The Smartest Ways to Access Your Money When You First Arrive in a New Country

If you’re arriving at a new school as an international teacher, you’ll hopefully get sorted with a bank account pretty quickly, but you still may need to access your money from home when you first arrive. You’ll usually need money for set up costs, especially if opening a local bank account takes a little longer than expected.

For example, if housing benefits aren’t included in your teaching contract, you’ll likely have to pay upfront deposits (sometimes two months bond and one month in advance, depending on your locationo), buy groceries, organise transport and purchase items you didn’t think worth shipping internationally (e.g. linens and smaller kitchen items). 

After moving internationally several times, we’ve learned that having the right financial setup before you arrive can make it a lot more manageable when you arrive at your new home!

Here are some of the most reliable options we’ve found for international teaching families to easily access your money during your first few weeks abroad.

1. Multi-Currency Digital Accounts

One of the easiest ways to manage money internationally is through a multi-currency account like Wise.

Wise lets you:

• Hold multiple currencies in one account
• Convert money at close to the real exchange rate
• Use a debit card internationally
• Send money between countries cheaply

For teachers relocating overseas, setting up a Wise account before you move means you can easily:

• Transfer savings from your home country to pay for set up costs
• Pay deposits or bills in your new currency
• Withdraw cash locally while waiting for your bank account to open

You can open an account online quickly and easily, and arrange for a physical card to be sent out before you leave home.

2. Travel-Friendly Digital Banks

Another option many expats use is Revolut.

Revolut works similar to Wise but it has slightly different features depending on the country you register in.

Some useful features include:

• International debit cards
• Currency exchange in the app
• ATM withdrawals overseas
• Spending analytics

Many teachers use Revolut as a travel card, while keeping their main savings in another account.

Availability varies by country, so it’s worth checking if it works where you currently live. And if it will be available in your new country – before setting it up.

3. Your Existing Bank Card

Most families will obviously arrive with their regular bank debit or credit cards from home.

This works fine in the short term for:

• ATM withdrawals
• Emergency purchases
• Initial living costs

However, fees can add up quickly:

• International withdrawal fees
• Currency conversion fees
• Foreign transaction charges

In the short term it’s ok, but over a few weeks it can become expensive due to high fees. Many banks now offer travel cards that you can arrange before you leave, with slightly better rates, where you can transfer into local currency and get the best rates.

4. Cash (But Not Too Much)

Some families bring a small amount of cash in the local currency to cover their first few days. 

This can be useful especially if you’re moving to countries where cash is still King (e.g. places in South East Asia or Latin America) for:

• Taxis
• Small restaurants
• Local transport
• Convenience stores

But obviously you don’t want to be carrying large amounts of cash as it’s not overly secure. If you’ve got a travel money card where you can access cash in smaller amounts from local banks it’s a better option.

5. Opening Your Local Bank Account

On arrival to country, one of the first things your school is likely to help you with is to open your local bank account.

You’ll obviously need a local account to:

• Receive your salary
• Pay rent
• Make utility payments
• Local transfers and day to day transactions

But depending on the country, this can take anywhere from a few days to several weeks. Some countries, such as South Korea and Taiwan, won’t let you open a local bank account until your Alien Registration Card (ARC) has been approved, which can only be done on arrival in the country (and takes a few weeks).

Also be mindful that some countries and banks will only provide one physical card as the account is usually only set up in the employee’s name. If you’re a non-working spouse who needs access to funds for daily life (e.g. groceries, petrol etc) this can be a little problematic.

But, depending on where you’re living, there are plenty of digital options now available with QR codes to make payments and apps (like Touch’n’GO in Malaysia), which make it easier to manage with only a single physical card.

Best Option to Access Your Money: For New International Teachers

Before you head overseas with your family in tow, it’s worth setting up:

1. A multi-currency account like Wise
2. A travel-friendly debit card
3. Checking your regular bank card has plenty of time before it expires as a backup

This combination usually gives you plenty of flexibility to manage your finances smoothly until everything gets set up locally.

When you’re arriving in a new country with kids, luggage, and a brand-new job, the last thing you want is to be worrying about how to access your money. So if your bank allows, make sure you let them know you’re travelling too (usually available in your online banking app) to help avoid any blocked payments and frantic calls back home.

A little preparation before departure can make those first few weeks much less stressful!