Moving to a new country is an adventure that completely changes your life and perspective.

As someone who has lived in four different countries across two continents, I can say without a doubt: if this is your dream and the opportunity finally shows up, take it. Go. Even the challenges and regrets will become some of your life’s most valuable experiences.

And while the adventure is worth every step, getting your finances in order before moving abroad can (and will) make all the difference. I learned many things the hard way, through trial, error, and a fair share of chaos. So, think of this guide as the financial toolkit I wish I had when I first left home.

Change the way you think about moving abroad and money

Living abroad is a total shift in how you earn, spend, save, and think about money. What felt normal back home might not apply in your new country. You’ll likely need to manage multiple currencies, send money home, and deal with unfamiliar banking systems while trying to budget in a language or culture you’re still adjusting to.

Many people underestimate the emotional side of money when relocating. You may earn more, but feel less secure. You might feel rich in one country and broke in the next. That’s why your first year living abroad often comes with surprises no one warns you about, from hidden costs to the anxiety of financial uncertainty.

Also read: How to manage international payments while living abroad

Before the move: Build your finance checklist

1. Research the cost of living in your new city

Budget for your new city realistically. Rent, groceries, transport, and healthcare can vary a lot from place to place.

• Start with tools like Numbeo, Expatistan, and The Earth Awaits for city-by-city breakdowns.
• Then just go beyond the numbers. Join Facebook expat groups, Reddit threads or local forums where people share their real-life costs, hidden expenses, and tips based on different lifestyles. These insights can be gold. I still check them to this day.
• And don’t forget to account for exchange rate changes and leave room in your budget for unexpected surprises.

The more sources you tap into, the more accurate and stress-free your financial planning will be.

2. Open a multi-currency account as soon as you can

One of the best things I did when I started working with international clients was opening a multi-currency account. It honestly saved me so much stress.

At first, I was getting paid in USD while still living in Brazil. That’s when reality first hit me. Traditional banks just aren’t built for this setup. Receiving foreign currencies, dealing with conversion fees, waiting forever for the money to land… a complete headache.

What changed everything:

• I did some research and found a multi-currency account on Grey that lets me receive USD directly and convert it to my local currency without any back-and-forth.
• Later, when I lived in Spain for a while, I created an EUR account on the same app and had one less thing to worry about abroad.
• It’s super handy for getting paid by international clients or through platforms like Upwork and Fiverr.
• I can easily send USD, EUR, or GBP from the same app to my local account and receive it in my currency, without having to pay the high fees. And I can do it whenever the exchange rates are better.

So if you’re freelancing, working remotely, or moving abroad, trust me: set up your multi-currency account early. You don’t want to deal with payment headaches later. Grey makes it very simple, and everything’s in one app. Just verify your ID and you’re good to go.

3. Have an emergency fund ready

Relocating always comes with surprises. Medical expenses, housing deposits, or job delays happen more often than you think. A safety net of 3–6 months’ worth of expenses in a stable currency (like USD) is essential.

You may also like: Moving abroad checklist: 6 Essential considerations for a smooth transition

Once you arrive, manage your money wisely

1. Be strategic with currency conversion

Not all conversions are equal. Airport kiosks and standard banks often charge high rates. Use services that let you convert at real market rates or avoid unnecessary conversions altogether.

• I usually hold part of my money in USD for a while, especially if the exchange rate isn’t great, and only convert it to my local currency when I really need to or the rates get better.
• If I’m spending online on something priced in dollars, I don’t even convert. I just use a virtual USD card to pay for it.
• It’s also made budgeting way easier: I know exactly how much I’ve earned in each currency, and I avoid losing money on unnecessary conversions.

2. Track income and expenses with the right tools

Staying on top of your money means using tools that fit your lifestyle. From apps to spreadsheets, there are plenty of ways to keep your finances organised across currencies and countries.

• Nomads and remote workers love tools like Grey, Revolut, Wise, and Spendee to manage multiple currencies and keep track of daily spending.
• If you prefer a more hands-on approach, set up a custom Google Sheets or Excel template with categories, exchange rates, and savings goals.
• Look for free templates online and tweak them to fit recurring bills or specific currencies.
• Schedule weekly or monthly check-ins to update records, review your budget, and plan for big expenses.

3. Keep a tax record from day one

Even if your income is remote or freelance, you’ll likely need to declare it in your country of residence, your country of citizenship, or both, depending on tax treaties. Keep all invoices and track your earnings in detail. Consider speaking to a cross-border accountant if you’re unsure about your obligations. Doing this saved me a lot of unnecessary stress.

Also read: The biggest financial challenges expats face in the UK, US and Canada

Keep learning from others

The first year abroad can feel like you’re constantly playing catch-up. There’s culture shock, unexpected expenses, confusing paperwork, and moments where you wonder if you’re doing it all wrong. That’s normal, and it’s part of the learning curve.

But one thing that makes a huge difference? Talking to people who’ve already done it.

Ask questions. Read blogs, listen to podcasts, or even follow creators who share their experience of living abroad. It really helps.

Quick recap: What to sort out before and after you move abroad

Before packing your bags, take a moment to get your finances in order. Knowing how money works where you’re going will save you a lot of stress later.

Here’s what we covered:

• Open a multi-currency account so you can earn, spend, and save in global currencies like USD or EUR.
• Look into the cost of living: rent, insurance, transport, groceries — and plan your budget accordingly.
• Check recent exchange rates and how they’ve shifted over time. A stronger or weaker local currency can impact your budget more than you think.
• Set aside an emergency fund in a stable currency like USD, GBP. or EUR, just in case.
• Track your income and expenses from day one, especially if you earn in foreign currencies.
• Keep proper tax records across countries to avoid surprises when filing taxes or applying for visas.
• Stay connected and informed by joining communities, following expat content, and learning from others who’ve done it.

Financial flexibility is freedom

With smart travel finance planning, you can fully embrace the experience of living in a new country, from exploring a new city to saying yes to unexpected opportunities.

And it’s okay not to get it all right at once. Everyone makes mistakes, especially in their first year. But with the right tools, mindset, and planning, your financial life abroad can be just as exciting as the destination itself.

I would start by opening a free account on Grey so you can have more money flexibility to spend less time worrying about logistics and more time enjoying the experience.

More from this series:

• What nobody tells you about your first year living abroad
• Best financial apps for remote workers on the move
• Currency conversion traps to avoid when relocating
• Managing remittances while working from abroad

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