How to manage your funds if you move abroad

People go abroad for a variety of reasons. Maybe you've landed a dream job at an international company or want to study for your PhD without drowning in student loan debt your whole life. Many Americans choose the emigration option if they have chronic health conditions and an in-demand career or spouse with such a role - they can often get much better health care abroad for much less.

Due - Due

Whatever your reasons, there are a lot of smart financial decisions you need to make as you transition. The bad ones can frustrate you, leaving you without access to needed funds and credit. What should you know before you go? Here's how to manage your funds if you move abroad.

Save a big sum

A lot of things can happen when you move abroad and most of them cost money to fix or fix. You will start incurring expenses long before you leave. Establishing a comfortable life abroad can take a considerable amount of money and you should be prepared for the eventualities.

How much should you save? Many experts recommend between $5,000 and $8,000, but those numbers may not be high enough to support your lifestyle. The best advice is to have several months of living expenses in the bank before you leave. This includes money for accommodation and utilities, day-to-day costs like food and rides (you may not have a car at first), tuition fees, and the inevitable gifts for people to home.

Are you going to work? If so, you'll learn more about your banking options over the next few weeks. However, you might need more savings if you've already gone through the boarding process or plan to do so shortly after arrival. Your ultimate nightmare is to find yourself stranded overseas with no work or money.

What expenses can you expect? Here are some requirements that some emigrants neglect to their dismay.

1. Passport and visa fees

You will need a passport to travel abroad. It currently costs $160 for the set of maps and books. Although either alone is cheaper, it is imperative to order both if you are planning to move abroad. You cannot use the card alone for international air travel.

Work and residency visa fees vary depending on the country you choose to live in. However, you can expect to pay several hundred to just over $1,000 each.

2. Fees for sending money home

It's not free to send money home. However, you have affordable options - yet another reason to overcome your technophobia. More on that in a moment. Fortunately, technology is making it easier to find the cheapest ways to send money home.

3. Shipping costs

Are you planning to ship your car or furniture? If so, prepare for sticker shock. It can cost up to $5,000 for standard ocean shipping of your vehicle and up to $40,000 to ship it to your destination.

Your furniture probably weighs more than your vehicle when combined. Are you ready to add more to your tab? Otherwise, it might be more profitable to sell or donate your possessions here and slowly rebuild your collection once you arrive at your destination.

4. Insurance

You will need insurance for any goods you are shipping and to cover your trip. You'll also need to find out about home and auto coverage requirements when you move.

Fortunately, wherever you move, health care is more affordable than in the United States. However, you should consider a temporary policy to ensure that you are safe if the unexpected happens while you wait for your residency visa and foreign coverage to take effect.

5. Cost of living adjustments

Inflation has hit the world, but has not had a uniform impact on prices everywhere. Hope for the best, but be prepared for potentially higher costs at the grocery store or restaurant. Pack a little extra to ease the transition while you settle in.

6. An overseas emergency fund

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