Despite the excitement of moving and working abroad, many potential global expats believe the financial experience of relocating is rather stressful, HSBC has found.
Its international survey of 7,000 expats working, living and studying abroad as well as prospective expatriates, and found 46% of respondents planning a move abroad expect a cash flow crisis upon arrival
Just under half (45%) who plan to relocate have no idea how they’ll manage their finances between locations when they move
Almost three-in-five of the future relocators (59%) are concerned about the implications of paying taxes in a new country.
Some 53% of survey respondents who have relocated agreed that they felt unsettled when they first arrived because they struggled to set-up important things like a bank account, utilities, and the internet; highlighting how complex financial admin can have a negative impact on their new experience.
Taylan Turan, group head of retail banking and strategy, wealth and personal banking at HSBC, said: “Moving abroad is exciting and daunting, but managing your finances internationally shouldn’t be a struggle. It’s clear from our research that some people get caught out on the financial front, which can really impact their ability to settle in their new home.
“Banking across multiple locations can make it tricky to stay on top of your finances; there’s a lot to think about. To be set for success, people need to be able to open a bank account before they move overseas, and see their bank accounts in one global view.
“Beyond banking, the tax implications of relocating abroad can also play heavily on people’s minds, so help from tax planning advisers is crucial. The right financial support can help reduce the time people spend worrying about money matters, and instead make more time for them to enjoy their new life.”
