The cost of immigrating, part 2
The complicated realities of managing your finances in multiple countries
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Hi friend,
We read about it in books. We see it in movies. We watch real people do it on social media, through their blogs, YouTube channels, etc. Moving to another country looks and sounds like an experience of a lifetime—and in many ways, it is. You get to see new places, meet new people, and experience a new culture every day, in big and small ways. And, the thing we don’t see often enough is what all the life admin looks like—specifically, the financial life admin.
If you think managing your finances in one country feels complicated at times, trying to manage things in two (or in my case, three) countries can quickly become overwhelming. I would go so far as to say: it’s not for the faint of heart. There’s a lot to learn and a lot to manage… and potentially, a lot more to pay for (in terms of hiring people to do some things for you, like taxes or immigration stuff).
There’s a reason we don’t see it featured in most stories: financial life admin is probably the least sexy part about moving abroad. It’s not glamorous. In many ways, it’s tedious and sometimes stressful. You probably won’t be surprised to learn that I actually felt excited about some of it. I remember telling Tall Man, “I can’t wait to learn how things work here!” But the more time that passes, the more I’m beginning to see how complicated my decision to stay could be. Or at least, how much more research I need to do.
I want to share what some of this has looked like for me, and what I am still trying to navigate, as well as what it could look like in the future. As you read, please remember that I am designing this life for myself. I am not complaining. I am choosing and designing this experience every single day (and even like some of this financial stuff!). And, like any financial topic, I think the more we share about what’s true for us, the more we all learn—and the more informed decisions we can all make.
Here are some of the things I have to navigate as a Canadian who is living in the UK, and also working with people in the US…
Note: This is the second post in a three-post series on the cost of immigrating to another country. You can read part one here, which outlines the costs of applying for my visa, moving over, and getting setup in my first home. Even if you’re not thinking of immigrating or making any big moves, reading through a post like this might make you think about a few financial tasks you want to add to your list! As you’ll see, just writing this out reminded me of one I’d like to do soon…
Banking in three countries
Let’s start with the basics—and in many ways, the easiest thing to manage: bank accounts in multiple countries. Here’s what I have in each country and what purposes they fulfill:
I have a chequing account + a savings account in Canada, and get a few things deposited into them each year. I also use them to pay off my Canadian credit cards, one of which I still use when I’m over there (see below).
I have a current account (the UK’s name for a chequing/checking account) + a business bank account here in the UK. I do not have any savings accounts (yet), but rather use something my bank calls “pots”.
I also have a checking account in the US, because that’s the country my literary agent and publishers are in (so this is where my book advances and royalty payments get sent to).
And I use Wise to transfer money between these countries.
Back in the day, I used to only use accounts that were free (aka had no monthly fees). This isn’t an option for me anymore, and hasn’t been ever since I got my first book deal (2016). So one other thing I have to do is make sure I always have the money for my account fees. I always have money in my accounts, so literally never have to think about this, other than sometimes with my US account (because I use it so rarely, making maybe 4-6 transactions/year) total.