Managing your finances wisely while you move around the world comes with a lot of responsibilities and issues. What is a Financial Marketplace?
As an expatriate, your financial position is often complicated, and you will have to make multiple financial decisions in terms of which bank to open an account with, whether to become a non-resident for tax purposes, where to move your investment account, how to access insurance for best healthcare facilities and more.
If you’re facing similar dilemmas moving to a new country, here we are going to explore everything that you need to know about managing your finances as an ex-pat.
OCYAN– a comprehensive financial marketplace for expats- aims to offer the expertise of independent financial experts to help expats create a successful financial plan and ensure a hassle-free start of a new life in a new country.
Expat Banking, Cost Of Living & Payment Methods
As an ex-pat, the first thing you need to think about is the cost associated with living in a new country. Since the cost of living will definitely vary, you’ll want to conduct research on your chosen country before moving there.
A successful relocation involves gathering all the details about how expensive your new destination is.
The best strategy here is to read up on the respective cost of living to help you figure out how far you can get with your money, taking into consideration allowances for safety measures, international school fees, and other similar costs. Further, it is also worth finding out about the different kinds of payment methods that are available in a country you’re moving to.
Also, it is important to choose the right bank for your financial needs. When you move to a new place after paying attention to currency exchange rates, the hidden fees for international transfers or credit cards can add up quickly, leaving you financially vulnerable. The best way would be to get yourself the right banking partner. Ocyan gives you access to the best banking provider with no hidden fees but many advantages. It has tailored sections for Expats to meet their needs.
When moving to a new and unknown place as an ex-pat, your life can expose you and your family to additional risks such as limited access to medical facilities, a crime like theft, or increased prevalence of infectious diseases. Health insurance is mandatory for everyone living in Germany – Click here to read News For Expats about the Germany’s Health Care System After COVID-19.
You also need to consider that your current health insurance may not follow you abroad. It is, therefore, important to review your policy details and determine whether you’ll need to seek additional coverage. Although health care costs can be lower in some countries, you would still require to have a backup plan in case of emergencies.
– Check here to bookmark Emergency numbers to call in case of an incident and Emergency German key phrases –
To navigate these risks successfully, you need a good international health insurance policy to help you access medical treatment while working as an expat.
Are you looking for Health Insurance? Connect with the right Insurance provider. Subscribe for free on Ocyan and get tailored Insurance for you. There are personal protection insurance policies available to help you protect the things that matter in case they are lost or stolen. The same applies to other types of insurance, such as pet, car and bike coverage.
Taking Stock Of Your Investments
Before departing to a new country, you need to do an inventory of your investments and understand exactly where your assets stand.
Consider whether you’re equipped enough to handle your investment strategy abroad. If you don’t want the stress or hassle of managing and rebalancing your portfolio, consider partnering with a professional service provider to help you manage it.
Among the other considerations before starting your life in a new country is – moving your credit score to make you eligible for credit as and when needed.
Also, you need to think about a valid mobile connection for expatriates, something that needs to be chosen very carefully. There are multiple selection criteria to choose the right one, including price, reliability, and reach, that can make or break a plan’s usefulness.
Moving abroad to a new location is an exciting decision, but it can also be quite challenging. You will have a number of things to organize – finances being the most important – to help make your move as seamless as possible.
The key to robust financial planning for expats is having a solid plan in place and sticking to it when you move to a new country.
Are you ready to move? Contact the experts at Ocyan.com to address all your banking, insurance, credit, and rental support!
The best part about this robust financial marketplace is that you can subscribe to the platform for free and enjoy the advantages of a smooth financial transition as an ex-pat.