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Finances whilst travelling

Travel Forums Round the World Travel Finances whilst travelling

1. Posted by strummerjoe (Budding Member, 2 posts) 27 Dec '12 05:56

Hi all,

I am planning to start an around the world trip in a few months and have come across one sticking point in my preparations. When I leave my home country I do not plan to return, instead i hope to find another home whilst out travelling. As part of my leaving plans I want to sever all links to my home country, selling my house/car etc... and also closing down all my bank accounts as I will no longer have a fixed address in my home country. However if i do close my bank accounts i will have nowhere to keep my money when I am on the road. I know there are prepaid credit cards I can get but I will have 50-60k after selling my house and I don't want to risk this on cards that can be lost or stolen. My plan is to use 10-15k for travelling and put aside the rest for setting up in a new country. Does anyone have any advice on where to keep my money whilst I am travelling?

Thanks for any advice!

Strrummerjoe.

2. Posted by talesbackpack (Full Member, 117 posts) 28 Dec '12 15:55

Keep the money in your bank account at home. Most banks these days will allow you to opt out of receiving paper statements, so your physical address is irrelevant.

You can close your accounts from overseas once you have set yourself up in your new location. It usually just requires a letter with your signature on it - although you'll have to confirm the specific requirements with your bank.

Otherwise, a bank draft that you can deposit once you have an account at your new location is an option. They are subject to being lost or stolen though and I can't remember if they have an expiration date.

Also, keep in mind that many countries have laws requiring you to declare any money you're bringing into the country over $10k and may be subject to additional taxes.

[ Edit: Edited on 28-Dec-2012, at 15:56 by talesbackpack ]

3. Posted by AnayaAdams (Budding Member, 17 posts) 28 Dec '12 18:14

Well what all you are up too seems to be like a great idea, but i like talesbackpack have one question. The question is that have you catered for the amount of taxes you would have to pay over time, when you sell your property.... ???

4. Posted by CheersT (Travel Guru, 1534 posts) 28 Dec '12 20:33

For a multitude of reasons it makes absolutely no sense whatsoever to close bank accounts in your home country, especially when you have no clue where you may end up.

Don't make your trip and your long term plans more complicated than they have to be.

Cheers,
Terry

[ Edit: Edited on 28-Dec-2012, at 20:34 by CheersT ]

5. Posted by strummerjoe (Budding Member, 2 posts) 29 Dec '12 07:37

Hi,

Thanks all for your comments.

I understand that keeping an account in my original country is probably my best/only option. I just wanted to make sure there were no other options open to me that other people had come across during their travels. Plus I was just a little uncomfortable using my old address as a link to my bank account but i suppose if i have my mail redirected to a relative then everything should be okay. As i say i just wanted to explore all my options.

Thanks again for all your input. Happy travelling.

Strummerjoe.

6. Posted by Andyf (Respected Member, 291 posts) 29 Dec '12 08:10

Maybe move your account address to that relative's address? More legitimate.

7. Posted by CheersT (Travel Guru, 1534 posts) 29 Dec '12 09:53

Why have any banking paperwork directed to a physical address? Make your accounts paperless.

There are other issues as well, like keeping your Drivers License current. How about nationalized Health Care? Etc... the list goes on...

No matter how much you want to "cut ties" with your home country it makes no sense to shoot yourself in the foot by cutting certain legal ties for no good reason. Don't make your relocation more complicated than it has to be.

Cheers,
Terry