the process. Read on and save.
The Move: International Removals and Taking Pets AbroadWhen relocating from the States to Europe, Jamie Shaw of 2MoveAbroad lowered her moving costs by about 70%, much of those savings coming from selling the contents of her one-bedroom apartment. She also saved $400 by choosing the self-pack option for the goods she was having shipped; you may be able to save even more if you opt to pick up the delivery at your destination country instead of having it delivered to your new home. When deciding whether or not you should bring something with you, the rule of thumb is to calculate the difference between shipping and replacement costs. If it costs more to ship than to replace, sell it. If you’re able to pack your life into a few (heavy) suitcases, you may want to see if a luggage delivery service like SendMyBag makes sense. The cost of delivering a 30kg suitcase from the UK to anywhere in the world in 1-2 days starts at EUR105, and there are discounts for students shipping abroad. Spend time researching your moving company. It’s not just money you can save here, but headaches too. At the expat site Just Landed, there’s an article about how to choose a removal company for a move abroad. Written by the team at AGS Movers, the first step is to check if the moving company is accredited by the Federation of International Furniture Removers or is a member of another national or international movers organization. Check any customer reviews you can find, and compare prices and services offered with at least three moving companies. The lowest price is not necessarily the best deal: you need to look at things like the shipment method and if customs clearance is quoted, as well as the time frame involved and details as to terminal or port fees. Some companies offer packing and unpacking services at an additional cost which you might want to take advantage of, especially if the relocation is being paid for an employer.
Moving overseas with petsGive yourself plenty of lead time when a family pet is involved in a relocation. Requirements for vaccinations and certifications vary depending on the country you’re moving to, and you may have to be prepared to have your pet quarantined for a period of time upon arrival. If you’re traveling from or to the UK, PBS Pet Travel can help. They’ve got import and export information on the site, including the general rules for EU and non-EU countries as well as the documentation required. You can get either an itemized quote (have all your pet’s information handy), or ask for a basic estimate on their quick quote form if you just want a ballpark figure.
The MoneyBefore you move abroad, take stock of your savings and most importantly debt if any. When starting afresh in a new country, it is a good opportunity to begin a new chapter in not only your life but personal finances.
- if the card works in the country you’re traveling to
- if there are fees for withdrawals or purchases made while abroad
- if there are additional currency conversion or foreign transaction fees charged
- if there is a limit for ATM withdrawals in the country you’re going to
- if there are partner banks abroad whose ATMs you can use without a fee.
One Last Thing
“Do remember to turn off your phone’s data roaming until you have set-up a local plan.”“Networks tend to charge much more for data abroad,” says Adam at Modest Money. “So, unless you have signed up to a specific travel plan that offers cheaper rates or a fixed daily rate, make sure you turn off data roaming.” A new initiative introduced by the EU is called “Roam like at Home”. However this only applies to people who occasionally travel to other countries in the EU and not to someone making a permanent move across EU borders. For anyone who does commute across borders for work every day, you can choose a mobile operator in either country and,
“as long as you log on at least once a day to your domestic operator’s network, it will count as a day of presence in the country where you have your contract (even if you go abroad the same day).”However if moving to another country long-term, one tip from Lauren Rubik of GoAbroad.com is to join expat forums and groups that can advise you on the best plan or provider for your mobile phone and data in your new country. We hope this article has been helpful in advising you on how to save money when moving overseas. Of course another way to save when moving overseas is with CurrencyFair Banks hide their fees in poor exchange rates, often charging as much as 3%-6% in excessive margins. CurrencyFair is around 0.45% away from the interbank rate meaning it’s up to 8x cheaper for you to transfer money with CurrencyFair. CurrencyFair is ideal for expats who need to:
- Send regular savings home.
- Relocate and setup expenses.
- Make mortgage payments and other property expenses.