Moving abroad is life-changing. Leaving home for a new country is one of the biggest decisions you’ll ever make. Whether you’re moving to study, work, join a family, or explore new opportunities, the change is exciting but comes with financial challenges. For many Africans, moving abroad doesn’t mean leaving responsibilities behind; it means living in two economies simultaneously. You’ll have to manage your expenses in your new home while supporting loved ones back home.
While adjusting to a new currency, new tax rules, and a new cost of living, you may still be paying bills, supporting loved ones, or investing back home. Without a clear financial plan, this can quickly become stressful.
That’s why this checklist exists. Whether you’re moving to study, work, or relocate, these steps will help you prepare, stay secure, and thrive abroad while staying connected to home.
Pre-Move Financial Preparation
Moving abroad is more than the price of a plane ticket. You need to estimate the full cost of relocation. Budget for:
- Visa and immigration fees
- Medical tests, vaccinations, and health certificates
- Document translations or professional licensing fees
- Initial housing deposits and rent in advance
- Transport from the airport to your first accommodation
- Groceries and essentials to get started
If you’re moving with children, factor in school enrollment fees and uniform costs. Hidden costs add up quickly, so overestimate rather than underestimate. Once you land, receiving your first paycheck or finding a stable income may take weeks. Aim for at least 3 months of living expenses saved up before you move. Keep it in an account that’s easy to access abroad — preferably in a stable currency like USD, EUR, or GBP.
Additionally, in some countries, your home credit history won’t follow you, or you might not even understand what credit history means. This means you’ll start from scratch for renting apartments, getting phone contracts, or applying for loans. Research how to build credit early in your new country.
Banking and Money Access Abroad
Keep at least two accounts:
- A local bank account in your destination country for salary and day-to-day expenses.
- Your home country accounts for spending, savings, and managing obligations back home.
Choose Low-Fee, FX-Friendly Banks
Not all banks are equal when it comes to cross-border costs. Compare:
- International transfer fees
- Exchange rate margins
- ATM withdrawal fees abroad
- Some digital banks and fintech apps offer free or low-cost global transfers and multi-currency accounts.
Leverage Reliable Remittance Platforms
If you’ll send money to your home country regularly, choose a trusted, fast, affordable, and transparent platform. Accrue makes it easy to send money directly to your loved ones’ accounts or mobile wallets with competitive rates and low fees. This is important for when you need to make instant transfers.
Currency and Exchange Rate
Exchange rates can significantly affect how much money your family receives.
- Monitor rates regularly with mobile apps.
- Send money at favourable times to avoid sending during sudden currency drops.
- Consider holding part of your savings in a strong, stable currency to protect against fluctuations.
- Even small timing adjustments can add up over the months.
4. Cost of Living Planning
Research Ahead of Time
Before you move, research your destination’s costs for:
- Rent and utilities
- Groceries and eating out
- Transport
- Health insurance
- Taxes and deductions from pay
Budget for Two Countries
Many Africans abroad send part of their income home. This means you’ll need two budgets: one for your life abroad, and one for your responsibilities in Africa. This can be tricky initially, so use budgeting tools or apps to track both separately.
Prepare for the Adjustment Period
The first three months will be expensive — you’re setting up a home, buying essentials, and paying deposits. Your budget will settle after that, but only if you’re disciplined.
5. Taxes, Compliance, and Legal Obligations
Taxes can be confusing when you live in one country but still earn or send money to another.
- Learn the Tax Rules in Your Destination Country: Some countries tax residents on all income worldwide.
- Check for Double Taxation Agreements: These agreements prevent you from being taxed twice on the same income.
- Home Country Rules: Some African countries still require tax filings from citizens abroad, especially if you own property or earn income there. For instance, the Land Use Charge is taxed annually in Lagos, Nigeria.
- Keep Proof of Payment: Bank statements, receipts, and contracts may be needed for immigration processes or to prove the source of funds.
6. Emergency and Insurance Planning
Health Insurance
In many countries, you can’t access public healthcare without insurance. Private health insurance can be expensive, but it’s essential, especially if you don’t have employer coverage.
In the United States, there’s no universal public healthcare for newcomers. Non-citizens generally don’t qualify for Medicaid or Medicare right away, so your realistic options are either independent health plans or employer/university-sponsored coverage. Independent plans can be purchased through the federal Health Insurance Marketplace or private insurers, and you may qualify for subsidies depending on your legal status and income. For students, university-sponsored plans are often the easiest option; they’re comprehensive, widely accepted, and usually mandatory unless you prove you have equivalent coverage.
The United Kingdom operates the National Health Service (NHS), a publicly funded system that covers most healthcare costs. Suppose you’re moving there on certain visas. In that case, you’ll likely need to pay an Immigration Health Surcharge (IHS) as part of your visa application. This gives you access to NHS services like a resident, though you may still pay for dental or optical care.
In Canada, healthcare is also publicly funded but managed at the provincial level. Most provinces require new residents to wait up to three months before public coverage starts, meaning you’ll need private insurance to cover the gap. Once you’re eligible, public plans cover essential services, but not everything, such as prescriptions, dental, and vision, often require extra coverage.
While these “big three” destinations are popular for African migrants, insurance rules vary per country. Some countries have mandatory private health insurance for all newcomers; others require proof of coverage before issuing a visa. Before you move, research your destination’s exact healthcare system and eligibility rules. Find out when coverage begins, what’s included, and whether you need a temporary or supplementary plan. This preparation can save you from surprise bills and dangerous coverage gaps in your first months abroad.
Split Your Emergency Fund
Keep part of your emergency fund locally and part in your home country. This way, you can respond quickly to emergencies in both places.
Multiple Access Points
Have more than one way to access money: a bank account, a mobile wallet, and a backup card. If one channel fails, you’re not stuck.
7. Long-Term Financial Goals
Retirement Planning
This might not be immediate, but it’s good to start contributing to pension schemes in your new country as soon as possible. Some allow you to transfer savings if you move again.
Invest in Assets Back Home
Many Africans abroad invest in land, housing, or small businesses in their home countries. This keeps your ties strong and can provide rental income. Don’t keep all your savings in one country or currency. Spread your investments to reduce risk.
8. Smart Spending Habits
Sending money home is part of life for many Africans abroad, but it can become a financial strain if not managed well.
- Send on a schedule rather than only during emergencies, as it helps families budget better.
- Use reliable services like Accrue to avoid delays and high fees.
- Set limits so your financial stability isn’t at risk.
To conclude, moving abroad is daunting, and you have to consider how to manage your finances across two worlds. The earlier you prepare, the smoother your transition will be. From building a relocation cushion to mastering cross-border banking and planning for retirement, every step you take now will protect your future.
With the right tools and plan, including trusted money transfer platforms like Accrue, you can build a secure life abroad while staying connected to the people who matter most at home.
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