This article has been written on behalf of Bankrate, by Andrew Paniello, (February 5, 2019) Freelance Writer.
As the world becomes more globalized and traveling to distant places has become widely accessible, an increased number of Americans are finding themselves with opportunities to work abroad. However, while these new opportunities can often be quite exciting and rewarding, they all still require a large amount of preparation.
Many expatriates tend to overlook the financial planning process of their overseas adventure. In addition to creating a well thought out budget for the trip, there are many other essential details that will need to be accounted for.
Fortunately, we have created a detailed guide to help anyone going abroad prepare themselves financially. By making an effort to assure that your finances are well-kept, you will be able to have the life-changing experience that you’re hoping for.
Recognizing your initial expenses
When it comes to the average annual cost of living, the United States is on the higher end of the spectrum. This means that, depending on where in the world you are traveling to, you may actually be able to save money while living abroad if you can keep your expenses under control.
Regardless, there are still some paramount expenses to be prepared for:
- Board, food, daily travel, and other daily expenses (use a cost of living calculator and compare your destination to your current location)
- Getting to your final destination (travel points and rewards will be quite helpful)
- Passport, visas, and other necessary documents
- Travel insurance
- A “safety net” that can be used for unexpected expenses
In addition to changes with your monthly expenses, your monthly sources of revenue may be changing as well. If possible, it is a good idea to get an estimate of how much you will actually be earning while living abroad. This estimation will help shape the rest of your overall budget.
Preparing your bank accounts
Even once you have created a financial plan for working abroad, you will also need to make sure that your money is actually accessible. Ideally, you will be able to use a bank that has branches (or associate branches) in both the United States and the country you will be living in. Many banks have arrangements with partner banks in other countries, which is why it will be important to confirm the global reach of the one you currently use.
When comparing possible foreign bank accounts, there are several important details that you should pay attention to:
- Location and number of branches abroad
- Location of ATMs (and associated costs)
- Account type (checking, savings, money market, etc.)
- Foreign transaction fees
- Currency exchange services
- All relevant fees
Even if your bank is resistant at first, transferring your money to another bank account is your right (though there may sometimes be fees attached). By working with a bank that has operations in both the United States and elsewhere, you will have one less thing to worry about when preparing for your adventure abroad.
Evaluating your wallet
Now that you have your budget and your bank setup out of the way, the next thing you will need to evaluate is the items you are carrying in your wallet. It is important to recognize the cards and payment options you already own prior to traveling because some cards could have foreign transaction fees or other negative financial implications when used overseas. Do a thorough look at the cards you already have and research any new ones you should get for your travel endeavor.
Fortunately, there are many quality travel credit cards available for you to choose from. Though the card that is right for you will largely depend on your personal preferences, you should keep an eye out for these key features:
- Cards that earn you travel points (especially desirable if you’ll be moving around often)
- Cards that offer travel-related perks (hotels, better seats on plans, restaurant discounts, etc.)
- Lack of foreign transaction fees
It will also be important to make sure that if your card or identity is stolen while abroad, you will have a reasonable recovery plan in place. Being stuck abroad without access to money can be frustrating and even terrifying. Before your flight leaves, notify your card-issuers, coordinate all automatic payments, install your bank’s app on your smartphone, and check to make sure that everything is secure. You may also want to consider getting some traveler’s checks or, at the very least, having a reasonable amount of currency in the denomination of your final destination.
Pay attention to exchange rates
It will be important for you to pay attention to exchange rates. Exchange rates are constantly changing, meaning that the amount of Euros (or any currency) you can buy with a United States Dollar may be considerably different by this same time tomorrow. As your departure date continues to approach, it will be a good idea to monitor changes in exchange rate and make the actual exchange at a point when the dollar (USD) is relatively strong:
As the world becomes more globalized and traveling to distant places has become widely accessible, an increased number of Americans are finding themselves with opportunities to work abroad. However, while these new opportunities can often be quite exciting and rewarding, they all still require a large amount of preparation.
