Why are they important?
Credit checks are very common in the US, not only for getting credit, but also for opening bank accounts, renting an apartment or even getting a job. As an expat, it can be difficult to get started in the US because of this, so it is important to understand how the system works so you can get established.
Why do you need an international bank account?
There are many advantages to opening an international bank account, particularly if you’re moving abroad and have financial links to the UK, run a business that trades in different territories, or are a frequent traveler who regularly loses out on exchange rates at the Bureau de Change.
Top tips for taking care of your money
Expats have a lot on their plates when moving: housing, schooling for children, visas and permits… the list goes on. It’s no wonder many expats fail to make proper financial arrangements before relocating—a costly (and thoroughly avoidable) mistake. Below we’ve identified the four essential steps for effectively managing your finances when you move to the USA.
Learn more about taxes in the USA
Congratulations! You are about to embark on an exciting and rewarding expatriate experience in the U.S. Preparing for your overseas move can be a challenge. You’ll need to consider where to live, where to send your children to school, and how to adapt to a new culture and language.
Beware of the opaque foreign currency specialist
Using a reputable, non-bank foreign exchange specialist to send money abroad offers fantastic savings compared to transacting with a high street bank.
A short guide
The mortgage industry works a little differently in the US than it does in many other parts of the world. Mortgage loans are treated as commercial paper, which means that lenders can convey and assign them freely. That results in a situation where financial institutions bundle mortgage loans into securities that people can invest in. The purpose of this system is to quickly free up money for the financial institutions to lend out in the form of new mortgages. The US also has a number of government-sponsored enterprises, such as Freddie Mac and Fannie Mae, that exist to facilitate this system. Most mortgages have fixed rates, which is also a departure from the variable rates that are commonly found in Europe and elsewhere.
Cost of living, allowances and hardship factors
Whether you are moving abroad independently or your company is managing the relocation process, one of the most important factors for most expats is money. How much will it cost to live in another country?