Managing your personal finances while away from home or simply transferring money abroad is part of your journey. In the past, transferring money abroad meant a physical visit to a bank, credit union, or other financial institution. But now there's an easier solution: money transfer apps. Learn how to transfer money between accounts in different countries and the best services for international transfers

Moving abroad is usually accompanied by numerous difficulties. It is quite common to find it difficult to manage your finances in two different countries. Not every country in the world can find the same electronic and fast banking system that you were able to get used to in your country of origin. Often, even when opening an account, you have to submit documents in several stages, wait for the request to be processed, and even receive a card, PIN code and information about online banking by mail (all, of course, in separate letters). Sometimes the account opening process can take more than 5 weeks.

How then can an expat comfortably manage his money and make transfers?

A single account to manage all your money

If you lived in different countries, you may have noticed that you had different accounts for different currencies. However, experienced expats advise you to set up a single bank account in a stable currency (GBP/USD/EUR) where you can keep all your cash. This will become your central account, which will not change, regardless of which country you stay in. You can transfer all your available cash here.

How to make transfers between accounts in different countries?

Using a bank to transfer your savings between foreign and domestic accounts can be very expensive. Since you are both the recipient and the sender, you may expect commissions from both sides.

It is also worth considering that international fees are usually higher than fees for domestic transfers. They can also vary depending on how you make your transfers (online, over the phone or at a local branch).

In addition to the fee, banks will also charge an exchange rate markup of around 5% and may even charge you a conversion fee, further increasing the cost of your transfers.

That is why more and more expats are turning to special services and applications for managing their own savings:

- TransferWise is the best service for international transfers

Most expats use TransferWise to transfer money between bank accounts in different countries. It's usually the cheapest and fastest option, and you can send money to around 60 countries around the world.

TransferWise focuses on "banking without borders", which means that people can easily manage money in multiple currencies and receive bank accounts with these country-specific codes. A multi-currency account enables customers to obtain local bank details for eight different countries/regions: Australia, UK, Europe, Hungary, New Zealand, Romania, Singapore and the United States.

There is no monthly fee for a TransferWise account, but there is a limit on the amount of cash you can withdraw from an ATM for free each month - $250 free, then 2%.

Another advantage is speed – TransferWise sends 30% of its payments in less than 20 seconds, compared to 3-5 days for a traditional bank.

- N26 is an international online bank

N26 is an online bank that has grown rapidly since its inception in 2013. In June 2020, it received a place in the list of the best banks in the world according to Forbes.

N26 offers much of what you'd expect from a traditional bank: a checking account with an app that tracks your spending and helps you create savings goals. The volume of cash withdrawals at ATMs is unlimited. The N26 is currently available in Europe (except the UK), the United States of America and plans to launch in Brazil.

- Revolut is the best money management tool

Revolut is a cross between TransferWise and N26, but with additional cryptocurrency and investment management options.

Revolut launched in the UK in 2015 and has since expanded to over 35 countries, including the United States, Australia and Singapore. According to its website, it has more than 12 million customers with personal accounts and supports more than 30 currencies.

Three membership plans are available: Standard, Premium, Platinum.

The advantage of the application is opportunities for investors. If you want to manage all your finances in one app and be able to spend directly from your account while living abroad, Revolut is worth considering.

At first glance, it can be difficult to understand all the features of money management abroad. However, the above applications will simplify this process and save a lot of money.

---

The editors of Visit World recommend using the Work Guide for Great Britain for a comfortable and safe travel.

The guide is a detailed written document that contains basic advice on obtaining a visa, crossing the border, getting a job, citizenship, and much more. More details at the link.

---