# Finances when moving abroad



## lala4506 (Mar 16, 2011)

What is everyones experiences of finances when moving abroad?

I'm very excited to be moving to Spain but worried at the same time as I have outstanding payments on loans etc that I still need to pay for.

I do not want it to hold me back from going but want to be as organised as can be.

Anyone got any recommendations of people to speak to etc.

Would be very grateful


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## Alcalaina (Aug 6, 2010)

lala4506 said:


> What is everyones experiences of finances when moving abroad?
> 
> I'm very excited to be moving to Spain but worried at the same time as I have outstanding payments on loans etc that I still need to pay for.
> 
> ...


Could you be a little bit more specific? Do mean financial advisers, banking, savings, loans or what? "Finance" covers a lot of things!


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## lala4506 (Mar 16, 2011)

As I said in the thread outstanding payments and continuing paying from abroad to England direct debits managing finances before going and from Spain to England.

Is it easy to transfer funds to an English account from
A Spanish one? Etc obviously I want to be as best prepared as possible but I still have loans to pay bk etc


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## xabiaxica (Jun 23, 2009)

lala4506 said:


> As I said in the thread outstanding payments and continuing paying from abroad to England direct debits managing finances before going and from Spain to England.
> 
> Is it easy to transfer funds to an English account from
> A Spanish one? Etc obviously I want to be as best prepared as possible but I still have loans to pay bk etc


yes, easy enough - some banks charge more than others & some are more efficient than others

I can't comment from personal experience since I have absolutely no financial ties to the UK - but I'm sure plenty of others will soon chip in


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## lala4506 (Mar 16, 2011)

Thank you


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## Alcalaina (Aug 6, 2010)

lala4506 said:


> As I said in the thread outstanding payments and continuing paying from abroad to England direct debits managing finances before going and from Spain to England.
> 
> Is it easy to transfer funds to an English account from
> A Spanish one? Etc obviously I want to be as best prepared as possible but I still have loans to pay bk etc


Yes, it is easy to do this.

Keep your English bank account going, you can change your address to an overseas one and still manage the account online.

You can open an account with a Spanish bank as well, either as a non-resident or as a resident, depending on your status. Bank charges can be high here, so do shop around and check the small print.

There are banks like Halifax/Lloyds who offer "free" currency transfers if you have accounts with them in both countries, but the exchange rate is rubbish. You are better off using a foreign exchange company like HIFX, even if you have to pay a small commission.


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## xicoalc (Apr 20, 2010)

lala4506 said:


> As I said in the thread outstanding payments and continuing paying from abroad to England direct debits managing finances before going and from Spain to England.
> 
> Is it easy to transfer funds to an English account from
> A Spanish one? Etc obviously I want to be as best prepared as possible but I still have loans to pay bk etc


Yes.. I am with Bancaja and regularly transfer money to the UK because my work is both in the Uk and Spain. I can do an internet transfer in Spain to the UK, it costs me nothing and it there, in my UK account the same day.


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## lala4506 (Mar 16, 2011)

Sounds quite simple. What would your advice be with regards moving to Spain and planning to work I.e earn money but emigrating with not any money behind you I.e no savings?

Also with regards mobile phone contracts if I have one which lasts until 2012 can I use it in Spain? Would I incur extra charges aside from if I was to phone UK with it?


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## xicoalc (Apr 20, 2010)

lala4506 said:


> Sounds quite simple. What would your advice be with regards moving to Spain and planning to work I.e earn money but emigrating with not any money behind you I.e no savings?


Frankly, without enough savings to live for 6-12 months MINIMUM i wouldn´t even consider it. Spain has one of the highest unemployment rates in Europe and even my OH who is Spanish, bilingual, and extremely qualified spent a long stretch out of work (and not for the want of trying). 

I don´t mean to sound patronising, merely realistic, but if you have no savings, debts (loans etc) in the UK, how do you propose to fund the cost of moving, and many many months without earning? Of course you MAY find work, but whatever your qualifications or experience you will struggle. English businesses cant afford to open the doors, never mind take on more staff and Spanish businesses, quite rightly try to look after their onw, although some fluent bilinguals do find work and some very lucky ones do. How is your Spanish?

Generally, to get work in Spain you need a few months to make contacts... its definately a case of who you know!

Also with regards mobile phone contracts if I have one which lasts until 2012 can I use it in Spain? Would I incur extra charges aside from if I was to phone UK with it?[/QUOTE]



lala4506 said:


> Also with regards mobile phone contracts if I have one which lasts until 2012 can I use it in Spain? Would I incur extra charges aside from if I was to phone UK with it?


Absolutely. A UK phone will work in Spain (subject to them accepting you for roaming) but the charges are atstonomical to both make AND receive calls. I would advise anyone not to rely on their UK phone. Maybe keep it for emergencies but then get a Spanish PAYG phone when you are here. Spanish contracts are easy enough to get once your an official resident, working, and fully registered on the Padron etc


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## nigele2 (Dec 25, 2009)

lala4506 said:


> Sounds quite simple. What would your advice be with regards moving to Spain and planning to work I.e earn money but emigrating with not any money behind you I.e no savings?
> 
> Also with regards mobile phone contracts if I have one which lasts until 2012 can I use it in Spain? Would I incur extra charges aside from if I was to phone UK with it?


lala have you considered declaring yourself bankrupt before you go? That way the slate would be clean as opposed to being in debt and needing to transfer money back home. You'd even get rid of your telephone contract. If you get fired from your job (before bankruptcy hearing of course) you might then be able to claim job seekers allowance and get this transferred to Spain. It would tied you over for a few months while you hunt for a job.


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## lala4506 (Mar 16, 2011)

Sorry I'm not in debt as in that! I just have a couple grand left on a couple loans an overdraft to pay off and a couple grand on credit cards and my student loan which I pay regularly.

I'm not in dire straits should have made that clear.

Me and my partner plan to stay with family for as long as we need and if we dont get work in Gibraltar straight away we want to use our TEFL qualification to get paid teaching work. Hoping to do a paid placement for a year which should be enough time to get other work?

Just don't have w bulk sum of savings my boyfriend has about 13 grand


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## nigele2 (Dec 25, 2009)

lala4506 said:


> Sorry I'm not in debt as in that! I just have a couple grand left on a couple loans an overdraft to pay off and a couple grand on credit cards and my student loan which I pay regularly.
> 
> I'm not in dire straits should have made that clear.
> 
> ...


Sorry got the wrong end of the stick.

Well the best bet must be for your boyfriend to pay off the debt. That way you can survive on very little and will reduce costs on money transfer.

As long as you have enough to bail out and get back to blightie


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## lala4506 (Mar 16, 2011)

Would be simple but I wouldn't want him to as he saved that all himself. 

I'd be grateful for any advice guidance or opinions?

Some positives would be good!

We can always come back home if it doesn't work out not the otherside if the world


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## Alcalaina (Aug 6, 2010)

lala4506 said:


> Would be simple but I wouldn't want him to as he saved that all himself.
> 
> I'd be grateful for any advice guidance or opinions?
> 
> ...


Well, presumably you don´t have to continue paying off the student loan if you aren´t working? I think you can get JSA here for 3 months while you look for work. But if you are working at the moment, wouldn´t it be better to stay in the UK long enough pay off your debts before you come to Spain? As I´m sure you´ve gathered, there really isn´t much on offer here, even for TEFL teachers. Lots of well qualified people chasing very few jobs!


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