home ownership

Borrowing Options When Moving Abroad

N835NN American Airlines Boeing 737-823 (WL)[This is a guest post by Jan Tabares. Think you’ve got what it takes to be a guest poster? Contact Em at em [at] blondeandbalanced [dot] com to learn more about becoming a guest poster yourself!]

Travelling internationally is no small feat, especially when you’re talking about the financial aspects. Whether you’re travelling for work for a lengthy period of time and staying in another country as an expatriate, or looking to move abroad permanently, there’s a good chance that the move may leave you short on cash at one point or another. If you find yourself short on money after your arrival, there is generally a choice of options available that may work for you.

A personal loan is likely the best option for you, especially if you’re trying to fund an international move. For example, let’s say you’re travelling to Jordan. Do some research and find out about loans available and the requirements. Some questions to ask yourself are “What are all of the expenses I expect to come across?” and “How do bank loans in Jordan differ from those I’ve typically become accustomed to?”

It’s always best to check out all your options and compare. For a personal loan in Jordan, HSBC offers competitive interest rates, high loan amounts (if necessary), and they also offer you the chance to defer your monthly payment instalments up to two times in a 12 month period. It may be somewhat of a rigorous process, but it is likely necessary if you need help funding the initial move and any large, one-off expenses.

If you’re planning to move to Jordan permanently, then you’ll want to get all of your finances in order. First, make sure to pay off any debts you still owe in your home country. Moving abroad may cause the debt and the fees associated with it to increase due to currency fluctuations and making payments from international accounts, so bear this in mind. Next, look into opening up an international account in preparation for making your move. This will help make sure you have access to your money as soon as you land. After your arrival, if you still find yourself short on cash, check with the bank you opened your international account with. Find out what options they offer for personal loans. Ask about interest rates, repayment methods, and other fees you may encounter when applying for a loan.

As well as funding your accommodations and moving costs, you should also look into the transportation options you will have once you arrive. If you think you’ll require a car, look at the costs of purchase and the finance options you would have available to you as an expatriate. You may find you need proof of employment and (of course) identification—the former you may only be able to provide after you have started your new job, so look into the options beforehand.

Moving abroad can take a major toll on your finances, whether it’s a permanent or temporary situation, so it’s best to make sure you’re aware of all the options available to you beforehand so you don’t run in to any financial trouble.  It is also important to get your home items from A to B safely, for this many people use shipping companies like Sarah did when moving from Scotland to America.

It’s best to be overly prepared than not prepared enough!

Photo credit:  prayitno

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