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
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.