Many expatriates tend to overlook the financial planning process of their overseas adventure. In addition to creating a well thought out budget for the trip, there are many other essential details that will need to be accounted for.
Fortunately, we have created a detailed guide to help anyone going abroad prepare themselves financially. By making an effort to assure that your finances are well-kept, you will be able to have the life-changing experience that you’re hoping for.
Recognizing your initial expenses
When it comes to the average annual cost of living, the United States is on the higher end of the spectrum. This means that, depending on where in the world you are traveling to, you may actually be able to save money while living abroad if you can keep your expenses under control.
Regardless, there are still some paramount expenses to be prepared for:
- Board, food, daily travel, and other daily expenses (use a cost of living calculator and compare your destination to your current location)
- Getting to your final destination (travel points and rewards will be quite helpful)
- Passport, visas, and other necessary documents
- Travel insurance
- A “safety net” that can be used for unexpected expenses
In addition to changes with your monthly expenses, your monthly sources of revenue may be changing as well. If possible, it is a good idea to get an estimate of how much you will actually be earning while living abroad. This estimation will help shape the rest of your overall budget.
Preparing your bank accounts
Even once you have created a financial plan for working abroad, you will also need to make sure that your money is actually accessible. Ideally, you will be able to use a bank that has branches (or associate branches) in both the United States and the country you will be living in. Many banks have arrangements with partner banks in other countries, which is why it will be important to confirm the global reach of the one you currently use.
When comparing possible foreign bank accounts, there are several important details that you should pay attention to:
- Location and number of branches abroad
- Location of ATMs (and associated costs)
- Account type (checking, savings, money market, etc.)
- Foreign transaction fees
- Currency exchange services
- All relevant fees
Even if your bank is resistant at first, transferring your money to another bank account is your right (though there may sometimes be fees attached). By working with a bank that has operations in both the United States and elsewhere, you will have one less thing to worry about when preparing for your adventure abroad.
Evaluating your wallet
Now that you have your budget and your bank setup out of the way, the next thing you will need to evaluate is the items you are carrying in your wallet. It is important to recognize the cards and payment options you already own prior to traveling because some cards could have foreign transaction fees or other negative financial implications when used overseas. Do a thorough look at the cards you already have and research any new ones you should get for your travel endeavor.
Fortunately, there are many quality travel credit cards available for you to choose from. Though the card that is right for you will largely depend on your personal preferences, you should keep an eye out for these key features:
- Cards that earn you travel points (especially desirable if you’ll be moving around often)
- Cards that offer travel-related perks (hotels, better seats on plans, restaurant discounts, etc.)
- Lack of foreign transaction fees
It will also be important to make sure that if your card or identity is stolen while abroad, you will have a reasonable recovery plan in place. Being stuck abroad without access to money can be frustrating and even terrifying. Before your flight leaves, notify your card-issuers, coordinate all automatic payments, install your bank’s app on your smartphone, and check to make sure that everything is secure. You may also want to consider getting some traveler’s checks or, at the very least, having a reasonable amount of currency in the denomination of your final destination.
Pay attention to exchange rates
It will be important for you to pay attention to exchange rates. Exchange rates are constantly changing, meaning that the amount of Euros (or any currency) you can buy with a United States Dollar may be considerably different by this same time tomorrow. As your departure date continues to approach, it will be a good idea to monitor changes in exchange rate and make the actual exchange at a point when the dollar (USD) is relatively strong.
Credit cards, debit cards and prepaid cards offer some of the lowest currency exchange rates. Do your research to see how the payment methods you use abroad will be affected by exchange rates.
Purchasing travel insurance
If you are abroad for a long period of time, there will likely be at least one issue that emerges that you are not initially prepared for. Though traveling is certainly much easier than it was decades ago, there are still many issues you can run into. In order to protect yourself from the risk of the unknown, you will likely need to purchase travel insurance.
The cost of traveler’s insurance will vary depending on your provider, the things that are covered, the length of coverage needed, and the countries that you will be visiting. All things considered, travel insurance is a fairly comprehensive form of insurance that is likely available for much less than you’d initially assume.
