Expat Money Matters • Our Globetrotters (2024)

Expat Money Matters • Our Globetrotters (1)

Up there in your list of considerations when looking at whether the expat life will suit you and your family is bound to be MONEY.

  • How much money will a move overseas cost you upfront?
  • How much money can you make during an overseas posting?
  • Will my remuneration package cover my living costs?
  • How can I save money while I’m abroad AND have a family to support?
  • What do I do with the money I am able to save?
  • Howdo I move my money ‘home’ or back to family & friends?
  • What happens to my money and savings when the adventure is over?

This section of the websiteis dedicated to providing you with answers to these pertinent questions and helping you get the most out of your expat experience from a financial point of view. I am a qualified Chartered Accountant so these matters are near and dear to my heart, but I will point you in the direction of those who know best on specialist matters.

Should I seek Professional Help?

The short answer is Yes!

Before you commence an adventure abroad I highly encourage you to seek advice from a tax professional in particular.

A huge amount of benefit from undertaking an overseas posting can come from having properly structured your taxation affairs before you go and benefiting from either tax-free or a reduced taxation status as an overseas resident.

Residency from a tax point of view can vary significantly from your physical residence so there are a lot of important steps to undertake to get your finances in order before departure (and especially your return).

I would also suggest you seek out a financial planner who is familiar with both your home and overseas jurisdiction. They can help advise you on matters from Wills to retirement planning, which again can vary vastly by location, so finding a local adviser who is well-versed in overseas affairs is crucial.

Most financial advisors are happy to provide you with inital consultations for FREE – they make their commissions when you actually buy financial products through them. Pick someone you can have a good continuing relationship with and understands your circ*mstances – every expat journey is quite unique.

Contact Keri directly at keri@ourglobetrotters.com if you need help being put in touch with a financial or tax advisor in the UAE.

Expat Money Matters • Our Globetrotters (2)

Overseas Money Transfers

Moving your money abroad is a critical matter – whether its to continue making mortgage payments, support family members or save for the future. You don’t want to see your hard-earned overseas currency whittled away by bank charges and transfer fees.

We recommend using a reputable currency exchange company like Moneycorp or XE Money Transferfor making overseas transfers. Not only can they offer you preferential rates to most banks, but you also get the ease and convenience of 24-hour online access to international transfers and a dedicated accountmanager to help you make decisions on the right time to move your cash.

Expat Money Matters • Our Globetrotters (3)

You can make one-off payments, fix an exchange rate for a future transfer or create a regular payment plan for your repeat international transfers. Trading in dozens of popular expat currencies, I would strongly recommend you check out their services for planning your international cash movements with currency experts (note we are affiliates for both).

In the United Arab Emirates?

Besides Moneycorp & XE, there are plenty of companies which enable expats to send money internationally to or from UAE. One of them, Currencies Direct, even has local offices in Dubai. It is well recommended to compare the rates between several providers before conduction a large trade.

Our blog posts on Expat Money Matters

  • The Cost of Expat Living– Reading between the lines on cost of living surveys and what really matters to you when making comparisons
  • Expatriate Remuneration Packages– what should you look for in a remuneration package suitable for the whole family?
  • The World’s Most Liveable Cities– the importance of “livable cities” and factors beyond money that need to come into consideration
  • The Real Cost of Expat Living– and update on our first cost of living survey article for the 2015 Mercer Cost of Living Survey

Financial Cost PlanningTools

There are a load of FREE tools you can use for planning your expat finances – particularly cost of living.

Please use these links to help you plan how your finances might work in a new location, but these should not be used in lieu of seeking professional help, or seeking out blogs, Facebook groups and websites from real people on the ground in your new location.

  • NumbeoCost of Living by Cities around the world, indexed against NY City
  • Expatisan Worldwide citiesindexeragainst Prague – data obtained from readers entering costs of daily foods
  • SalaryExpectation– Cost of LivingSalaryCalculator – for of theEconomistsEconomicIntelligenceUnit
  • easyexpat.comchoose what basket of goods you have in your current lifestyle and location and it will calculate for you what you will need to earn in your new destination

Want to know more about expat finances? Both Mr Globetrotter and I are finance professionals so happy to hear your questions and cover off topics in future poststhat are important to you and your expat family

Expat Money Matters • Our Globetrotters (4)

Disclaimer: This page contains some affiliate links that may earn us a small commission at no extra cost to you. You can find our full disclosure policy here.

© Our Globetrotters

Expat Money Matters • Our Globetrotters (2024)

FAQs

What does the word globetrotter mean? ›

Globetrotter is an informal word for someone who travels a lot, and to many varied places around the world. The earliest use of globetrotter, from the 1870s, sometimes specified a person who tries to set or beat a record for the most ground covered or countries visited. Definitions of globetrotter.

Does money matter in life? ›

Human beings need money to pay for all the things that make your life possible, such as shelter, food, healthcare bills, and a good education. You don't necessarily need to be Bill Gates or have a lot of money to pay for these things, but you will need some money until the day you die.

What is a globetrotting lifestyle? ›

traveling or involving travel to a lot of different countries: a globetrotting lifestyle. She has an exciting, globetrotting career accompanying him to meetings with the leaders of other countries.

What is an example of a globetrotter? ›

someone who travels regularly to different parts of the world: She became something of a globetrotter, attending conferences all over the world.

Do 90% of millionaires make over $100,000 a year? ›

Choose the right career

And one crucial detail to note: Millionaire status doesn't equal a sky-high salary. “Only 31% averaged $100,000 a year over the course of their career,” the study found, “and one-third never made six figures in any single working year of their career.”

Are people with more money happier? ›

Using this data, which constituted over 1.7 million experience samples, Professor Killingsworth found that larger incomes “were robustly associated” with both greater happiness and greater life satisfaction. Further, there was no observed plateau in either happiness or life satisfaction at $75,000 or any other level.

Is it better to be happy or wealthy? ›

Happiness is more fulfilling: Wealth can provide us with many material comforts, but it cannot guarantee us happiness. Some studies have shown that beyond a certain point, more wealth does not lead to more happiness, but to more problems and dissatisfaction.

What is the origin of the word globetrotter? ›

The earliest known use of the noun globetrotter is in the 1870s. OED's earliest evidence for globetrotter is from 1873, in the Daily News (London). globetrotter is formed within English, by compounding. Etymons: globe n., trotter n.

Why are they called the Harlem Globetrotters? ›

By 1929, Saperstein was touring Illinois and Iowa with his basketball team called the "New York Harlem Globe Trotters". Saperstein selected the name Harlem because it was then considered the center of Black American culture and the name Globetrotter to mythologize the team's international venues.

What is the root word for globetrotter? ›

Globetrotter. n. "world traveller," 1871, from globe + agent noun from trot (v.). As a verb, globetrot is recorded from 1883.

Top Articles
Latest Posts
Article information

Author: Nicola Considine CPA

Last Updated:

Views: 5902

Rating: 4.9 / 5 (49 voted)

Reviews: 80% of readers found this page helpful

Author information

Name: Nicola Considine CPA

Birthday: 1993-02-26

Address: 3809 Clinton Inlet, East Aleisha, UT 46318-2392

Phone: +2681424145499

Job: Government Technician

Hobby: Calligraphy, Lego building, Worldbuilding, Shooting, Bird watching, Shopping, Cooking

Introduction: My name is Nicola Considine CPA, I am a determined, witty, powerful, brainy, open, smiling, proud person who loves writing and wants to share my knowledge and understanding with you.