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Top Financial Services You Need as a New Immigrant

Moving to another country is an often overwhelming process for everyone. You need time to adjust, figure a bunch of things out, and get to know the culture and lifestyle of your new country. Needless to say, you need as much relief as you can get, and sorting out your financial situation will lift a massive burden off your shoulders. That can be possible by getting some financial services, some of which we’ll list below.

1. A Bank Account

Opening up a bank account is the most fundamental step for people who have just entered another country. You’ll be working, studying, buying groceries, and paying bills, all of which require you to have a bank account.

Of course, one of the most common financial services for immigrants is international money transfers. Since many of your loved ones are back home in another country, you need a reliable provider to help you send them money.

Despite what you may think, banks aren’t that great for sending money abroad. Why? Because they’re heavily regulated, making the transfer process very lengthy and annoying. Even if they make the transfer on time, they’ll charge hefty fees and provide unfavourable exchange rates. That brings us to the next point.

sending money abroad

2. Choose a Reliable Way to Send Money Home

As stated before, banks charge hefty fees for a single transfer that can go as high as +£40 plus additional fees. However, a reliable online remittance provider can offer you the same level of quality while charging much lower fees.

Compared to banks, online remittance providers won’t drag you through an endless amount of paperwork just to help you send a little money home. Most of them will deliver the funds within five days, but top providers like Lycaremit can do that in two days max.

Note: While some online providers may claim to charge “zero fees”, you shouldn’t be fooled by such a claim because they’ll eventually charge those fees by burying them within the exchange rate markup.

3. Establish a Budget Plan

When you move into a new country, you need to keep track of your spendings and earnings. A budget plan will show your monthly and occasional expenses like buying a new phone and taking your car for repair or maintenance.

The money might be tight initially, but a budget plan will ensure you’ll afford the necessities. Also, don’t make it complicated. All you have to do is see how much you earn after tax and other deductions like insurance. Now, you can see how much there’s to spend each month.

Then, break down your costs into different categories like food, personal care, housing, and others to get a reasonable estimate of your monthly spendings.

Bottom Line

Moving to another country can be a transformative adventure. While there’s a learning curve to grasping new ways, living based on smart financial moves will help you adjust much faster. At Lycaremit, we can provide you with affordable, quality financial services allowing you to enjoy living in a new land you now call home.

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