Managing everyday banking abroad can be complicated, from opening the right account to moving money safely. This guide explains essential steps for expats, including setting up accounts before you go, separating home and host country costs, testing transfers, staying secure, and planning for possible account closures.
Moving abroad brings excitement and financial complexities, included things which you consider straightforward at home, suddenly gain complications.
One area which is not as straightforward, but is essential to understand is banking when living abroad. We’ve created these practical tips will help expats, whether relocating for work, study, retirement, or adventure, manage their money internationally with ease.
Map your income and outgoings before you relocate. Note what currency you will be paid in, what currency you will spend in, and how often you will move money between them. Check typical transfer timelines, daily limits, cut-off times, public holiday delays, and any fees so you are not caught out when rent or bills are due.
International and offshore accounts, as well as some digital current accounts, are built for cross-border life and can often be opened remotely. You will usually need a passport, proof of address and source-of-funds evidence.
If you can, complete onboarding before departure so you can receive salary, pay rent and set up utilities immediately. Keep your mobile number and email consistent across applications. Enable two-factor authentication, set security preferences and confirm card delivery options so nothing is blocked when you land.
Running two financial lives can get messy. Create a clear structure: one account or wallet for local living costs such as rent, food and transport, and another for home-country obligations such as loan repayments, insurance or family support. Automate transfers on payday and track each side separately to avoid accidental overspending.
Even if you are abroad, keeping your original bank and credit card active can help with bill payments, maintaining credit score, and acting as a fallback for home-country expenses. Many major banks provide international access if you notify them in advance, however not all will allow you to open an account if you live abroad.
That said, not all banks are friendly to expats. In some cases, when you change your residency, your home-country bank may no longer be able to legally service your account. This has happened to many expats in Europe after Brexit, but it can also occur elsewhere if the bank decides your risk profile or regulatory requirements have changed.
It is therefore important to:
Being proactive avoids the stress of sudden account closures and ensures you have continuous access to your money abroad.
Banks often provide poor exchange rates and charge hidden fees. Specialist providers can offer better support, tools, and savings.
Conditions where currency exchange brokers excel:
Currencies fluctuate, and that can quietly erode your wealth if you are not strategic. In recent years, this volatility has become more extreme and unpredictable which affects people with cross-border affairs far more.
Ways to manage risk:
Real-life scenarios include expats earning in one currency but spending or saving in another, such as pensions, rent, or investments, and those with irregular income streams like freelance or rental income.
Before you need to move a large sum, send a small test payment. Verify the beneficiary name format, IBAN or account number, SWIFT or BIC, and the time it takes to arrive. Keep a secure record of payee details. If you plan to use a specialist provider, set the account up and run a small transfer first.
Install your bank’s mobile and online banking apps and confirm they work outside your home country. Turn on biometrics or two-factor authentication, store recovery codes securely and consider an authenticator app rather than SMS alone. Use a password manager, avoid public Wi-Fi for sensitive actions and keep a backup SIM or eSIM plan if you rely on SMS codes.
It is extremely common for expats to be targeted by scams, especially when navigating unfamiliar financial systems.
Tips to stay safe:
Understand the broader economic factors that impact your currency value.
|
Tip |
Key action |
|
1. Multi-currency or international accounts |
Open suitable accounts such as Standard Bank Optimum Account* or SuitsMe* |
|
2. Keep home accounts active |
Maintain credit, convenience, and bill-paying options |
|
3. Plan for possible account closures |
Check policies, keep backups, and use providers like Moneycorp* or TorFX* |
|
4. Use currency specialists |
Services like Moneycorp* or TorFX* offer better rates and tools |
|
5. Hedge currency risk |
Use forward contracts, alerts, and multi-currency wallets |
|
6. Seek expert advice |
Free discovery calls can clarify your best options |
|
7. Be cautious |
Avoid scams and unsafe transfers |
|
8. Monitor macro trends |
Understand how inflation, interest rates, and commodity cycles affect currency |
There is no single “best” bank for expats, as the right choice depends on your location, income sources, and how you plan to use your money. Many expats prefer international or offshore accounts that support multiple currencies, such as the Standard Bank Optimum Account. Others find digital-only options like SuitsMe more convenient when moving to a new country, especially if proof of address is difficult to provide.
In most cases, yes, but it depends on the bank’s rules. Some banks allow you to maintain your account if you notify them of your change of address, while others may close accounts for non-residents due to local regulations. It is always wise to check before you move and set up an alternative account, such as an international or offshore account, in case your bank cannot continue to service you abroad.
It is possible. After Brexit, for example, some UK banks closed accounts of customers living in the EU because of regulatory restrictions. This can happen elsewhere too. To avoid disruption, research your bank’s policies early and keep a backup account ready. Providers like Moneycorp or TorFX can also ensure you have access to money transfers if your account is unexpectedly closed.
A multi-currency account lets you hold and spend money in different currencies without converting every time. This helps reduce fees and gives you flexibility if you earn, spend, or invest across borders. They are particularly useful for expats with ongoing obligations in more than one country. Options include offshore accounts like the Standard Bank Optimum Account, or modern digital wallets like Wise or Revolut.
Traditional banks often add hidden charges to overseas card use and transfers. Specialist providers offer competitive rates and fee-free transfers. Some digital banks also reimburse ATM fees or provide favourable exchange rates, although conditions vary.
Banks are rarely the cheapest way to transfer money, as they often charge high fees and poor exchange rates. Currency specialists provide better rates, free transfers, and additional tools such as forward contracts and rate alerts to help you manage exchange rate risk. Always ensure your provider is FCA-regulated or similarly licensed in your region to stay safe from scams.
Yes, in some cases. Many expats struggle to provide proof of address in a new country, especially in the first few months. Some services like SuitsMe are designed to bridge this gap, allowing you to open an account without a local address or credit history. Digital banks and international accounts can also be opened remotely in many cases.
Here are some recommended providers that can make life abroad easier. These are affiliate links, which means if you open an account or use a service through them, Experts for Expats may receive a small payment. This helps us keep the website free to use.
