Moving Abroad Financial Checklist: Everything You Need to Set Up

Q: Which bank account is best for expats moving abroad?

Wise multi-currency account and Charles Schwab Bank are the most recommended for most expats. Wise gives you local bank details in 10+ currencies and 0% FX markup. Schwab reimburses all foreign ATM fees globally with no foreign transaction fees. Revolut is a strong alternative if you need more currencies. Open at least one of these before you leave—approval is easier with a domestic address.

Q: Do I need to notify the IRS when moving abroad?

US citizens must continue filing federal taxes regardless of where they live. You must file an FBAR (FinCEN 114) if the total of all foreign financial accounts exceeded $10,000 at any point during the year. FATCA Form 8938 is required if foreign assets exceed $200,000 (single filer). File Form 2555 to claim the Foreign Earned Income Exclusion (up to $126,500 in 2024). Deadlines are June 15 for expats, extendable to October 15.

Q: What is the cheapest way to send money home regularly as an expat?

For most corridors, USDC on Stellar is the cheapest option at $1–3 per transfer regardless of amount. The process: buy USDC on Coinbase or Kraken, send via Stellar network, recipient sells on a local exchange (Quidax for NGN, CoinDCX for INR, Bitso for MXN, etc.) and withdraws to their bank. Wise is the cheapest traditional option at 0% FX markup and $3–8 per transfer. Use RemitRoutes to compare live rates for your corridor.

Q: Can I keep my home country bank account after moving abroad?

In most cases, yes—but you must notify your bank. US banks generally allow non-resident accounts but may require you to update your address to a US address (a family member's or a mail forwarding service). UK banks are stricter—Lloyds, Barclays, and NatWest may close accounts if you establish foreign residency, but Starling and Monzo are more flexible. Keep at least one home country account for tax refunds, pension contributions, and emergency access.

Q: When should I open a local bank account in my new country?

Open a local account within your first 30 days—most landlords, employers, and utility providers require a local account. You typically need: passport, visa or residence permit, and proof of local address (lease or utility bill). In the EU, you have a legal right to a Basic Payment Services account as a legal resident. In countries with slower KYC processes (Singapore, UAE), apply immediately on arrival. Digital-first banks like Nubank (LatAm) and N26 (EU) often approve faster than traditional banks.

How to use this checklist

1. Notify your domestic bank before departure

2. Open a multi-currency or international-friendly account

3. Set up a remittance method for sending money home

6.2% — Global average remittance fee (World Bank, 2024)

4. Understand your tax obligations in both countries

Do not close your domestic accounts before opening foreign ones

5. Open a local bank account in your destination country

6. Configure currency exchange and FX rate alerts

Comparing remittance options for regular expat transfers

Service	Best For	Typical Fee	FX Markup	Speed
Wise	All-purpose, large amounts	$3–8	0%	1–2 days
USDC on Stellar	High frequency, any amount	$1–3	~0.2%	< 1 hour
Remitly	Cash pickup corridors	$2–4	0.5–1.5%	Minutes–2 days
Bank Wire (SWIFT)	One-off large transfers	$25–45	1–3%	2–5 days
Western Union	Cash payout, rural areas	$5–15	1–3%	Minutes–3 days
OFX / Currencies Direct	Large conversions ($5K+)	$0	0%	1–2 days

7. Review and update all insurance policies

8. Set up bill payments and debt management

$900/yr — Average annual savings for expats using Wise vs. bank wires

9. Establish a record-keeping system for cross-border finances

Crypto transfers may require additional reporting

Compare transfer costs for your corridor

Related guides and tools

Frequently asked questions

Which bank account is best for expats moving abroad?

Wise multi-currency account and Charles Schwab Bank are the most recommended for most expats. Wise gives you local bank details in 10+ currencies and 0% FX markup. Schwab reimburses all foreign ATM fees globally with no foreign transaction fees. Revolut is a strong alternative if you need more currencies. Open at least one of these before you leave—approval is easier with a domestic address.

Do I need to notify the IRS when moving abroad?

US citizens must continue filing federal taxes regardless of where they live. You must file an FBAR (FinCEN 114) if the total of all foreign financial accounts exceeded $10,000 at any point during the year. FATCA Form 8938 is required if foreign assets exceed $200,000 (single filer). File Form 2555 to claim the Foreign Earned Income Exclusion (up to $126,500 in 2024). Deadlines are June 15 for expats, extendable to October 15.

What is the cheapest way to send money home regularly as an expat?

For most corridors, USDC on Stellar is the cheapest option at $1–3 per transfer regardless of amount. The process: buy USDC on Coinbase or Kraken, send via Stellar network, recipient sells on a local exchange (Quidax for NGN, CoinDCX for INR, Bitso for MXN, etc.) and withdraws to their bank. Wise is the cheapest traditional option at 0% FX markup and $3–8 per transfer. Use RemitRoutes to compare live rates for your corridor.

Can I keep my home country bank account after moving abroad?

In most cases, yes—but you must notify your bank. US banks generally allow non-resident accounts but may require you to update your address to a US address (a family member's or a mail forwarding service). UK banks are stricter—Lloyds, Barclays, and NatWest may close accounts if you establish foreign residency, but Starling and Monzo are more flexible. Keep at least one home country account for tax refunds, pension contributions, and emergency access.

When should I open a local bank account in my new country?

Open a local account within your first 30 days—most landlords, employers, and utility providers require a local account. You typically need: passport, visa or residence permit, and proof of local address (lease or utility bill). In the EU, you have a legal right to a Basic Payment Services account as a legal resident. In countries with slower KYC processes (Singapore, UAE), apply immediately on arrival. Digital-first banks like Nubank (LatAm) and N26 (EU) often approve faster than traditional banks.

Compare live rates across 370+ corridors on RemitRoutes · methodology.