Are you moving abroad? Maybe after the events of the last few years you feel ready to start fresh somewhere else. If so, it’s likely you’re already working your way through the to-do list, from finding a new job overseas to arranging your visa.

Whether you’re taking a gap year and you’re setting up home for a few months, or your move will be permanent, it’s important that you get your finances in order before you begin your big adventure abroad.

To help you work out where to begin, here’s a rundown of the key financial focus points to consider.

Savings

Do you have savings? Having a savings pot can be hugely beneficial before you move abroad. Saving up will help you cover the cost of things like accommodation and initial living expenses when you first arrive. This money can also be used for things like your plane tickets, airport transfers, and other expenses when you get to the country you’re moving to.

To know how much you’ll need to have saved up, take the time to research the country you’ll be living in. Price up things like rental costs and food. These outgoings will vary depending on where you’re moving to as some countries are more expensive than others – especially right now. For instance, if you’re moving to the UK, prices are higher than usual right now there due to high inflation rates.

Credit history

It’s helpful to understand how credit scoring works where you’re moving to. Some countries operate in a similar way to the US, but others have a different system in place. Wherever you move to, your credit score will reset to zero when you move, so even if you have an impeccable score right now, you’ll need to factor this clean slate in before you leave.

You’ll also need to think about how to build your credit score when you get to your new home.

Taxes

Taxes operate differently overseas. It’s important that you acquaint yourself with these rules so that you know what to expect when you start work.

For example, you’ll see how much of your salary is taxed if you’ll be working for a company in your new country of residence. Should you decide to set up as a freelancer or if you want to launch your own business, a different set of tax rules are likely to apply than if you were to set this up at home. Take the time to work out what the tax rules in the country you’re moving to will mean for you ahead of your move.

Bank

Setting up a bank account is an important step, especially if you’re planning on emigrating. Look at the different banking options available and ask questions before you choose an account. The one you opt for is likely to differ if you’re planning on staying in the country for a few months rather than permanently. However, even if you’re there as part of your gap year, it could make things easier if you open an account.