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5 financial aspects to consider when moving abroad to work or study

Moving Abroad 3 Jun 2017

When moving abroad, there are so many exciting things to look forward to and the last thing you need is to be is burdened by complicated banking arrangements and financial matters.

If you’re one of the 30 million-plus Europeans leaving their homes to live, work or study elsewhere in Europe, make sure you’ve crossed the following off your to-do list before you go. You could just make your life that little bit easier. 

1. Tell your bank you’re moving abroad

Let your bank know you’re going as it is policy of many financial institutions to suspend contracts of clients no longer resident in their home countries. Telling your bank you’re overseas will also prevent any unnecessary fraud alerts when withdrawing cash from foreign ATMs. 

2. Avoid disruption to your banking services

You may face extra or hidden costs and technical difficulties when using your home bank abroad, so do your research before you go. Consider opening an account at a bank that will allow you to make quick and easy payments and transfer money between countries. 

3. Prevent proof of address pitfalls

Many banks refuse applications for short-term residents and it can be tricky to provide proof of address just a couple of days after you’ve arrived. Consider banking options that let you open an account with only your passport or official ID, as you may not be able to get a residence permit or proof of address as quickly as you had hoped. 

4. Look out for the best foreign transaction rates

Money transfer and foreign exchange can be cumbersome and costly. Avoid using credit cards with foreign transaction fees and consider how you can transfer and exchange money at the lowest rates possible. 

5. Go mobile with your banking

You’re a mobile individual, so look for an account which works on the same principle. There are many mobile banking options which let you safely operate accounts using just your smartphone from anywhere in the world. 

To make this even easier, app-only borderless bank europeone will soon handle all of this for you. 

europeone will make it easier for Europeans living outside their own countries to open a bank account and manage their finances anywhere, anytime and in their own language.

Most importantly, customers will be able to support their families back home without enormous or hidden costs. 

You can sign up for their service for free and without any contractual obligations at http://europeone.com/home/signup.html