Setting up a Bank Account After You Move

Monday, 12 March 2012

Setting up a bank account after you move may seem rather easy or standard.  However, there are several things you need to think about.  If you are making a domestic move, chances are your banking should be an easy transfer.  If you currently bank at a national bank, it may be as easy as opening up a local bank account with the same institution with your new address.  Keep in mind that each bank operates differently and they may not have branches in your new location.  Therefore, you want to make sure that you touch base with your current bank branch and get the specifics so that you can understand your options before you move.  If your bank does not have branches in your new location, you definitely want to consider changing institutions.  This may save you in the long run when it comes to fees and charges for ATMs and services.  If you have a safety deposit box with them, make sure that you empty it and close the account.

If you are moving abroad, opening an account may prove to be more tricky.  Therefore, due diligence is essential.  It is important to recognize that your credit worthiness is assessed differently in different countries.  Therefore, you need to understand this before you move.  You may have immaculate credit in your home country, however this may not translate to your new location.  Find out ahead of time what are the requirements and what paperwork you need to demonstrate your creditworthiness so that you can open your account with little to no trouble.  Whatever you do, do not take this personally.  Just recognize that these differences do exist and that in order to make a successful transition you need to prepare yourself and do the best you can to fulfill the requirements.  It may make absolutely no sense to you, but at the end of the day, you need to meet your objective.  Further, if you are on a corporate relocation, it may be much easier to fulfill the requirements.  I suggest to be patient and learn.  Consider it all apart of your new adventure.

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