QLD Migration Heritage- Invest and Migrate in Brisbane QLD MIGRATION HERITAGE - Things You Should Know Ab | Page 9

investment but knowing where you want to live is important. Going with the conventional wisdom on
this is a safe bet. Rent for a year or so before buying anything.
5.1 How Should You Manage Your Money?
Generally speaking, there are two things you can do with your money and monthly income when
moving overseas. You can leave things the way they are, with monthly checks deposited into your
existing stateside accounts, or you can choose to open a bank account in your new home country and
have some, or all, of your monthly checks sent there. There are advantages and disadvantages to both
options. First, not all foreign banking options are the same. Depending upon the country, you may feel
perfectly comfortable with the banks there. But on the other hand, there have been foreign banking
failures without the sort of insurance protection afforded depositors in the States. Foreign interest rates
may also be more favorable as will access to your funds from a local bank. Foreign accounts are often
easily opened, by showing your passport and making a modest initial deposit. In some cases, a residency
visa must be provided. Such funds as Social Security checks and most pensions can be electronically
deposited to foreign banks, same as they are in your home bank. Foreign banks also issue ATM cards
and credit cards. Should you choose to do nothing and simply maintain your existing accounts, you can
access your money with your current ATM cards, up to the limits set by your bank. For large purchases,
such as a new car or real estate, you may transfer funds electronically from your home bank to the
foreign bank of the seller. There will be fees, of course, and an exchange rate to absorb which may or
may not be favorable. But major purchases don’t happen often. You can or use your ATM card for
moderate purchases up to your limit. Security is usually not an issue.
5.2 Leaving Family and Friends Behind
Of the number of expats who ultimately return to their home country, a significant number say they
missed their family, especially grand kids. Missing friends and family is a tough issue for most expats.
When planning your budget, be sure to include an allowance for family visits once or twice per year or
more if your budget permits. Skype video call service is a lifeline for expats across the globe. It is a free
service facilitating video phone calls between two computers anywhere on the planet as long as there is
an Internet connection. Simply download Skype’s free software and follow the prompts. You can be up
and running very quickly. Face book also offers free video chat services through their Private Message
feature. You can participate in a video chat with any of your Facebook friends at no cost. Simply open up
a private message with whomever you want to call. You will notice some small icons in the blue border
along the top of the message window. One is for phone calls (the one that looks like a telephone) and
the camera icon will connect you for a video call. Again, a free service. Video chats, phone calls,
exchanging photos, and periodic visits will go a long way toward staying connected to those you love.
5.3 What Do You Do With All Your Stuff?
For most folks, the issue of dealing with all the stuff you’ve accumulated over the years is a tough one.
After all, we grew up in a culture where the collection of stuff is normal. So, this decision is as much
about emotion as it is about logic. There are two obvious camps when it comes to this issue. The first
camp is determined to bring their stuff to their new home country and the second group, sells it all,