Living and working abroad can transform how you manage your finances. This guide shares seven essential international banking tips for expats, from choosing the right offshore account and managing multiple currencies, to transferring money securely and staying compliant across jurisdictions. Learn how to keep your finances organised and accessible wherever life takes you around the world.
Living and working abroad is more than just a change of scenery, it represents a significant shift in how much you earn and how you manage your finances across different jurisdictions.
This article has been written for Experts for Expats by Erik Olwagen, head of distribution at Standard Bank Offshore. Standard Bank are a partner of Experts for Expats, if you would like to know more about how their Expat Bank Account helps expats, please visit the Standard Bank website.
The information provided in this article is for general information and educational purposes only and should not be construed as financial advice. This article does not take into account your individual circumstances, financial situation or objectives. Before making any financial decision or investment, it is recommended that you consult with a qualified financial advisor or conduct your own research. Neither Standard Bank or Experts for Expats are not liable for any losses or damages incurred as a result of any financial actions taken based on the information provided in this article.
I would argue that finding the right international bank account is one of the most important decision you need to make, which is not one to be taken lightly (although I do work for an international bank, so I might be a little biased).
The convenience promised by digital-only banks is certainly appealing, but are they appropriate for managing your family’s finances?
All too often, the practicalities and costs of transferring funds across borders and different accounts are lost in the excitement of moving abroad or starting a new position. This means you need to take careful stock of the offerings to find the bank that gives you what you need.
To help you manage this process and make the right decisions, here are seven handy tips that can simplify your journey as an expat living in a new country.
Managing income in one currency while spending it in another can lead to surprises if you’re not prepared.
If you're earning in rands but spending in pounds, euros, or dollars, you'll need to factor in exchange rate fluctuations, conversion fees, and the time it takes for money to arrive. It’s not just about transferring funds, it’s about understanding the flow of your finances.
Not all bank accounts are made for cross-border life. Offshore or international accounts are specifically designed to support multi-currency needs, remote access, and international income streams that are all essential for expats.
Having your account open and active before you move means fewer headaches when you arrive.
Getting paid, paying deposits, or managing bills are that much simpler when your financial setup is already in place. Many banks now offer digital onboarding journeys that let you complete much of the paperwork remotely.
Mixing finances from different countries can make it harder to stay on top of your budget.
Try to create a clear structure that separates your day-to-day local expenses (like rent, transport, groceries) from your home country’s responsibilities (like supporting family, repaying loans or managing a property).
Each transfer method has its quirks, it’s better to discover them before you’re under pressure.
Whether you’re moving large sums for a house deposit or sending regular support to family, it’s worth testing your setup with a small transfer.
When you're dealing with multiple time zones and countries, 24/7 access is a must.
Make sure you’re confident using your mobile and online banking tools, and that your login and recovery methods work from abroad.
Banking regulations can vary by country and they can change over time.
Some countries have strict rules on foreign accounts, exchange control, tax declarations or transfer limits. Your bank may also periodically ask for updated proof of identity or residence, especially if you're moving frequently.
