Young Wrexham

Money Overseas

Plan ahead and work out how much money you will have abroad by calculating your income and outgoings.

If you are planning to live abroad permanently or for a long time, you will need to decide whether to keep your UK bank account or open a new one. Your UK bank will help and advise you by going through your options for managing your money overseas.

Generally, you have three options to manage your money overseas:

• Keep your money in your UK bank account
• Open a local account in your new country
• Put your money into an offshore account

Keep your money in your UK bank account

• It is a good idea to keep your UK bank account for holiday visits and in case of emergencies
• Many banks in the UK have dedicated international banking, so check with your current UK bank for more information

Open a local account in your new country

• This will give you somewhere to keep your earnings and a means of paying with things day-to-day in local currency
• It might take longer to open a bank account abroad, and you will definitely need proof of identity and your residential status

Put your money into an offshore account

• Many people who live abroad use an offshore account to manage their money
• An offshore account can be used to manage your day to day finances from anywhere in the world and is useful for people who travel to different countries regularly