How can you move your money when relocating to another country?
Payments
Asked by Question Bot10/Jan/20141 answer
1 Answer
F
Faisal Khan
Answered 10/Jan/2014
Transferring money out of a country can be done both via legal channels and illegal channel. I will only describe the legal channels.
If your host country has no issues with sending money out of it, the best form of transfer is via a a Bank Wire Transfer. Bank wire transfers especially make send for large transfer amounts. They are safe and secure, and won't cost you much.
The only hinging factor here is, you need to have a bank account to the country you are transferring to.
If you don't have a bank account established yet in the country you are moving to, the best option is a Cashier's Cheque. Depending on the country that issued the cheque and the one where you will be depositing it, it can take anywhere from 3-4 weeks for such to be cleared and credited to your account.
Another option is to provide your existing bank with standing instructions, that upon receipt of a fax/signed document, they are to wire the money to the account that you have provided in the fax. So you can go to your new country, open a bank account, obtain the wiring instructions, fax these details as wiring instructions to your old bank and the wire should snake its way across to you in 2-7 days.
If you bank does not take fax/signed instructions, simply ask them to provide you with a Wire Transfer from, and then then Fedex this back to the bank with a cheque written out to the (originating) bank.
Travelers Cheques - are also a great way to take money with you, however, do note (again depending on the country you move out from and move to), how much currency and/or bearer financial instruments you can take with you, could be an issue.
Currency Brokers and Money Changers would be your next best alternative, but they too would need to know the beneficiary information prior to the funds being sent across.
A good way to determine an answer is to call up your bank and seek advice from there, or even the commercial counsellor at the Embassy/Consultate of the country you are moving to.
If your host country has no issues with sending money out of it, the best form of transfer is via a a Bank Wire Transfer. Bank wire transfers especially make send for large transfer amounts. They are safe and secure, and won't cost you much.
The only hinging factor here is, you need to have a bank account to the country you are transferring to.
If you don't have a bank account established yet in the country you are moving to, the best option is a Cashier's Cheque. Depending on the country that issued the cheque and the one where you will be depositing it, it can take anywhere from 3-4 weeks for such to be cleared and credited to your account.
Another option is to provide your existing bank with standing instructions, that upon receipt of a fax/signed document, they are to wire the money to the account that you have provided in the fax. So you can go to your new country, open a bank account, obtain the wiring instructions, fax these details as wiring instructions to your old bank and the wire should snake its way across to you in 2-7 days.
If you bank does not take fax/signed instructions, simply ask them to provide you with a Wire Transfer from, and then then Fedex this back to the bank with a cheque written out to the (originating) bank.
Travelers Cheques - are also a great way to take money with you, however, do note (again depending on the country you move out from and move to), how much currency and/or bearer financial instruments you can take with you, could be an issue.
Currency Brokers and Money Changers would be your next best alternative, but they too would need to know the beneficiary information prior to the funds being sent across.
A good way to determine an answer is to call up your bank and seek advice from there, or even the commercial counsellor at the Embassy/Consultate of the country you are moving to.