Managing UK savings & investments during a temporary move abroad

06Husbande123

Hello - I’m preparing for a temporary 2-year move abroad and would love some advice on managing my UK savings while I’m away. As the move is temporary, I plan to keep most of my money in the UK and just take a small emergency fund with me. I'd like to protect my savings, but also hope encourage them to appreciate while i'm away.

I'd love some advice on anyone who has done this recently, or has any specific advice on things to keep in mind, especially regarding regulations or tax. Thanks!

Ayr_Rage

Search Mr G for financial apps and websites that do not work with a foreign IP address, there are a few.

If you have utilities to check too, Virgin Media for one will block overseas access.

A VPN may work, but never guaranteed.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82176883#Comment_82176883

Could you clarify what you mean by 'search Mr G'?

Ayr_Rage

Haha, Google.

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82176908#Comment_82176908

Ah right, I was wondering if it was some smart app or site that tracked that information!

slinger2

I spend a lot of the summer in the EU. I don't generally have much trouble looking after my money from there. One bank that does block me is Oxbury, but I've not got much with them currently (£1 I think).

Of course, much depends on where you are. Probably if you're in North Korea, Russia or Iran you'd have more trouble.

ToastLady

I take several trips to Europe over the year. Some banks are easily accessible, some need a VPN, others won't work with a VPN at all, and it can also depend on the VPN itself, whether you can access or not. Unfortunately, you can't really find out if things work or not until you are actually abroad. I suppose trying with a VPN set to whichever country you are heading to, and trying out in UK might give you an inkling with your bank(s).

kermchem

Thirty years ago I worked in another EU country for just over a year. I took a cash "float" with me to pay deposits, etc., and live until first pay cheque. I brought money back at the end. Biggest impact for me was a 25% swing in exchange rate, caused by the economic policy disasters of mid-1990s UK..

Other replies so far have addressed how you maintain your UK accounts, but there are questions you need to answer before someone better informed than me can comment on more serious issues.

Is this a 2 year holiday, or 2 years working? If working, are you paid locally or in GB pounds? Is this EU or non-EU? Are you leaving behind in the UK a SIPP, ISA, savings accounts? Most countries will have a different viewpoint of the tax status of these.