Money management is a key aspect of moving to another country. With this in mind, here are the main financial factors that you need to consider when moving to Australia, whether you are moving for business or pleasure.
Open a Bank Account
One of the most important things to do before you depart is open a bank account in the country that you are moving to. Opening a bank account in Australia isn’t as simple as it is to open one in your home country as you have no credit history and this can make the process complicated. However, opening a bank account in Australia before you move can provide a speedy solution to this problem. Do your research and find a bank that allows you to open an account and ensure that you will be able to access your funds as soon as you arrive. Failing to do this can have a negative effect on your fresh start especially if you cannot provide your new employer with your Australian bank details due to delays.
Apply for a Visa
In order to live in Australia, you will need to complete a fairly complex process to organize a Visa. This is one of the most stressful aspects of moving to Australia but there is a whole host of information online that can help you. The Visa Wizard is one resource that simplifies the process and will help answer any questions you may have.
Moving Costs
Another financial factor to consider is the actual cost of moving. Hiring a moving company to take care of all of the hard work for you is the simplest thing to do, but this will cost you more than if you were to do it yourself. Do your research and get recommendations from family and friends to find companies that can help you keep the cost of moving as low as possible.
An Expat Mortgage
Moving to Australia doesn’t necessarily mean that you will be severing all ties with England. If you wish to maintain a property in your home country, you will need an expat mortgage. If this is something you are considering, it is wise to seek advice or use an expat mortgage calculator online at Capital Fortune.
Tax
The Australian tax regime is similar to that of the UK, however, there are a few things you will need to take into consideration. The income tax year runs from July 1 to June 30 and non-residents are only taxed on the income they earn in Australia. This website will give you an idea of the tax that you will have to pay.
Returning Home
There are many financial aspects to think about when moving back to the UK from Australia, but you will have dealt with similar things when you moved from the UK. You will need to clear any loans that you took out while living in Australia and find a removal company to take care of your belongings. You will need to transfer any existing funds bank to the UK in a cost effective way and also clear any tax liabilities that you may have.
I have a card with no ATM fees on foreign transactions which is really useful when you first move but after a while nothing is cheaper than local banking.
I am not sure about my debit card, but I have a rewards credit card that has no foreign transaction fees.
Great advice here. We’re planning on working abroad for a short period, and perhaps living abroad permanently, in the near future. Thanks for these tips!
My wife and I have thought about it as well. We would both love to live in Italy.