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Finances
Salary
Everyone wants to know how much they will get paid teaching overseas.
Unfortunately a straight answer is impossible because teachers must
consider salaries in light of other benefits offered by the school,
like housing and health insurance, as well as the cost of living
in the country. In one country a teacher could make $8,000 a year
and be able to save $6,000 while in another country a teacher could
get paid $38,000 and barely get by. Your contract should outline
not only how much you'll get paid, but also how it will be paid,
including the salary's currency and the way in which it will be
paid (i.e., by local bank account, in cash, etc.).
Money
Before you go overseas be sure to alert your credit card company
of your travels or they may consider overseas card use "suspicious
activity" and block access your card. Credit cards are often
not accepted at merchants in many countries. In third world countries
when credit cards are accepted, their use is ill-advised unless
the merchant is a major multi-national company like Hilton. When
you do use credit cards, be aware that most all credit card issuers
charge a 1% fee for overseas purchases. As for cash, the best way
to get local currency is through ATM machines, since your debit
card from back home should work around the world (check with your
bank just to be sure). At an ATM you'll get the best exchange rate
with no transaction fee, you can take out as much or as little as
you need, and you don't have to worry about losing traveler's checks
or finding a trustworthy bank.
Protection
Use common sense and always be aware of your money, especially in
crowded markets and bazaars where thieves prey on tourists. Carry
a bag that is hard to get into, with a zipper and clasp for example,
or wear a money belt. If you carry a wallet, put it in your front
pocket and wrap several thick rubber bands around it to make it
difficult for anyone to pull it out without your knowledge. U.S.
citizens can protect their identity at home while living overseas
by signing up for a credit
monitoring service.
Taxes
When living abroad you may be required to pay local taxes. Your
contract should specify as much. You may also have to report your
income and pay taxes to your country of citizenship, but probably
less than you would if you were living in the country. A quick Google
search on tax requirements for U.S./U.K./Canadian citizens will
lead you to the information you need. Or, U.S. citizens can learn
more about their requirements at the IRS's
website, U.K.
citizens can read about their responsibilities at the Directgov
site and Canadians can find out at the CRA's
website.
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