Save money on your big move abroad with these expert money saving tips!
Whether you are moving abroad with a shoestring budget or are just hoping to do it as economically as possible, there is plenty you can do to save money during an overseas move. Relocating can be an expensive process. From changing jobs, finding accommodation, transferring money and closing and setting up accounts, the cost to move can certainly add up. At Property Guides we have helped thousands of expats and retirees to move and buy property across the world. Here are some simple money-saving tips to free up a little cash during your move.Whether you are moving abroad with a shoestring budget or are just hoping to do it as economically as possible, there is plenty you can do to save money during an overseas move.
Payment specialists can also lock in favourable exchange rates for a period of time, taking the stress out of fluctuating rate changes.
1. Have a plan for when you arrive
Having a plan before you arrive means doing some thorough research before you make the move. By finding out exactly where you want to move and what you will do when you arrive, you will reduce the amount of start-up time after arrival trying to figure these things out. Seriously consider making a preview trip before the big move; it will help answer a lot of questions that can’t be discovered online. Deciding where you will live, if you will buy or rent (and having a property lined up), and having a job offer in place in advance will save you a lot of money just after your arrival.
2. Pay off debts before you go
If at all possible, pay off all debts in your home country before you leave. You will accumulate new expenses in your new location, and the last thing you want is two sets of bills and debts to pay. Although paying debts using a payment specialist can make the process of transferring money back home seamless and straight-forward and help protect you against exchange rate fluctuations that aren’t in your favour, the ideal scenario is to leave debt free, so there are no financial burdens from back home that will continue draining your finances in your new place.
Moving abroad on a budget
3. Use a payment specialist
The best way to save money transferring funds from one country to the next is by using a payment specialist like Smart Currency Exchange. For retirees receiving a pension, regular pension payments via a payment specialist will save you on fees and surcharges that many banks impose, and will create a simple and stress-free process for receiving pension income in your new location. Payment specialists can also lock in favourable exchange rates for a period of time, taking the stress out of fluctuating rate changes.
If you want to save a lot of money on a property purchase, learn a few negotiating tips from our guide, How to Negotiate Abroad. It’s written by a licensed Realtor (me!) and packed with insider tips.
4. Have an income stream upon arrival
If you’re planning on working in your new location, securing a job before arrival will save you immensely. Having a reliable income stream after your move will prevent draining your savings while looking for work, and at the same time needing to spend on expenses to get you settled. By using a recruitment agency, or applying via online job postings it is easy to find work from the other side of the world.
5. Move in off-peak season
If you can time your move, try moving in off-peak tourist seasons. Everything is cheaper during shoulder seasons including flights, accommodation, rentals and in some cases, property sales. If you must move during peak season book well in advance, look for alternative accommodation arrangements outside of busy tourist hubs and be prepared to spend a little bit more on everything.