Chess Blog

Moving Your Financial Accounts Overseas

Whatever the destination for your international move, you'll need to ensure that you are prepared to move your finances as well as your personal belongings. The laws that govern banking and financial services vary widely from country to country, but there are some general steps you can take to make moving your bank accounts and other financial accounts easier.

Before You Move

1. Contact your current bank. Some large financial institutions in Australia, such as HSBC and CitiBank, have branches abroad. If you have an account at an international bank, you may not need to open new accounts. If you bank at a smaller institution or your bank does not have a presence in your destination country, you'll want to notify your bank and let them know that you'll be moving. This will help to prevent your ATM card being frozen or your account flagged for potential fraud or theft. In addition, you should inquire about what steps are necessary to close your account when the time comes.

2. Find a new bank. Conduct some research to determine what banks have branches near your home. Read reviews to get a feel for each bank's reputation and talk to your employer for recommendations about which bank you should choose.

3. Contact your new bank. Find out what types of documentation and identification you'll need to open new accounts.

4. Alert your credit card companies that you'll be moving. Ask if your card can be used in your new home country and whether or not you will need to have a new card issued. 

After You Move

1. Open your bank accounts.

2. Change all automatic debits to your new account. Arrange to have any direct deposits that you receive sent to your new account.

3. Leave enough funds in your old checking account to cover all of your outstanding cheques and any fees that are deducted monthly.

4. Make arrangements to have new credit cards issued, if necessary.

5. Close your old bank account once your cheques have cleared.

6. Meet with a financial planner. You'll want to find an experienced professional who is familiar with the taxation and financial system in Australia as well as your new home. Together, you can discuss topics like what to do with your retirement account, what tax liabilities and credits will apply to you and how you can begin to save for major purchases, education or retirement.

At Chess Moving, we can assist you with moving your financial accounts by helping you find banks and financial planners in your home country. We can also provide you with general information about the banking systems in countries within our service area. Contact us today for more information.

 

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