Expat finance guide
Moving Money Abroad: A Practical Guide for Expats
Moving to another country involves more than shipping your belongings. You may need to transfer savings, pay accommodation deposits, manage multiple currencies and maintain access to money in both your old and new country. This guide explains the practical financial considerations to think about before and during an international move.
This guide is general information, not personalised financial or tax advice. Your circumstances, country and provider determine what's right for you.
Start planning your international finances early
Money logistics are easy to underestimate. Setting them up before you move avoids arriving without access to funds, or paying avoidable conversion costs on the deposits and bills that fall due in your first weeks.
Currencies you'll need
List every currency your move touches — the one you're leaving, the one you're arriving into, and any stopover or transit currency for arrival expenses. You may need to hold two at once for a while.
Access to existing accounts
Confirm your current bank and cards still work from abroad. Some accounts restrict access from new countries, and card replacements to a foreign address can take time.
Initial relocation expenses
Visas, shipping deposits, flights and arrival costs often need paying before income arrives in your new country. Plan how you'll fund this gap.
Accommodation deposits
Landlords frequently require a deposit and first month's rent in local currency. Some expect proof of funds or a guarantor before you sign a lease.
Emergency funds
Keep an accessible reserve in a currency you can spend immediately. Delays in shipment clearance, banking setup or first paycheque are common.
Recommended for international money transfers
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How much money should you transfer before moving?
There's no single figure — it depends on your route, housing, family size and how quickly income resumes after arrival. The categories below cover what most people need to fund in the first few weeks. This is budgeting guidance, not personalised financial advice.
Accommodation deposits
Deposit plus first month's rent, and sometimes the last month too, in local currency and available when you sign.
Moving costs
Mover deposits and balance payments. Compare a few vetted movers to set a realistic budget for your route.
Temporary accommodation
Furnished short-stay housing for the gap between landing and your shipment arriving — often several weeks for sea freight.
Transportation
Flights, airport transfers and local transport passes for the whole household during arrival.
Insurance
Transit insurance for your shipment, plus arrival health and contents cover from day one.
Initial living expenses
Groceries, utilities, school and setup costs before your first local income lands.
Emergency reserves
A buffer for delays — clearance hold-ups, banking setup lags, or an unexpectedly slow first paycheque.
Think in terms of what needs paying, when, and in which currency — not a single lump sum. Some funds should arrive with you immediately in spendable form; others can follow once local accounts are open.
Paying for your relocation
International payments come with a few moving parts beyond the headline fee. Understanding them helps you compare options honestly and avoid surprise costs on the deposits and invoices that come with a move.
01
Payment currency
Decide whether each bill is best paid in your origin or destination currency. Paying a destination deposit in the wrong currency can trigger extra conversion at the recipient's bank.
02
Transfer fees
Providers vary between flat fees, percentage fees and zero-fee-with-rate-margin models. The headline fee is rarely the full cost.
03
Exchange rates
The exchange rate applied often matters more than the stated fee. Compare the rate you're offered to the mid-market rate to see the real cost.
04
Timing
Large transfers move with the exchange rate. For big sums, consider spreading transfers or asking providers about rate-locking or forward contracts, where available.
05
International payment methods
Options range from bank wires to specialist transfer services and multi-currency cards. Match the method to each payment — a deposit, a one-off transfer and day-to-day spending often call for different tools.
Managing multiple currencies
During an international move you often need access to more than one currency at once. You may still owe money in your old country — final utility bills, a closing rental settlement, an outstanding subscription — while already spending in your new one: a deposit, groceries, transport, school fees.
That overlap can last weeks or months. Holding both currencies simultaneously, rather than converting every payment individually, tends to reduce friction and repeated conversion costs. This is the period where a multi-currency account or a transfer service that lets you hold balances in more than one currency is most useful.
Plan which currencies you'll realistically need, for how long, and how you'll bridge the gap until a local account is fully set up.
International money transfer options
Most international transfers fall into three broad categories. Each suits different situations; the right choice often depends on the amount, urgency and currencies involved.
Traditional banks
Your existing bank can usually send international wire transfers (such as SWIFT). They are familiar and regulated, but can carry sending and receiving fees, intermediary bank charges, and a margin applied to the exchange rate. They suit people who value an existing relationship and straightforward instructions over speed and cost.
Specialist international money-transfer services
Dedicated transfer providers focus on cross-border payments. They may offer faster settlement and a rate closer to the mid-market rate than a typical retail bank, and can be useful for one-off transfers such as a deposit. Features, fees and protections vary, so compare a couple before committing.
Multi-currency accounts
Some services let you hold and spend in more than one currency from a single account, which can help during the overlap period when you still need money in your old country but are starting to spend in your new one. They are particularly handy for paying arrival expenses before local accounts are open.
One option to consider: Wise
There are several providers in each category above. Wise is one option expats sometimes look at for managing and moving money between currencies and countries — the same review and comparison principles apply.
Money isn't the only preparation that crosses borders with you. Health cover is another common gap during an international move — the interactive tool below lets you explore one provider's current options before you decide anything.
Partner recommendation
Explore SafetyWing Insurance Options
See an indicative price based on your age and travel plans, then review the available coverage options directly with SafetyWing.
Coverage, eligibility, pricing and exclusions vary. Review the current policy details directly with SafetyWing before purchasing.
MyExpatGo may earn a commission if you purchase through this link, at no additional cost to you.
Consider Health & Travel Coverage
Moving abroad means thinking about more than your belongings. If you'll be living or working internationally, explore coverage options that can travel with you.
Coverage, eligibility, pricing and exclusions vary. Review the current policy details before purchasing.
Partner recommendation · MYEXPATGO may earn a commission from qualifying purchases.
Financial checklist before you move
A short list to work through before departure. Treat it as preparation, not advice.
- Confirm which currencies you'll need
- Ensure you can access your existing bank accounts
- Budget for accommodation deposits
- Plan how you'll pay relocation providers
- Review international transfer options
- Set up access to money in your destination country
- Keep an emergency reserve accessible
After you arrive
Financial setup continues after you land. These are the tasks that typically follow arrival — handled in the order they become possible as your paperwork clears.
Setting up appropriate local financial services
Open a local bank account and arrange a local card as soon as your paperwork allows. Requirements vary, but a residence registration, proof of address and identification are commonly requested.
Recurring expenses
Move subscriptions, utilities and insurance billing onto a local payment method to avoid ongoing conversion fees and failed renewals.
Receiving income
Arrange how your salary or freelance income is paid — locally, from your origin country, or split across currencies during a transition.
Transferring additional savings
Once accounts are settled, plan how to move any remaining savings. Larger sums may warrant comparing providers and timing rather than sending in one go.
Keeping appropriate financial/tax records
Retain transfer receipts, account statements and proof of funds. These are often needed for tax filings, customs declarations and residence applications.
Tax and reporting rules differ by country and can be complex. For anything specific to your situation, speak to a qualified professional in the relevant jurisdiction — this guide avoids jurisdiction-specific tax or financial advice.
Plan the rest of your move
Money is one part of an international relocation. These MyExpatGo tools cover the rest.
Relocation cost estimator
Benchmark-based price ranges for your route, with a full cost breakdown and saving tips.
Estimate your moveDestination guides
Comprehensive relocation hubs for the most popular expat destinations worldwide.
Explore destinationsInternational moving quotes
Compare vetted international moving companies matched to your route and requirements.
Compare moversRelocation services
Paid expert relocation support for the parts of your move that need specialist help.
View servicesPlanning your move?
MyExpatGo helps you plan, price and organize your international relocation.