5 must-know tips if you’re thinking about moving abroad
Here's just about everything you need to know before you pack up and go.
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Thinking about moving overseas from Australia?
We're sad to see you go, but we're excited that you're on a new adventure.
But before you start jet-setting, there are a few tasks you should cross off your list. We've put together some of the key items to tackle before you move abroad.
1. Set up a multi-currency bank account
When you arrive in your new home country, you'll need a bank account. It'll handle your wages, funds for day-to-day transactions and transferring money around.
Storing money in multiple currencies can be extremely handy too.
Depending on where you're going, the exchange rate can be more or less favourable to the Australian dollar, so being able to make or receive payments in the local currency is important.
The ability to transfer money internationally is useful if you want to send funds back to Australia too. For example, you may still retain a savings account or super fund back here if you're not planning to leave permanently. You may also be planning to send money back home to your family.
One account that offers international transfers is the HSBC Everyday Global Account. You're able to store funds in up to 10 different currencies as well as have access to a card for everyday transactions.
There are also no monthly account, transaction or ATM fees. International transfers can be carried out for $8 and the HSBC real-time exchange rate.
HSBC's digital onboarding process also allows you to set up an account for your new home country prior to leaving Australia.
2. File your tax return and check your tax obligations
Before you head off overseas, it's worth filing your tax return and ensuring that you don't owe any money to the Australian government before you go.
You'll also need to notify the Australian Taxation Office (ATO) if you're planning to move overseas for more than 6 months.
Make sure you investigate what sort of tax obligations you may have while you're overseas too. Some countries have tax amnesty arrangements with Australia, but for others, you may be required to pay tax both for Australia and your new country.
You can find out more about your tax obligations while overseas on the ATO website and via Smartraveller .
3. Assess your super
Different countries around the world have very different systems for superannuation or retirement funds.
In some countries, it's entirely voluntary or provided by the employer. For others, it's government-based.
Accordingly, you'll need to make a decision about whether you want to transfer your retirement funds to your new home country or retain your existing account in Australia.
There are a number of different questions to ask yourself here, such as:
- Are you planning to return to Australia in the future to retire?
- Will you be able to get better returns on your fund in a different account?
- What sort of tax requirements will be involved?
4. Check any outstanding bills and contracts
Before you go, settle any outstanding bills and cancel any contracts or subscriptions you may have.
Some contracts such as internet or utilities should be relatively easy to switch off.
But in certain types of contracts – such as if you've just got a new phone handset – you may need to pay out the contract to cancel it.
You should also set up a forwarding address for any mail you expect to receive while you're away, such as from the government or the bank.
If you don't resolve these situations before you leave the country, it could cause you problems when you're living overseas. You don't want to have to deal with debt collectors when you're trying to start a new life in a new country.
5. Check healthcare arrangements
As anyone who's ended up in a hospital overseas knows, healthcare systems can be wildly different from country to country.
It's a good idea to check what sort of healthcare cover you'll need if you move overseas. Sometimes health insurance will be part of your visa.
Australia has reciprocal healthcare arrangements with a number of different countries around the world. You can see the full list on the Services Australia website.
However, it's important to remember that not every medical expense you have will be covered even if there is a reciprocal agreement.
This is where private health insurance can be handy as well as in countries where reciprocal agreements aren't in place.
Although it's not mandatory, it's often advisable to opt for health insurance to avoid large medical bills if something does go wrong.
You can also consider paying for travel insurance for a short time to cover you for the first portion of your move. This gives you time to sort out insurance after you set yourself up in your new home.
Learn more about the HSBC Everyday Global Account
- Apple Pay, Google Pay
- Monthly fees: $0
- No international transaction fees
- Up to 10 currencies
