How To Manage Your Money When Working Overseas
By Rhiannon Williamson, Thu Dec 8th

It's a fact that employers look favourably on a resume thatpresents an independent, dynamic individual who has an open mindand has seen more of the world than their own back yard.

With this fact in mind a greater number of people are takingtime away from their studies and careers nowadays and spending aperiod of time travelling or working overseas.

If you're considering taking a similar path this article willhelp you get your head around managing your money whentravelling, living or working abroad - once your finances are inorder you can spend the whole of the rest of the time havingfun, exploring the wider world and meeting many new faces!

Even if you're planning a prolonged period of expatriation youshould keep your local bank account open. You can then managemoney and expenses back home more easily if needs be, and maybeeven send some of your overseas income back home to pay offstudent loans or to save up for a house purchase one day in thefuture. Furthermore by keeping your account open you're keepingyour credit history alive which is important if you ever plan tore-settle in your home country and maybe one day apply for amortgage or credit card.

Next up you might like to think about opening an offshore orinternational bank account. Possibly your bank offers suchaccount services in which case everything just got even easier!HSBC for example offers domestic accounts all over the world andthey also offer offshore accounts to expatriates andprofessionals living or working overseas for a period of time.

An offshore bank account will allow you to access your moneywherever in the world you're located, you can have access tomoney from ATMs around the world, you can have instant access toyour account status online or over the phone and you can bank inmultiple currencies. Furthermore you can easily

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transfer fundsaround the world and have one simple, central bank accountstructure that allows you to manage all of your financial needsfrom one centralised location.

To reduce ATM and credit card fees consider opening an accountwith one of the major financial institutions that have ATMs allover the world and who are recognised around the world. Thebenefits of going with one of the world's leading financialinstitutions is that their credit cards are more universallyaccepted, they partner with many local banks around the worldand customers enjoy lower or no charges at any of their ATMswhich can be found all over the world. Always check out thecharge structure on any account though just to ensure there areno hidden fees.

As an expatriate you're entitled to take full advantage of theoffshore world and save money offshore thus enjoying betterinterest rates, having access to more interesting financialproducts and benefiting from interest payable on savings andinvestments being made gross, i.e., before the deduction of tax.If you're going to be earning more than you need to live on whenworking overseas you should consider taking full advantage ofthis fact and saving as much as you can while you can benefitfrom the offshore advantage. You will increase your savingspower and give yourself a good financial start over and aboveyour peers back home.

Please note that you may still be liable for taxation on incomederived from and interest earned on any offshore savings andinvestments and international taxation advice should be soughtfrom a financial adviser or an accountant.

About the author:Rhiannon Williamson is a freelance writer whose many articlesabout investing and finance have appeared in publications aroundthe world. She is currently working in conjunction with deVere and Partners theworld's largest independent financial advisory firm.