Don’t Close Out Your Bank Accounts

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Don’t Close Out Your Bank Accounts

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April 23, 2015

Every week, HGTV has episodes of couples and families looking to move to a different part of the world.   While you get a small glimpse of what life is going to be like living in a foreign country, you shouldn’t forget about the mountain of financial decisions that you can be facing you when you leave the United States.  It’s easy to make simple mistakes, so here are some of the biggest issues to concentrate on when you move to a new country.

  • Don’t close your United States bank accounts- It can be difficult to open up a bank account in a foreign country and it also can be challenging to re-open a bank account in the United States if you close out all of your accounts.  
  • Contact the major credit bureaus- You should consider freezing your credit when you make the move overseas.  Let the credit bureaus know that you will be living overseas and this may help you when it comes to protecting yourself against identity theft.  
  • Don’t assume banking will work the same- Many people who move abroad may have their money with a bank that simply cannot help them.   It’s important to establish your accounts with a bank that has worldwide access.   Make sure you know the rules about being able to move your money from one account to another and the exact costs and fees as it pertains to your ATM card.
  • Understand tax implications- Remember, even if you live in another country, the IRS will expect that you pay taxes as long as you are a US Citizen and make income.   Make sure you understand the rules based upon how many days you live in the foreign country and the number of days that you live in the United States.

Written by: Ted Jenkin
Request a FREE consultation: www.oxygenfinancial.net

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