Moving Abroad: A Financial Checklist Before You Go
Banking, credit, currency transfers, retirement accounts and insurance — the money tasks to handle before an international move.
Last updated
Published by ClearCalc Editorial Team
ClearCalc Editorial Team
Our editorial team creates clear, practical explanations of personal finance, with an emphasis on transparent assumptions and useful next steps.
Key takeaways
- Keep at least one home-country bank account and credit card open.
- Use a specialist transfer service rather than your bank for large currency conversions.
- Check how your brokerage and health insurance treat overseas residents before you leave.
Keep a financial foothold at home
Closing every account before you move can create problems you won't notice until much later. Keep at least one checking account and one credit card in your home country. They make it easier to pay lingering bills, receive refunds, maintain your credit history and eventually return.
Tell your bank you'll be living overseas, update your mailing address to one you can reliably access, and switch to paperless statements. Some banks restrict accounts held by non-residents, so ask the question directly rather than finding out when a transfer is frozen.
Moving money across borders
Traditional banks often add a margin of 2% to 4% on top of the mid-market exchange rate, plus a flat wire fee. On a $50,000 transfer for a home deposit, that difference can easily exceed $1,500. Specialist transfer services typically charge far less and show the full cost up front.
Compare the amount that will actually arrive, not just the advertised fee. For very large transfers, a forward contract can lock in an exchange rate if you're worried about currency swings before a closing date.
Expat Budget Planner
Type today's rate from your bank or a currency service. The default is only a placeholder — we never fetch live rates.
What you earn per month before tax, in the currency you're paid in.
- Left to save each month (destination)
- €1,785
- Left to save each month (home)
- $1,940
- Gross income in destination currency
- €5,980
Retirement and investment accounts
Leave employer retirement accounts and IRAs where they are in most cases; withdrawing early triggers taxes and penalties, and the accounts can keep growing while you're abroad. However, some US brokerages restrict trading for clients with a foreign address, so confirm the policy before you move.
Be cautious about investing in foreign-domiciled mutual funds or ETFs if you remain a US taxpayer. Under US rules they're often treated as passive foreign investment companies, which come with punitive tax treatment and complex reporting.
Insurance and benefits
Domestic health insurance usually stops covering you once you live overseas. Research the public system in your destination, whether you need to buy into it, and whether an international health plan is worth bridging the gap. Review life and disability policies too — some exclude residents of certain countries.
Finally, build a larger-than-usual emergency fund for the first year. Deposits, visa fees, furniture and unexpected setup costs add up quickly, and you won't yet have a local credit history to lean on.
Frequently asked questions
Not financial advice. ClearCalc provides estimates for educational purposes only. Results depend on the assumptions you enter and may differ from offers from lenders or institutions. Consult a qualified professional before making financial decisions.