Expenses that travel insurance typically covers:
- Injuries or sickness that occur while you are abroad
- Unforeseen costs such as broken, lost, or stolen items
- Reimbursements for certain cancellations
- Travel costs in the event that your plans change
Expenses that travel insurance most likely will not cover:
- Injuries or sickness that emerge due to a pre-existing condition
- Losses on flights earned through frequent flyer miles, promotional contest, or other similar situations
- Injuries or financial losses that come from high-risk activities (sky-diving, scuba-diving, etc.)
- Other types of “preventable” losses
In order to know your exact exposure to risk, you should read the fine print before committing to any policies. Travel insurance can be highly customizable—costs will vary depending on how many types of coverage you hope to include.
Other things to consider
Once you have a rough financial plan for your trip, there will just be a few essential details that you will want to be aware of. For your financial and legal security, for example, you will need to be sure of foreign tax status.
Due to the Foreign Earned Income Exclusion and Foreign Tax Credit programs, United States citizens can be protected from double taxation while living abroad. However, you will need to file a tax return in the United States (1040 and possibly others) and pay taxes to the federal government. Variables that can influence your tax situation will include the company you are working for, your intended length of stay, the existence of a work visa, and various others.
Lastly, it is important to be aware of scams. Tourists are prime targets for scams abroad. Do your research ahead of time before booking any extracurricular trips, and always trust your gut. Common scamming techniques include pick-pocketing, asking for money upfront with the promise of returning later, using children (often as a distraction) to sell products, unverified currency exchanges, and many others. When navigating a new country, it is also better to be cautious. Taking measures such as wearing a money belt, leaving jewelry and outward valuables at home, and planning your travel routes in advance can all pay off in the long-run.
The bottom line
As you can see, there are many important financial considerations to take into account when preparing for an extended trip abroad. There are many events you will simply not be able to plan for, but keeping these three things in mind will be quite helpful:
- Plan for as many details in advance as you possibly can.
- Be conservative when estimating future expenses and sources of income.
- Be prepared for some things to go wrong—this will prevent instances of financial turmoil from causing your trip to fall apart.
With these crucial pieces of advice, you are one step closer to embarking on what may be the trip of a lifetime. By preparing yourself financially, you will gain the freedom needed to enjoy it.
For more information from Andrew on this important topic, you may want to view his full article at. https://www.bankrate.com/personal-finance/how-to-prepare-finances-working-abroad/ . Andrew is a freelance writer and wrote this for Bankrate, a firm that strives to help you make smarter financial decisions. While Bankrate adheres to strict editorial integrity, the above link may contain references to products from our partners. Thank you Andrew, and especially Blake Hughes, at Bankrate, Inc. who made sure i was aware of this great resource, that will be so valuable for many of you on my List!
-
How to Have a Better Resume for International Development Job Applications
February 22, 2022
Among the most important elements of applying for a position with a firm in the international development sector, is to present a CV/resume that is easy to review for everyone in the organization you are applying to. That includes the first line recruiters, the Hiring Agent and all the way to the CEO of the firm. In the US, most International Development sector organization seem to prefer the longer, more detailed, chronological format resumes. This is quite different than the short one-page resumes that businesses in the private sector prefer. The hiring agents in the development sector need information that quickly shows the applicant meets the minimum qualifications requirements listed on the position description. This can be easily be shown in the bold headings of each professional entries with a set of quick critical pieces of information that gives the readers critical information. This information is comprised of six items listed in detail below and, as a regular blogger on...
-
Tips for Finding your Next Assignment in International Development - Updated
February 21, 2022
A few years ago, I was the presenter for the Foreign Policy Association's Global Careers Boot Camp series in Boston. The workshop was about how to "Land a job in International Development" for new entrants, or individuals transitioning from other sectors into the international development sector. This made me reflect about the type of information that may be useful to you, when trying to find your next assignment. While some of you may be on my email list and receive my alerts when I am recruiting, many find their way to this website while looking for jobs. Good luck in your search and here are good approaches to find your next assignments: First and topmost, the best way to search for jobs or assignments is to go directly to the websites of International Development organizations and search out their vacancies and employment opportunities. The International Development organizations do post all their positions on their websites. Only some of those open positions get posted on the...
