Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

That dream you’ve always had of living abroad might actually be a financially smart move.

That dream you’ve always had of living abroad might actually be a financially smart move.

If you dream of running away to live in a romantic European city or spending your days beachcombing on a Caribbean island, you’re in luck. Moving abroad could be cheaper than staying at home.

Of course, moving abroad isn’t as simple as hopping on a plane. You have to save up money, figure out visas, get a job, and possibly learn a new language. But one thing you likely won’t have to worry about is an increased cost of living. Here’s why taking the leap and living in a foreign country could actually save you money.

1. You can take advantage of favorable exchange rates

Depending on where you’re looking to move abroad, you may be able to use exchange rates to your advantage. In many countries, the U.S. dollar goes a long way compared to local currency.

Our Picks for the Best High-Yield Savings Accounts of 2024

APY

up to 4.60%

Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.

Min. to earn

$0

APY

4.75%

Rate info Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC

Min. to earn

$0

APY

4.25%

Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.

Min. to earn

$0