Expenses Expats Don’t Consider When Moving Abroad

Thinking about moving abroad? It’s a romantic idea that has appealed to Americans for generations.

You might be interested in a change, the romantic atmosphere of an older country or a lower cost of living. However, there are expenses related to living abroad that aren’t immediately apparent until you’ve actually done it.

Don’t be alarmed: Living abroad is a wonderful and meaningful experience and if you’re interested, you should pursue it. However, you should be fully aware of all the costs involved.

Exchange Rates

If you’re living abroad and working remotely for an American company there’s no two ways about it: You’re going to have to pay to change your money from dollars to whatever the currency is where you’re living.

You’re going to lose money coming and going this way. You’ll pay when you spend, you’ll pay when you earn and you’ll pay when you send. It’s drips and drabs and it adds up quickly.

The best way to minimize this? Take out money in big chunks and make as few transfers as you possibly can. Because every time money moves, you pay. And speaking of money moving…

Bank Transfer Fees

You’re not just going to pay to convert dollars to Euros, rubles and yen. You’re also going to pay to move your money from one place to another.

This is typically a flat fee, sometimes with a percentage of what you’re sending tacked on. You pay $35-$50 every time you send money, sometimes more if it’s large amounts. So you need to only send money when you absolutely have to.

The best thing to let your funds build up in an American bank account, then send what you need to live on for the month once. Don’t forget that this will take a couple of days to process.

Getting a Good Lawyer

We don’t mean to imply that you’re going to break the law. However, immigration law is complex and varies from one country to another.

It’s always good to have a lawyer’s phone number in your phone for the occasion that you need one. But you might not even be able to move abroad without establishing a relationship with a lawyer in your host country.

Some due diligence on your part will help, but for the most part, it’s best to have a lawyer who can go to bat for you.

Fortunately, immigration lawyers tend to not be prohibitively expensive and one is about as good as the next unless you stumble on one who is particularly incompetent. Immigration law is, for the most part, just a matter of filling out forms and ticking boxes.

They’ve done this 1,000 times before and there’s probably nothing at all remarkable, unique or special about your particular case.