-
Resources for Evacuations of Afghans - updated 2024
January 2, 2022
Organizations Helping with additional Evacuations of Afghans: Currently, There are many NGOs made up ex-veterans and AID workers who have made it their mission to help Afghans be safe: Allied Airlift 21, DigitalDunkirk, No One Left Behind, Ark Salus, Society 76, Task Force Pineapple.” Here are some I have been in touch with, that are active 24/7: Follow #AfghanEvac which has become the umbrella organizaitons uniting all of these efforts. The #afghanevac effort is hosting meetings and phone calls with dozens of different organizations and having multiple group chats – conducted on the secret messaging app Signal – to connect with people who have been in contact with Afghans. Check out #afghanevac (https://afghanevac.org/) , #SaveOurAllies on Twitter: “Task Force Pineapple and partners are actively working to find options to get our Afghan allies to safety, and ultimately, freedom.” American veterans have banded together as Task Force Pineapple, establishing a "Pineapple...
-
Helping with additional info for Evacuations of Afghans
September 10, 2021
Hello again, I continue to receive helpful advice and lists of resources and organizations that are helping our friends in Afghanistan. The most important piece of information i received is a "Checklist for Afghans: How to Minimise Risk through Data on Phones/Devices", written in both English and Pashto. Please share this document widely with Afghans who have Western contacts - it is crucial they see this helpful info ASAP: https://docs.google.com/document/d/19GPJDmMLPagNnbumZwmKZGJaIiRMFmHiJKtuvmL6wl8/mobilebasic?fbclid=IwAR09QNYMXh513v2zzkqo877voDfurQ-O339MpaZ9TJUfSSeoCV0qEwIaLio . This very valuable information was obtained from The Crecendo Group, a US and international humanitarian organization that has compiled resources for Support for Afghan Allies. For instance there is a list of SIV and P-2 contact info for some of the larger contractors in Afghanistan that can help former employees no longer employed by such organizations but that still need those contacts to initiate and...
-
Partial List of SIV/ P2 contact info for USAID contractors and USG partners
September 10, 2021
Thanks to Carrie Hasselback, (Dexis) I can share these valuable contact for SIV-P2 visas help. Carrie wrote: In case it is useful to anyone I know in Afghanistan or my friends who have worked in Afghanistan in the past, below I have compiled the SIV contact info for some of the larger USAID contractors. Additionally, the DOS just shared this:"DoS has established a SIV hotline to answer calls. While the line is currently overwhelmed with calls, they are staffing up as quickly as possible. IMPORTANTLY, DoS is sending texts and emails to those SIV applicants who are eligible for evacuation, informing them they should make their way to HKIA, if possible.DoS SIV Hotline: 1-888-407-4747. Alternate number (same message) is 202-501-4444."Deloitte: Contact this email address if your loved ones worked for Deloitte in Afghanistan and need recommendation or HR letters. usdeloitteafghanSIV@deloitte.comChemonics: Individuals who have worked with Chemonics International in Afghanistan can use the following...
-
Help for Newly Arriving Afghans to the US --Go Fund Me and Fundraising
September 2, 2021
It has been a difficult few week as the world watches the situation unfold in Kabul. Many of us are asking, what can we do as individuals while we also call upon our governments to prioritize the evacuation of Afghan women leaders and ensure the protection of women's rights inside of Afghanistan in the short, mid and long term. The Georgetown Institute for Women, Peace and Security have assembled this list of urgent actions that you or your organization can take to save the lives of our Afghan sisters. Make A Donation of Any Amount to Provide Humanitarian Aid and Safe Houses Support humanitarian aid to internally displaced people. Contribute to this GoFundMe campaign, at any level, organized by Afghan activist Samira Hamidi and administered through local volunteers who are getting aid directly to those in need. Support safe houses that are protecting women in Afghanistan targeted by the Taliban. Contribute to this GoFundMe campaign, at any level, organized by the Women’s Regional...
