Not too many years ago retirees who moved overseas had major challenges when it came to paying bills, receiving mail, managing investments, moving money around and staying in touch with the folks back home. Today, these things are easier to manage than ever before.
[Read: The 10 Best Places to Retire Overseas in 2018.]
When making a move overseas, your goal should be to go as paperless as possible. Organize your administrative life so that you can access everything online, and tell your credit card companies, banks and investment account managers that you want to receive electronic statements only. If you need a paper copy of something, you can print one yourself from your electronic files.
Here’s a checklist for the technologies you need to support your new life overseas:
An email address. This is your first and most important practical step as you begin planning for your overseas adventures. Your email address will be your main point of connection with the life and the world you’re leaving behind “back home,” and it will be the easiest way for you to operate as you begin moving around the globe. Some days, your email address will seem like your lifeline.
A U.S. address. Even after you’ve moved beyond U.S. borders, you may want to keep a U.S. address. This can make it easier to deal with U.S. banks, credit card companies and brokerage firms.
How can you have a U.S. address when you’re not living in the U.S.? Many people use the address of a friend or family member who is still living in the U.S. This works as long as the person is happy to receive mail and forward it to you at regular intervals.
Another option is a private mailbox service such as the UPS Store or Pak Mail. These services offer a real street address, which is important for some transactions. However, some financial institutions won’t allow you to use addresses provided by mailbox services.
Online banking access. If you aren’t already set up for online banking, register as soon as possible. If your current bank doesn’t offer online services, change banks. You will want the ability to pay bills and initiate international wire transfers online. You aren’t going to be able to go into the branch in person to sign wire instructions once you’re off enjoying your new life at the beach in Belize.
The easiest and most cost efficient way to access your money anywhere in the world is through an ATM. However, check the fees you’ll be charged for using an ATM that isn’t part of your bank’s network. Most banks charge a fee for using an out-of-network ATM on top of the fee the ATM machine may charge you. For example, banks in Panama charge around $4 or $5 every time you use an ATM if you’re not a customer of that bank. Some U.S. banks charge an extra or higher fee when you use an ATM outside the country.
Note that many online banks and brokerage firms reimburse these fees, as they don’t have ATMs of their own. Some online banks and brokerage firms also don’t charge you when you use your ATM card outside your home country.
[See: 5 Top Options for Affordable Retirement in Europe.]
An online brokerage account. Most online brokerage accounts offer digital transactions, but you should confirm that you can initiate international money transfers online. Some financial institutions won’t allow you to make a stock trade from a foreign IP address, and changing your address with your broker to a foreign address is likely to trigger a change in your account status and restrict new stock purchases.
VoIP. VoIP stands for voice over internet protocol, and it’s often the most affordable way to make international phone calls. For example, Skype calls are free between Skype accounts. A call from Skype anywhere in the world to a landline in the U.S., Canada and most of Western Europe can cost as little as 2.1 cents per minute, and you can arrange a virtual phone number for incoming calls using whatever area code you designate.
A mail forwarding service. If you decide to use a private mailbox service, it can double as a mail forwarding service. For example, if you retire in Latin America, you can choose a service out of Miami that gives you a mailing address in Florida. They’ll collect your mail and forward it to their office in the country where you’re residing. You can then either pick up your mail at their office or perhaps have it delivered directly to your residence. You’ll pay a monthly fee for this service, which is usually less than $25, plus postage charges.
A driver’s license. Renew your driver’s license just before leaving your home state. You’ll want to use it for renting cars and as a secondary form of ID abroad. Plus, you may not be able to arrange for a local driver’s license in your new country of residence immediately. Sometimes a test or waiting period is required.
[See: How to Prepare for Retirement Overseas.]
A cell phone. The easiest and best option is usually to buy a new phone overseas. Pay-as-you-go phones are cheap and easy to come by in most of the world. You can shop for one in any electronics store. In Panama, for example, you can buy a low-end, but functional pay-as-you-go cell phone for $20 that comes with a voucher for $5 worth of calling credit.
Once you’re more established in your new country, you may want to switch from a pay-as-you-go phone to a cell phone plan. Qualifying for a monthly plan as a foreign resident can be complicated, but it’s worthwhile if you use your phone a lot.
A laptop. This isn’t absolutely necessary. You probably could get by using personal computers in internet cafes. However, a laptop will make it easier to manage your personal communications and finances. Alternatively, once you’re set up in your new residence, you could buy a local desktop computer, but it will likely come with an operating system in the language of the country you’re in and a non-English keyboard.
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.
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