Finances When You Relocate

by Team Dinks on May 11, 2013 · 0 comments

(Guest post by Kirsten)

For many occupations the Middle East is considered to be an attractive destination for a relocation due to the many opportunities that are available in some of the sectors. If you are currently in the planning stages of a relocation to the Middle East after you have secured a job and accommodation the next most important factor to consider is finances, both the cost of moving such how you are going to effectively afford this and how you will manage your money once you arrange in your new country of residence.

There will be a few options available to you and chances are your new employer will expect you to have a localised bank account in order to deposit your salary, in addition you will need a way of easily accessing your money in Oman without any additional international charges. The easiest way to go about this is by transferring your current US checking account to a current account in one of the international banks that serve the country. There will be a choice of current accounts available to choose from, you may find it most appropriate to start with a basic account then upgrade if it is ever required.

The current account has many advantages and helps you stay in control of your finances which gives you the opportunity to budget and keep track of your income and outgoings just as you would back at home. If you believe you will still be making payments to your home country bear the potential additional costs of this in mind, currency fluctuations and international banking charges may result in this costing more than you budgeted. If you are moving as a couple you should still be able to use joint accounts once you arrive but ensure you read all the criteria before making an application.

Typically you will need proof of identity and proof of your employment and eligibility status when you apply to open a current account in Oman and elsewhere in the Middle East.

Moving is of course stressful for most people, but doing so in a way that requires you to move across the world from friends and family can not only be additionally stressful, but also costly. Expenses such as airfares, hotels, transportation and shipping your belongings can quickly add up. It is therefore imperative that these are all carefully tracked before anything spirals out of control. Plan as much as you can in advance and use tools such as spreadsheets and apps to ensure you stay on budget.Keep out of debt and of course, don’t forget anything important!

In order to make a smooth transition look to connect with those who have already made the move as you may be able to benefit from their experiences, for example they may know the cheapest way to ship your goods to your new home or have connections with real estate agents in the area.

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