As an Aukland financial advisor, I have helped a lot of people from Britain in their move to New Zealand. Moving to another country can be both exciting and daunting and you do need to prepare well, especially where your finances and owning a home are concerned. Here are the things you need to think about when moving abroad.
Moving Your Finances Abroad
This might go without saying, but you will need to move your finances when you move. It’s can take some time to get everything arranged and organized, so you should start on this fairly early. Things you will need to sort out are:
Opening a Bank Account Overseas
It can make things a lot easier when you set up your bank account in New Zealand before you emigrate. In many cases, you can open up a bank account in your new country from the UK. Some banks, however, will require you to have a residence in New Zealand before you can open an account with them. One thing you can look into is asking your existing bank if they have branches in the country you are moving to, which would make it easier to get an account set up in your new destination.
Find a Place to Live
This is usually the biggest task people face when moving to a new country. Many ex-pats from Britain choose to rent at first, giving them a chance to settle into their new country. Others may try to buy a home straight away or before they settle. Whether you choose to rent or buy a home will depend on the area and the housing market where you plan to settle.
Transferring Money Overseas
Once you’ve gotten your new bank account set up you will need to move your money from your UK bank to your new one. Doing this through your bank can often be expensive and take quite a bit of time. A quicker and cheaper way to transfer your money is to find a money transfer company that specializes in overseas transfers.
Applying for a Stop-Gap Card
It’s always a good idea to have some form of funds to fall back on while you wait for your money to be transferred. Before you leave the UK, get an overseas credit card, or a prepaid travel card for paying for essentials until you can access the funds in your new bank. Just be sure to choose a card that won’t charge you fees for using it in your new country.
Many think that once they move from the UK, they won’t have to worry about National Insurance and UK taxes. You will more than likely need to pay taxes in the local area of your new home too. Also, if you will be receiving any form of income from the UK, such as rent from your old property, you still need to pay income taxes to HMRC. You will need to check what the tax system is for your new country as well. These are things that can be discussed with an Aukland financial advisor.
Overseas Financial Assistance
It’s a good idea to find out if there is any financial assistance that you can get. Moving abroad can be expensive and in some countries, you may qualify for assistance from the local government. Check the government website of your new home and apply for any assistance as early as you can because there may be a waiting period for applications to be processed.
Rebuild Your Credit History
Lastly, you will need to rebuild your credit history. Your credit history doesn’t move when you do, so it will be like starting fresh. It may take time to build your credit history and score up enough to qualify for borrowing, so keep this in mind when making your financial plans.
If you’re planning to move from the UK to New Zealand and need financial advice, give me, your trusted Aukland financial advisor, a call today!