Determine Banking and Health Insurance Needs Before Moving Overseas
Most banks have online banking that can be accessed from anywhere in the world with a user name and password. You can do everything online and use your ATM card in your new city to withdraw cash when you need it. You may want to keep your U.S. account long-term if you derive income from U.S. sources, such as Social Security, investments or consulting fees. And, if you decide to return to America, maintaining your account ensures that you have a continuous credit history.
If you plan to work or start a business in your new city, you will have to open a local bank account, which often requires a reference and letter of recommendation from your previous bank. For more information, read our article Plan Banking Before Moving Abroad.
For health insurance, first check with your current provider to see if they offer international policies that will cover your family in your new country. Other options include purchasing an international plan, purchasing a policy in your new country if you are qualified or enrolling in the country’s national healthcare plan, if you qualify. For more information, please read our article Choosing Your International Health Insurance.
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