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Money Matters: Bank Accounts Abroad
How you will be paid determines your banking needs
Before you travel abroad to work, find out from your employer which currency you'll be
getting paid in.Most likely you will be paid in the local currency when living and working overseas.But if not—if you'll be living in one country and paying for things in the currency of
that country but being paid in the currency of another country, like your home country—make sure your
compensation package considers currency fluctuations between the two countries.
Before you start working you should find out the manner in which you will be paid. In
most cases you will be paid by direct deposit into a local bank, which means you'll have
to establish a local bank account.
You will likely also need a local bank account in order to pay some fixed living expenses, like the internet and electricity, so read on to find out about getting the right kind of local account.
Deciding on the right banking option for you
You have three banking options when living abroad: an account at a local bank in your
new country, your home bank account, or an international bank account.
Local Bank Accounts
If you have to set up a local bank account, do some research to find a bank that is
right for you. A quick search on the internet of some expat websites for your new
city should help with this. If you don't speak the local language, ask around to find a bank with tellers and phone consultants that speak English and an English version of online banking services. Even better, a local bank that has a partnership with your home country bank will make it easier to transfer money when necessary.
Home Country Bank Account
Find out if your home country bank has a subsidiary or partner bank in your new
nation of residence.If you do decide to keep your home country bank account, find out about fees for
using your debit card abroad and for an incoming international wire transfer.
Let them know you'll be traveling or living abroad and to expect some
international activity so that they don't automatically freeze your account when
they see someone trying to withdraw money in Siberia or wherever you happen to
be.
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