Your Guide to Moving Abroad
Before you go...
You should plan and organise your finances before you leave your home country.
We're the HSBC Group's specialist provider of financial services for people moving abroad. We've helped customers in over 200 countries to do just that.
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Work out your budgetMoving abroad could have a major impact on your finances.
As well as the costs associated with your move, you may need to be able to pay for things such as rent and deposits up front. Don't forget that the cost of living may be very different in another country. Because you'll be far from home, you should consider increasing your emergency reserves of cash.
You may also want to take advantage of your unique situation to build up savings and investments for the future.
You should put together a budget. Set goals - and stick to them.
You can work out your monthly living expenses using this calculator
Your first few days in a new country will be exciting but can be hectic. Make sure you've sorted out your finances before you leave home.
You’ll need a means of paying for day to day living costs, as well as any additional costs associated with your move.
Sometimes, you're going to need things from your bank that local people may not. Perhaps you'll need to move money between different bank accounts in different countries and currencies, or to pay bills in another country.
If you’re moving abroad to work, you may be better off financially, so you may want to save or invest your spare income.
You have three options for managing your money:
- Leave the money in accounts back home
- Open a local account in your new country
- Or put your money in an offshore bank account
1. Leave your money in accounts back home
With travellers’ cheques and credit cards you’ll be able to get by, just as you can when you go on holiday. However:
• If your income and outgoings are in a different currency from your bank account, the ongoing foreign exchange cost will soon mount up
•Many banks may require you to arrange international payments in person at a branch. So you may have problems using your savings back home to pay the rent or other bills in your new country
• If you’re living in a different time zone, you may get tired of trying to fit in with the opening hours of your bank back home
We recommend that you do leave some money in your account back home for holiday visits, and also to avoid having to open a new account if/when you return for good. For your day to day expenses, however, you should consider the following alternatives:
2. Open a local account in your new country
A local account will give you somewhere to receive your salary and a means of paying for day to day things in the local currency.
• Before opening an account, consider the country’s political and economic stability. If there are troubled times ahead, a local account may not be the safest place to keep your money.
• It can be harder than you might think to open an account locally. Local banks usually require an established credit history and proof of a residential address. This can lead to a Catch-22 situation, as you’ll need a bank account in order to buy or rent a property and get that residential address!
If you decide to open a local account, we can make things easier by arranging for a local account to be opened with a member of the HSBC Group for you in your new country.
• These services are currently available in Canada, China, France, Hong Kong, India, Jersey, Singapore, Taiwan, UAE, UK and USA.
• We can help you to enjoy similar access to credit facilities as you do now
• Fee-free transfers are available between HSBC Group accounts in the same name, so you can move across the money you need (HSBC Premier customers only).
Open a local account Call us on +44 1534 616374
3. Open an offshore bank account
If you need to manage your money in both your home country and your new country, opening an offshore account could be the answer.
• Many people moving / living abroad use an offshore account as their main account for managing their money
• We can offer you offshore bank accounts and cards* in most major currencies
• With internet and telephone banking you can manage your account 24 hours a day, and send money to other banks in different countries without having to call into a branch
• You can also take advantage of reduced fees if you send the money using our Internet or Automated Telephone Banking services
• If you're living abroad, you may enjoy tax advantages by holding your money in an offshore account
• We specialise in helping people who live abroad, so we understand the issues you face
Get started: open an Offshore Bank Account
*Credit cards are provided by HSBC Bank plc. International Currency Charge Cards are provided by American Express®
When you move abroad, your tax situation may change. You may be able to benefit from this by paying less tax on your income from savings and investments.
To take full advantage of your situation, it may be advisable to start putting your money into offshore savings and investments well before you leave your home country.
We provide some information on specific countries in our Global Tax Navigator tool, and can also put you in touch with professional tax advisers to explain how you'll be affected.
We offer a range of offshore savings accounts and investments, which pay interest gross of tax †.
Tax information on specific countries
Instant access, notice and deposit accounts in 13 currencies
HSBC and third party investments in sterling, US dollars and euro. Choose to invest for capital security, growth or income
†All interest is currently paid gross. However, if you are residing in the EU, credit interest may be subject to a retention tax. As an alternative, you can opt to have your account details reported ultimately to your local tax authority. Learn more
Your tax situation will depend on your personal circumstances and we recommend that you obtain independent tax advice. Any tax information in this page is based on our understanding of current and proposed legislation and practice. The legislation and practice may be subject to change.
Talk to one of our International Wealth Managers about where you are now, and where you want to be. They will draw on the HSBC Group's worldwide research capabilities, and put together a tailored plan that could help you to get there.
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Our comprehensive country guides are packed with facts and figures, tips and advice. They cover everything from banking hours to business etiquette, including :
• visa requirements
• language tuition
• embassy contact details
• schools
• medical facilities
• accommodation information
• even what kind of light fittings to expect
