Moving abroad for a year - banking/insurance etc help

chromeman

Hi there,

I plan to move to Canada for a year in March and wanted some general money advice and wondered if anyone could help?

I am going out with a 1 year working Visa.

Banking - Do people normally just take Traveller's cheques or open bank accounts in the country they are visiting?

Insurance - Does a year's travel insurance suffice or do you need to do more once in the country you are visiting?

Working - Are you paid into a bank account, using a cheque or other method?

Thanks a lot for any help!

Bananabelly

I have been in Canada for about 18 months on a working holiday visa (Aussies get 2 years ).
You can open a bank account with Passport and an address in Canada. Don't take travellers cheques, but you can access your UK money through ATMs. THe other option is I know people who bank with HSBC in the UK can get them to set up a Canadian account prior to arrival.
Travel insurance would be useful if you wish to be repatriated to the UK. Each province in Canada has its own health system you need to contribute to - I am in BC and it is MSP, costs $57 a month. It is paid by many employers though.
I am paid by cheque, some people are paid by direct debit - it varies.
Once you arrive the first thing you need to do is get a social insurance number - this website can help:
http://www.servicecanada.gc.ca/eng/sc/sin/index.shtml

Then you can work, apply for MSP, etc.
Let me know if you have any other questions.

chromeman

Really helpful info thanks! I'm really behind on all of this so trying to catch up before I apply on Bunac in December.

Did you go through Bunac out of interest?

I'll be in BC as well, Vancouver. Can't wait! How are you finding it?

Bananabelly

I didn't go through Bunac, that is a UK thing I think. It is easy to organise yourself anyway rather than have them do it.

I am in Vancouver (though sadly leaving soon) and I love it. It is a great lifestyle, mountains half an hour away, heaps of outdoor activities etc. It is an awesome place to live.

For work and accommodation (and just about anything else) http://vancouver.en.craigslist.ca/ is the website to go to.

RaiderHammer

chromeman wrote: »

Hi there,

I plan to move to Canada for a year in March and wanted some general money advice and wondered if anyone could help?

I am going out with a 1 year working Visa.

Banking - Do people normally just take Traveller's cheques or open bank accounts in the country they are visiting?

Insurance - Does a year's travel insurance suffice or do you need to do more once in the country you are visiting?

Working - Are you paid into a bank account, using a cheque or other method?

Thanks a lot for any help!

Hi Chromeman,

I recently spent a year in Asia working for a UK based company.

Wages - I was still paid in my UK bank account by the UK company (this may be different for you because you may be working for a new company in Canada). Therefore I was still paying UK tax and UK national Insurance. I was on a work visa and my understanding the country where I was working was happy with me being there and not paying any tax if it was no longer than one year. They had the benefit of me spending money in the local economy there.

Insurance - I had company medicalinsuarnace arranged by the branch of the company in the country where I was working. I had no other cover while I was there.

Banking - Because I was still paid in the UK I used a UK atm card to withdraw money but you need to make sure you get the correct account to lower currency transaction charges. Also beware there are daily limits you can withdraw. I had to pay for my house rental in cash each month and claim back on expenses so this was a job getting the money together at times if you are not near atms every day. So I opened a bank account in the country where I was and transfered money to this account by atm withdrawals from the UK account because there was an higher daily withdrawal limit on the local account. I needed my passport, work permit, proof of address and a photo to open the local account there.

If you are using internet banking make sure it all works before you go including any pc pin machines that may be needed. I was caught out on this and set up internet banking but was not advised by the bank I also needed a pin machine from them even though they knew what I was dfoing for a year.

It was a great opportunity to me to live in another country for a year and one I enjoyed. I did miss UK but it was nice to wear nothing long sleeved for a full year!

If you get a return air ticket you can only book the return back in 10 months time. I did this and could then change the flight by paying £50 more locally, but you must return within the year, I returned on the last day I could use my ticket. But ask about this with your booking agent or airline (I think you need the right ticket to do this). The single fare was about £50 cheaper than the return!

Also worth thinking about all the UK things. Bill payments? Post? Cheques that may arrive when you are away? Property?

If it's a UK employer that is sending you there on a work placement try to secure the company will pay a flight home for you in case you need it or want to visit UK. I did but never actually used the option.

Let me know if you have any more questions and I will help you if I can.

But enjoy...

chromeman

Thanks a lot for the response! Hugely helpful. It's all coming together slowly I think. Getting in touch with an insurance broker in my town to try and tailor my insurance as I'm taking some electrical items with me also that probably won't be covered by standard insurance.
Found a couple of cheap charter single flights that I could possibly take up. Not sure what's best at the moment. Need confirmation of the visa first really!

But yes, thank you both for your help, really appreciated!