How to Budget for Moving Abroad

Admin  @GoodMigrations

Moving to a new country: it’s exciting, it’s exhilarating, and maybe it’s just a little bit intimidating. Making sure you have all your finances in order before you hop on that plane will help you feel a little more secure and confident when you get to your new home. Here’s how to get started.

Define your goals

First thing’s first. Be clear about why you’re moving abroad and what you hope to get out the experience. Did you get a promotion? Or are you planning on being a digital nomad and freelancing your way through Europe? Are you working as a sailing instructor in the Bahamas and traveling the Caribbean in your free time? Knowing what you want to get out of your experience will help you prioritize your budget and allow you to spend more on the things that really matter to you.

Add up your debts

Make a list of any financial obligations you’re taking with you when you move. These might be student loan payments. If you’re a homeowner you’ll still need to consider that mortgage payment in your plans even if you’re renting or Airbnbing your house while you’re gone. Everything will probably turn out fine, but there’s always a chance your renter falls through or you can’t fill up your Airbnb schedule. You’ll need to have some savings set aside to step in with the mortgage payment if that does happen.

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Foreign Currency Exchange: 6 Tips For Expats

Kate  @goodmigrations

Cash. Credit. Debit. Cheques. There have been lots of discussions on different expat forums about foreign currency exchange and the right way to go about exchanging your hard earned money.

Here’s what some people are saying:
Jeff, a business traveler says: “I use the bank to order my foreign currency.”

Dave, a frequent leisure traveler says:  “I mostly use my debit card at an ATM to take out foreign cash.”

Micheline, my mother says: “Use travelers cheques Kate, in case your wallet gets stolen.”

Everyone has his or her own exchange style, and in the end it’s best to go with the method you feel most comfortable with. When it comes to getting the most bang for your buck, we’ve put together the best options to help you decide where to exchange your money.

Foreign Currency Exchange- GoodMigrationsPhoto Cred

#1. Foreign Exchange Services (Forex)

Advantage: Better rates than a bank transfer; often with no fees
Disadvantage: Not available on weekends

Similar to transferring money from your home bank to a foreign one, Forex makes it easy to wire money abroad for use in a different currency. Typically available 24 hours a day Monday-Friday, forex providers offer the most competitive exchange rate with little to no barriers for entry and no minimum transaction size. For example, in a quick sampling of transferring $1,000 USD to AUD, with a major bank you would probably get $1,315 AUD but with a forex provider you get $1,358. There are plenty of companies offering this service so a little research needs to be done to get the best rates. TorFx is one such forex company to be considered. Read more…

Expat Life Money Travel

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