If you’re staring down the barrel of relocating or repatriating, sorting out your finances is likely on your (very) long to-do list. In good news, there are now some smart ways to set up banking as an expat. These days, with a little organisation, you and your money can move together.
We caught up with NATALIE GORIN from HSBC Expat for a cheat sheet on how expats can get their finances sorted before the big move.
We are relocating; what happens to my local bank accounts?
If you have an expat account, you’ll be able to transfer to a new location and set up funds in that new currency. If you don’t have the right account, and you won’t be returning to Hong Kong, you’ll need to speak to your bank about the process.
With an expat account, can we move our bank accounts with us?
Yes, if you’re moving to certain countries, you’ll be able to set up an account before landing. The beauty of HSBC Expat is the opportunity to manage and grow your money in a central location. So, regardless of where you move to or how often you move, your money doesn’t have to. It also offers the opportunity to bank and save in multiple currencies with foreign exchange solutions to help minimise currency risk.
An expat account will ensure you have local currency funds at hand and you can hit the ground running. No more nightmare stories about struggling to open bank accounts! At HSBC, there’s even a Little Expat account for the kids.
What’s the best way to transfer our funds to our new country or back home?
With an HSBC Expat account, you can transfer to different currencies and countries with ease. If you need help with sending or receiving money across different currencies or you want to discuss how to manage currency risk, the relationship management team will be able to help or put you in touch with the right experts.
What’s the best way to get informed about the tax implications of linked accounts?
You’ll need to check local tax regulations – both in the country you’re leaving and the country you’re moving to. HSBC Expat has online tools to help expats understand their tax obligations. Our customers can use EY as a single point of contact to coordinate the completion and filing of worldwide tax returns. If your finances are complex, it’s important to get tax advice.
HSBC provides insights and tools online to help you and your family make more informed decisions during your life abroad. Its complimentary worldwide travel advice and safety services are designed to protect you, wherever you may be. Learn more at expatexplorer.hsbc.com.
Written in collaboration with the HSBC Expat team
Level 5 HSBC Main Building
1 Queen’s Road Central
2822 3225 | firstname.lastname@example.org
See more in our Living in Hong Kong section
This article first appeared in the June/July 2019 issue of Expat Living magazine. Subscribe now so you never miss an issue.