living overseas

[Milhouse]

Does anyone have any advice for living and working overseas (particularly in a developing nation, e.g. not Europe)?

Things I'm a bit worried about mostly revolve around mail and banking. For example, if I have a bill from the US sent to an overseas address, and then send payment from a US account, the total time in transit could put me over the due date of the bill.

Also, do you usually open a local banking account, or simply stick with your US accounts? What if my money will be in US dollars? What is the best way to deal with currency exchange to local currency? Should I transfer USD from a US account in bulk to the local account? Using ATMs can get expensive quickly. What about using a multinational bank? Will that help ease exchange fees?

Do you keep a US PO box or anything? I won't have a US address anymore, so it seems in my mind that it may be useful to have a PO box. Yay or nay?

Any other little details to deal with?

 

[mmhollis]

Where are you moving? I have experience living in Africa which is a different animal all together but a lot of it depends on where your moving to. So I guess thats my first question.

 

[acidboy]

really depends on where you're going.

 

[earthdragon]

As above - It depends where you are, circumstances etc. Will you being paid in local currency/$USD etc.
Indonesia: Super difficult and incredibly corrupt at times. I left after 3 years in 97', (just as the economy and currency were in meltdown). I insisted that I was paid offshore in $USD. I was working for an International Hotel company at the time and it was no issue having a % of my monthly salary in local currency and the rest remitted to the Bank/Country of my choice.

Hong Kong: An absolute no brainer and dream with low taxes.

I have always found HSBC an extremely useful resource, as far as banking goes. Depending on your situation/needs, (obviously the more you invest with them) - the better your exchanges will be.

Have your mail re-directed to a close friend or family. It is always useful to have a base.

Some countries require that you surrender your driving license, (in order to be issued one by them). This is a real pain! Watch out.

Good luck

 

[Milhouse]

I'll be in South America. Pay will be in US dollars. I will be there short term (less than a year).