The following is a guest post on behalf of Financial Facts
Moving to a different country is a big move and most expats will know all about how tricky getting your finances in order can be at this time. However, with the right products, there is no reason why your dream move to Portugal should be marred by a financial headache.
You may find that, certainly in the short-term at least, having the right credit card from a trusted international provider can help. While setting up bank accounts, arranging your tax status and taking care of bills can be a long process in some cases, having the right plastic in your pocket before you get to your new home could help you with day-to-day living costs or emergency expenses.
Of course, you’ll want to take the same care with all of your financial products as you would with your credit options. So, once you have taken the time to compare credit cards online, you may want to think about taking the same approach to selecting a bank account. There are plenty of banks and buildings societies that offer current accounts and savings accounts that are tailored to international customers, so it’s important to look out for how these might benefit you.
If you like the sound of what one bank has to offer, you should find that they make the switch as easy as possible. Changes in European law some years ago now mean that your new bank will get in touch with your old one to make sure the transition is as simple and efficient as possible – and most even have dedicated switching teams that will be on hand to help at any time. That said, it’s also worth making sure your new provider has good online and telephone banking facilities, so you have access to your accounts at a time that suits you, which could well be outside UK business hours.
So, once you have your account set up and credit cards to back you up if you need them, what other financial issues are you likely to face? Well, if you are heading to Portugal, you’ll need to make sure you have filled in all the relevant taxation documents. There are specialist companies and consultants who will be able to take you through this whole process, but you should do as much research as you can in advance as you don’t want your expat dream to turn into a financial nightmare.
If you are going to need a car once you get there, you can of course rent one. You will, however, need to make sure your paperwork is all up to date. Car hire can be pretty pricey in Portugal too, so make sure you do your homework, or check out some of the incredibly helpful expat blogs out there who may be able to guide you towards a company that are a bit more affordable.
