So, are you finally relocating to another country? If yes, then having a mixed feeling of worry and excitement is inevitable. There must be many people who will be celebrating your success that you are finally settling abroad, while there might be people who will acquaint you with the problems of settling abroad. But you need not worry as you have got a lot of time to prepare yourself and make your life exciting and cheerful while you are living overseas.
Hence, it is advised that you start preparing way ahead of your final day so that you get enough time to put together all the important things. To help you get started, here we have compiled a list of things that every person who is getting ready to move abroad should follow before leaving his/her own country:
Get your passport renewed
Before you apply for a visa, you must have a valid passport. Some countries require you to travel with a passport that has validity for at least six months beyond the date of your intended departure. For instance, if you are moving to the US, you can renew your passport at your local embassy or consulate-general if it expires while you are abroad and you do not have a specified return date.
Open an NRI account
If you are settling abroad, and you wish to transfer money to your family living in India, you need to open an NRO savings account. Because a Non-Resident Indian (NRI) cannot open and operate a basic resident Savings Account, and any account must be changed into an NRI Account by the bank before obtaining NRI status. Thus, if the person wants to conduct financial transactions in India, he/she must open an NRE or NRO account. However, with everything going online, people can now even open an NRI account online and save the time and hassle required otherwise.
Learn a bit about your new city
Even if you are familiar with the area, you should undergo a considerable research about it in order to prepare for the big move and ease your transition into your new place. You must learn about the transportation options in your area so that you do not have to pay a large sum of money each day to hire a cab. Even if you wish to drive to work, you should weigh the benefits and drawbacks of shipping your car to the new place, getting a new one, and renting a car. Depending on the country you live in, you may also need to get an International Driving Permit in addition to a driver’s license.
Before relocating permanently, you should also become acquainted with the culture of the country and your surroundings. Learn about the social standards and government laws of the area so that you can live a safe and peaceful life in your new location without any interruptions from the police or the law.
Make health care plans in advance
You will almost likely come into contact with the healthcare system when you are living in another country. Check with your current healthcare provider to determine whether they will cover you while you are abroad. You can also ask your doctor for medical records and make sure you’re up to date on all your vaccines and medicines. You will also need to determine if the present medications you are taking are legal in the area where you intend to relocate, and if so, whether they are conveniently accessible. If not, it is recommended that you immediately make an appointment with your current doctor before it is already the time for you to move.
Do not forget important documents
The most crucial thing to verify before packing your bags is to make sure that you have all of the necessary documentation with you. These documents include your passport, driver’s license, birth certificate, vaccination records, etc. These documents may be required when you least expect them, so having them handy will make your time abroad less stressful.
Cancel any ongoing subscriptions or payments
Cancel all memberships and subscriptions that you will no longer be paying after you have gone, such as gym memberships, cable TV, Wi-Fi bills, etc. Going over your bank accounts for the previous month or two and noting any recurrent payment deducted is a good way to figure this out.
Now that you’ve gathered all of your vital paperwork and belongings before leaving for overseas, it’s time to say goodbye to all of your loved ones for one last time and embrace your pals one more time since you never know when you’ll see them again. Best wishes on your new life!
What is NRE Account?
NRIs can open and maintain Non-Residential External or NRE accounts with profits originating in the respective individual’s country of residency, but they must be held in Indian rupee denominations.
Consider the following example for a better understanding – Ms Avantika works in Paris, France, but her mother, who is dependent, lives in Mumbai. Every month, she deposits 2,000 euros in her NRE account for her mother, which is denominated in Indian rupees. Given that the prevalent exchange rate in that month was 1 EUR = 80 INR, her remittance of 2000 Euro will be kept in her NRE account as Rs. 1,60,000.
What is NRE Fixed Deposit?
An NRE Fixed Deposit is a term deposit in which an NRI transfers funds from a foreign country and money to his Indian account, where the funds are converted into Indian rupees. An NRE term deposit is often used to transfer foreign earnings or income that is tax-free. In order to attract consumers, certain banks provide the best NRE account interest rates.
According to NRI services, the NRE account also provides the benefit of freely repatriable capital and interest earned to the account holder’s place of residency. NRI interest rates are also higher than those offered by other deposit plans. It can also be opened in conjunction with other Non-Resident Indian(s).
Rates are subject to change at the sole discretion of the bank.
