BBD Recruitment - Managing your finances abroad

Managing your financial responsibilities back home is not complicated if you make a few arrangements before your departure abroad.

Making a mortgage payment, a student loan or funding a stock account can represent a problem while abroad.

While living overseas an international bank is your best bet. We recommend opening a current and a saving account at a local international bank and then ensuring you have online access to your accounts. You can then apply for an ATM card so you can get money from ATM machines worldwide and ask your school to deposit your salary into your local bank account so that you can move the money online to where you need it when you need it.

Before leaving, make sure that you home bank has the ability to accept electronic transfers from foreign banks in foreign currency. Finding out your bank does not do this once you are already overseas will cause a significant delay in you being able to transfer funds back home.

We recommend you keep your home account active so it’s easy for you to manage funds both where you are working and back home.

Also, make sure you record all important information and numbers you could possibly need from overseas: credit card numbers, bank accounts, passports and passwords.

The key to understanding the benefits and employment packages of teaching abroad, is to understand what money you will have in your hands at the end of the month, and what that money will buy you, which directly affects how much you can save (or spend) when you teach abroad.

MANAGING YOUR FINANCES ABROAD

THINGS YOU NEED TO KNOW

For more information, contact recruitment@bbd.ae