How can you move your savings abroad?
Using a bank to transfer your savings between your overseas and domestic accounts can be costly. Because you are both the receiver and the sender, you can be hit with both outgoing fees and incoming fees.
International fees are typically higher than domestic transfer fees, and fees can differ based upon how you initiate your transfers (online, by phone, or at a local branch).
On top of fees, banks will also charge a margin on the exchange rate of about 5%, and you may even be charged a conversion fee, further adding to the costs of your transfers.
Making timely moves and limiting your risks will be crucial when managing your savings from abroad. The following tips can help ensure you will make the right decisions for your financial security and stability.