We left Singapore with three bank accounts, two of which became essentially useless within six months of moving. One required a Singapore address for correspondence. The other charged 3% foreign transaction fees on everything and blocked the card after two international transactions without warning. The third was fine but only accepted SWIFT transfers at a painful exchange rate.
Sorting your money before you move is not glamorous. It's also one of the things most families get wrong because they assume it'll just work out. It usually doesn't.
The basic problem
Your existing bank was set up for someone who lives in the country it's based in. The moment you leave, you become an inconvenient edge case. Address verification becomes complicated. Cards get flagged for fraud. Online banking requires an SMS to a number you may not have anymore. And fees that were irrelevant when you were spending locally become significant when every transaction goes through a currency conversion.
What you actually need
You need at least two things: a card that works internationally without punishing you for it, and a way to receive and send money in multiple currencies cheaply.
Wise (formerly TransferWise) is the thing I'd recommend above everything else for families moving abroad. It gives you local bank account details in multiple currencies (GBP, EUR, USD, AUD and more), lets you hold balances in each, and converts between them at the real exchange rate with a small transparent fee. You can send money internationally for a fraction of what banks charge. We've used it for four years and I'd be lost without it.
Revolut is the other one people swear by. Similar concept — multi-currency account, decent exchange rates, a card that works everywhere. The free tier is fine to start, the paid tiers unlock better rates and insurance. Its main limitation is that it's not a full bank in most countries, so it's better used alongside a real bank account than as a replacement.
For a proper backup bank account, Charles Schwab (US families) is the gold standard — reimburses all ATM fees worldwide, no foreign transaction fees. For UK families, Starling or Monzo are excellent. For Australians, ING or Macquarie have low-fee international options.
The thing most people forget: keeping a home account open
Do not close your home country bank account before you move. You will need it more than you think. Tax refunds, pension contributions, old investment accounts, family who wants to send you money — all of these will try to reach you through your original account. It also serves as a financial anchor in a currency you understand.
The challenge is keeping it active. Banks in some countries close inactive accounts or reduce access for non-residents. Call your bank before you leave and tell them you're moving abroad. Ask specifically what they need from you to keep the account open and maintain your existing access. Some will require an annual address update. Some will restrict certain services but keep the account open. Some will be fine.
Taxes: the part where it gets complicated
This is where I'll say clearly: get advice specific to your situation, because the rules vary significantly by country and personal circumstances.
The broad principles: most countries tax based on residency, not citizenship (the US is the main exception — Americans are taxed on worldwide income regardless of where they live). When you move abroad, you usually stop being a tax resident of your home country after a certain period, which changes your obligations.
The complications: if you're still doing work for clients in your home country while living abroad, there may be source taxation. If you have property you're renting out, the rental income is usually still taxed in the country where the property is. If you're moving mid-year, you may be dual-resident for that tax year.
The solution: find an accountant who specialises in expats from your home country. They exist for every major nationality. The fee is worth it. Do this in the year before you move, not after.
A practical timeline
Six months before: Open Wise, open Revolut, open your chosen international-friendly bank account. Leave them active and use them occasionally so they're verified and working before you need them.
Three months before: Call your home bank and notify them of your move. Set up the address situation. Find your expat accountant.
One month before: Make sure you have cash or accessible funds in the currency of your first destination. ATMs don't always work on arrival, especially late at night.
On arrival: Locate your nearest bank branch and ATM. Know how to transfer money from Wise in an emergency.
It sounds like a lot but most of it is one or two phone calls and a few account sign-ups. Do it early and you'll barely notice the transition. Leave it until you're packing boxes and it becomes a headache.
If you want to talk through the financial setup for your specific move, our logistics sessions are built for exactly this.
