Do I need to tell my bank I'm moving abroad?

Pre-Departure Financial Preparations: Informing Your Bank Before Moving Abroad

Moving abroad is an exciting life experience, but it also requires careful planning and preparation. One important aspect to consider is managing your finances. Here’s why it’s crucial to inform your bank that you’re moving abroad:

Avoiding Account Issues

• Geo-blocking: Some banks may restrict access to your accounts or cards if they detect unusual activity from an unrecognized location. By informing your bank of your upcoming move, you can avoid this issue.

Ensuring Funds Accessibility

• ATM Withdrawals and Card Payments: Making withdrawals or payments in a foreign country without notifying your bank may trigger fraud alerts, resulting in your card being blocked. Providing your bank with your travel dates and destination ensures seamless access to your funds.

Protecting Against Fraud

• Increased Risk of Fraud: Being in an unfamiliar country increases your risk of falling victim to scams or fraudulent activities. Informing your bank allows them to monitor your account for suspicious transactions.

Additional Considerations

• New Currency: If you’re moving to a country with a different currency, it’s important to notify your bank to avoid unnecessary exchange rate fees.
• Power of Attorney: Consider appointing a trusted individual with power of attorney to manage your finances while you’re away.

When and How to Notify Your Bank

• Timing: Aim to notify your bank at least a month before your departure date.
• Methods: You can typically inform your bank by visiting a branch, calling customer service, or using online banking.
• Information to Provide: Be prepared to provide your new address, travel dates, destination, and any relevant financial information.

By taking these steps, you can ensure a smooth transition to your new life abroad and minimize potential financial complications.