-
Working abroad: How to prepare your finances
August 11, 2019
This article has been written on behalf of Bankrate, by Andrew Paniello, (February 5, 2019) Freelance Writer. As the world becomes more globalized and traveling to distant places has become widely accessible, an increased number of Americans are finding themselves with opportunities to work abroad. However, while these new opportunities can often be quite exciting and rewarding, they all still require a large amount of preparation. Many expatriates tend to overlook the financial planning process of their overseas adventure. In addition to creating a well thought out budget for the trip, there are many other essential details that will need to be accounted for. Fortunately, we have created a detailed guide to help anyone going abroad prepare themselves financially. By making an effort to assure that your finances are well-kept, you will be able to have the life-changing experience that you’re hoping for.
-
Cover Letters reloaded: How to Write them so you get to the Next Level
May 15, 2018
This is one of the best self-help article in my blog: What makes a good cover letter that is helpful for me and the clients? I often get cover letters that merely summarize what is obvious in the CV/resume. When a cover letter is requested, it is not our aim to just give you more busy work. It is an opportunity for you to give us some additional information that may not be in your CV. Or it is a way to have you give the various recruiters that will be reviewing your information to get more info that is targeted to the job ad or position description. The best cover letters are those that address all the qualifications requirements or job specifications in the position description and shows the reviewer how you have that required experience. Here is some important advice for cover letters directed to International Development sector organizations:
-
Tips for Finding your next assignment - Reloaded
January 13, 2016
Tips for Finding your Next Assignment in International Development A few years ago, I was the presenter for the Foreign Policy Association's Global Careers Boot Camp series in Boston. The workshop was about how to "Land a job in International Development" for new entrants, or individuals transitioning from other sectors into the international development sector. This made me reflect about the type of information that may be useful to you, when trying to find your next assignment. I am hearing from many managers in the field that they will be seeking new projects very soon. Recently, there has also been a big push by donor organizations to hire more locals, national workers and fewer expats. This means that there is likely to be much more competition for getting choice positions on fewer projects in the future. Therefore, there will be a need for a smarter approach to applying for international development positions. While some of you may be on my email list and receive my alerts when I...
-
Important Fraud Alert:
August 17, 2015
Fraud - Scam Alert: An individual claiming to represent me or or Aines International has been selling employment help to individuals in Pakistan and possibly South Asian countries, claiming he can procure them jobs, such as USAID, UN, or other International Development sector jobs. He extracts fees for this promise of employment and never delivers. Letters from linda.aines@hotmail.com are fraudulant!This Scam being conducted by someone who sometimes goes by the name of Dr. K. Mehmood, (citizen of Pakistan,) and sends or shows letter or emails from a (linda.aines@hotmail.com ) to give himself glowing references, or bolster his association to me or this firm. Be aware this email address is fraudulent, as well anyone claiming to provide jobs for fees. Any letters, or references, from Linda.aines@hotmail.com is a SCAM -not written by me- and all claims should be doubly checked for authenticity. Any communication or claims on this email address is likely to be written by Mr. or "Dr...
-
New CV Reformatting Service now being offered by Aines International
April 11, 2015
Due to an increase in requests for help with our consultants' CVs/Resumes, Aines International is now offering a resume reformatting service. (For those who want it, a small prepaid fee of $230 will be charged, via PayPal or similar Quick Pay system.) However, we still encourage anyone to reformat their own CV for free and to avail themselves of the advice that is freely given about CV/Resumes on the Aines International website (www.internationalink.net). To obtain the resume reformatting, just send an email to linda.aines@internationalink.net and request the service. One of the most important element of applying for a position with a firm in the international development sector is to have a CV/resume that is easy to review for everyone in the employer's...
