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7 money moves for living abroad

Retirement » 7 Money Moves For Living Abroad

Set up your bank account early
Set up your bank account early

When possible, initiate the application process for an overseas bank account well before your departure. Although it may not be possible to open an account before arriving in your host country, identify and collect all the documents required to get the ball rolling. Jesse Finch Gnehm, an American entrepreneur who recently moved to Scotland, learned this lesson the hard way.

"Financial institutions are taking longer to process documents as they look to combat money laundering," Gnehm says. "This means the overseas bank may need documents and time to process them for which you hadn't planned."

Delays in opening a bank account can cause unexpected financial stress. Without a local account, you may encounter difficulties finding housing, obtaining a credit card or cellphone, or cashing your paycheck.

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