Opening the newspaper or reading news websites online paints a grim picture of the world financial market. Over the last several years, economies in some of the biggest countries in the world have found rising inflation and lower employment. What this means to you as an expat will depend on what country you are coming from, what country you are moving to and how you protect yourself financially.
Learning about the current financial outlook in your adopted country is the first step you should take. There are dozens of different currencies used around the world, and expats will often use more than one frequently. For example, it is not uncommon to pay ongoing bills, such as a mortgage or credit card debt, in the currency used in your home country while paying your current rent in a totally different currency. What will be most important to expats is how these frequently used currencies meet- the exchange rate between them. Finding a quality foreign exchange broker to assist in moving your funds back and forth is an important consideration, as even a small difference in the exchange rate from one broker to another can translate to hundreds or thousands of dollars in the long term.
Other important financial considerations an expat will have to make come under the realm of banking. Opening a bank account in your new country is a necessity for most people, while still tending to one or more accounts back home is also important. To ensure that you are growing your savings faster than inflation is rising will mean finding an international or overseas bank account with good interest rates.
Many expats do not realize that leaving their home country does not automatically remove the need to file taxes in the home country. While it will be necessary to file a tax return in your adopted country, it is equally important to stay on the good side of the law by filing in your home country as well. Often, not filing is not only illegal, but will mean high fines and fees in the future. Unfortunately, finding information on how to file from abroad is not always easy, and a tax specialist is often the answer.
ExpatFinder.com is prepared to help you with all your financial concerns, from finding a qualified foreign exchange broker to listing top international banks, learning how to trade or buy stocks in your new country to filing taxes and more.