

As exciting as moving abroad is, your excitement can be drowned in worries. Top of mind for most people is how to manage cross-border payments when moving abroad. You are concerned about how quickly you can open a bank account and getting the best offers on transactions and exchange rates.
With the right tips and tricks, you can manage cross-border payments without breaking a sweat. This article explores the challenges of cross-border payments and provides steps you can take to simplify them.
Also read: How to find a job and validate your degree abroad
Some of the most common challenges people face when they relocate include:
Here is how you can manage international payments abroad without hassles.
Having a good financial plan before your move prepares you for a new financial system. Learn about the country’s banking regulations and the best local banks to open an account. Get familiar with the requirements and start collating your documents. Review the bank charges and exchange rates to ensure they are favourable.
Let your existing bank know about your move abroad to prevent any issues with your account being flagged for unusual activity and to ensure you receive important communications.
As soon as you arrive in the country, open a local bank account for your everyday transactions. For immigrants, the process typically involves providing a visa, proof of residence, and, in some cases, employment details.
While traditional banks can be great for local transactions, building credit, and managing utilities, relying on them for cross-border payments isn’t cost-effective. Instead, explore alternatives such as:
Currency fluctuations can significantly impact the amount of money that reaches the recipient. Use rate alert tools and monitor live exchange rates on platforms like Grey and XE to make transactions at the most favourable times.
Consider maintaining a global account that supports multiple currencies. Platforms like Grey and Wise enable you to hold, convert, and withdraw funds in various currencies, thereby reducing conversion costs.
Also read: Receiving international freelance payments: Wise vs Grey vs Payoneer
With Grey, managing cross-border payments when relocating is much less stressful. You can open multi-currency accounts in USD, GBP, and EUR, making it easy to send and receive money worldwide. If you need to convert currencies, Grey offers competitive exchange rates and low, transparent fees. Here’s how to get started with Grey.
With Grey, you enjoy seamless cross-border payments when moving abroad. Get started today!
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