If you’ve lived in multiple countries, there’s a good chance you’ve got a healthy scattering of international bank accounts across the globe — and managing these can be tough. Whether you’re actively using international bank accounts or not, keeping on top of your balances and logins can be one of the most common expat struggles out there. Fret not. Your international bank accounts can stop keeping you up at night.
I’ve lived in Australia for nearly 10 years, and keeping on top of my bank accounts back in the UK has been a wild ride that I’m only just now taking control of! The first time I flew back home after eight months in Australia, I was met with over £300 in overdrawn fees on one of my accounts. Not ideal.
It had all happened because my card had been stored in my PayPal account, and a payment I’d made had defaulted to that card, taking the balance -£2.50 overdrawn. Because I had no idea, the overdrawn fee just kept compounding. Thankfully, I called the bank and they waived the charges, but it serves as a reminder to keep a small amount of money available in your accounts if there’s any risk of this happening to you.
If it’s been a while since you’ve used your international bank accounts, there’s a chance you’ve forgotten your logins. Being unable to access your account can mean you’re unaware of accidental overdrawn fees, or even fraudulent transactions. Make it your mission to call your bank or financial institution and get access to your accounts. Believe me, I know the struggle — but it’s worth it in the end.
On that note, while you’re on the phone with your bank, close accounts you don’t use anymore. If you’re anything like me, it’s another hassle you’ve likely been putting off for years. But it clears a weight off your mind. Plus, you might even find there’s some cash you can withdraw. When I was in the UK a couple of years ago, I called all my financial institutions and closed accounts I don’t use. I found £53.70 I didn’t know I had, too!
If you are keeping your accounts open, diarise a quarterly or monthly check-in to make sure everything’s in order. I kept two accounts open for use when I’m back in the UK, and I check in with them each month. It means I can spot anything that looks a little shady and ensure my student loan payments are being made correctly.
Wait, what’s that? PocketSmith is the best personal finance software for global citizens with multiple international bank accounts?! Yes! That’s right! PocketSmith allows you to collate all your international accounts in one place. You can link your bank feeds from multi-currency accounts, view your balances in both base and native currencies, and keep a close eye on how everything’s tracking right from your PocketSmith dashboard. Plus, if you’re actively using accounts in other countries, you can get complete visibility over your net worth in one place. Expat struggles? Never heard of her.
Emma Edwards is a finance copywriter and blogger, on a mission to humanize the financial services industry by creating meaningful content that’s accessible and empowering. You’ll find her penning money tips at her blog, The Broke Generation, sharing financial insights on Instagram, or injecting life into content for her business clients.
