However, it is often the thought of leaving behind the familiarities of home that can put some people off. One of the main worries people have is dealing with money in a foreign country. But overseas banking doesn’t have to be complicated. Here is our guide to setting up an overseas bank account.
Setting Up Your Overseas Bank Account
In the UK, we know that our money is safe as there are a number of codes of practice linked to banking and lending. Most countries have a similar code of practice so you don’t need to worry about losing your money, or being overcharged if you run up some debt. However, the best starting point for overseas banking is to speak to us here at Baggage Hub – we have the expert knowledge you need. We can talk to you about preferential rates at each bank, or give you some guidance on the best account to go for. We can help before you even leave the UK by ensuring you have information on all the banks that will be in the area where you are studying or working. If you are a student, it could be that there are a couple of banks with a great option for those studying abroad – and we will ensure you don’t take on anything too complicated.
Preparing The Paperwork For Your Overseas Bank Account
Usually, the paperwork is fairly simple and straightforward. Ensure you have a number of forms of photo ID, your passport and visa and, if you are studying, a letter from your school saying you are enrolled there and confirmation that you are living in the country for a certain duration. Once you have set up your bank account, there will probably be some mail sent to you in the post confirming details such as PIN numbers and account numbers. Don’t forget to read the fine print, then sign and send back the documentation they need – it won’t be long before you have your own overseas bank account.