While digital payments could help billions of people without access to banks, many moving overseas still require the benefits of a local bank and the convenience of a local branch.
If you are moving abroad, we would recommend opening a new overseas bank account before you leave the UK. Here’s why:
When you move overseas, it’s likely you’ll have an extensive ‘to do list’ to complete in order to settle into your new home. Provided you give sufficient notice, most banks abroad will be able to open an account for you fairly quickly. Having your account up and running as soon as you arrive in your new country means you can avoid wasting precious time queuing in banks and get on with enjoying your new life. However, bear in mind that every country has different rules and procedures that may catch you off-guard if you leave it until you arrive.
For example; If you are considering a move to the US , you will probably have to show a reference from your existing UK bank, proof of employment or letters from your place of study, copies of visas, two forms of ID as well as proof of address. In France, if you have changed your surname, you will have to provide the relevant paperwork and in Australia, your signature on the application form must appear exactly as it does on your passport.
Most banks will send your new cards and PIN numbers to you before you move but if left too late, they may be able to arrange for everything to be sent to your new local branch to be picked up when you get there.
If you don’t have bankcards for your overseas account that you can use as soon as you arrive, you’ll have to ensure you have enough money to be able to survive while you wait. Some banks may also allow you to transfer your credit history from the UK to your new bank account – which could provide very useful when buying a new property abroad.
Depending on where you are emigrating to, if you don’t speak the local language, the task of opening a bank account can be a daunting one as there may not be any English-speaking advisers working at your local bank. This can make getting guidance on the best account to suit your needs difficult.
Finally, if you open an account before you leave, most banks will guide you through the account-opening process and explain any important differences in the way banking is run in your new country.
So what are you waiting for?
At PSS International Removals, we work with some of the largest banks around the world as such we can arrange a personalised service for you with them. To open up a bank account or for more information on overseas banking, please complete this form.