-
How Recruiters get in a Bad Mood when Reviewing Applicants
November 13, 2014
Recruiters are on tight schedules and, when reviewing a potential candidate for a job, have to move quickly. This often means taking only a few minutes to scan resumes before deciding on who will be invited for an interview, or who will be referred to the hiring agent. During a recruitment, recruiters are on the lookout for specific candidates with specific skill sets. If they have to try to “guess” if you have that skill set or the experience they are seeking, they will just move on! An applicant may be completely qualified for the job, but a disorganized, poorly-written resume and, one where applicant has buried their experience in a lot of text, will take them out of the running. Though resume writing norms differ from country to country, and sector to sector, there are several common mistakes that professionals make when applying for a position. Here are common mistakes to avoid: 1) Using the same resume/CV and cover letter for every job. It is a fact: job seekers can look...
-
Your LinkedIn profile --- Treat it as your Workplace
May 28, 2014
LinkedIn is a wonderful tool for showing the professional that you are and bringing forth your body of work for employers, recruiters, and colleagues, to see. It is one of today’s most important social network tools of the work place. But remember this: it is not Facebook. Be careful of inappropriate pictures and incomplete work profile. Anywhere you would post your professional experience or resume should be treated like your workplace or mirror you as a mature professional. The majority of people who want to view your LinkedIn profile are bosses, potential employers, recruiters, employees, and colleague, so be sure to show your profile in the best light possible to obtain that next interview or job. Here are some tips to keep your LinkedIn profile in top professional shape– and make sure that you don’t end up in the “reject” pile. Have a Complete Profile and review it often: Many job candidates ask recruiters to check their LinkedIn Profiles in lieu of sending a CV/resume, fully...
-
Ten suggestions for Finding International Development Jobs or Internships
February 9, 2014
In my last blog, I wrote about suggestions and resources for breaking into International Development. I write about this topic because, in my daily mails, I often get emails from professionals, and students, asking how to break in or make the transition into the International Development sector. As a follow-up to my last blog article, here are 10 suggestions for finding International Development jobs or internships:
-
Suggestions and Resources for breaking into International Development
January 17, 2014
In my daily emails, I often get letters from professionals, both entry level or late career, asking how to break in or make the transition into the international development sector. Although an individual may have international experience, this does not guarantee a lateral move or easy entry into the international development sector. The development sector can be attractive to college graduates and also executives weary of the ups and downs of labor market affected by cyclical economic fluctuations. Development sector jobs, which are created and funded by large donor organizations and their contractors, are less cyclical and include the various posts needed for managing/implementing foreign aid, humanitarian programs/projects in developing countries worldwide. Such post may be challenging but they are attractive and even addictive to those who crave adventure, travel and excitement of creating solutions or resources that can make a big difference. It is best to start in your own...
-
How to Have A Better Resume for International Development
July 17, 2013
One of the most important element of applying for a position with a firm in the international development sector is to have a CV/resume that is easy to review for everyone in the employer's organization. That includes the first line recruiters, the Hiring Agent and all the way to the CEO of the firm. In the US, most International Development sector organization seem to prefer the longer, more detailed, chronological format resumes. This is quite different than the short one-page resumes that businesses in the private sector prefer. The employers in this sector also need a set of critical information to be within each professional entries that quickly shows the applicant meets the minimum qualifications requirements listed on the position description. This information is comprised of six items listed in detail below and, as a regular blogger on this site, I will come back to it often as it is an important tool, critical to bringing applicants to the short list of the hiring agents....
-
Aines presenting at Foreign Policy Association program in Boston
April 22, 2012
On Tuesday, May 15, 2012, I will be in Boston providing an instructional program titled "Landing a Job in International Development". The program is being sponsored by the Foreign Policy Association that is offering several multi-city program (also being offered in New York City during April) addressing how careers in international development offer excitement and the chance to work toward the greater good.
-
Meet Linda Aines
December 5, 2011
(a partial biography) Hi, my name is Linda Aines. I am an independent recruiter that specializes in International Development and foreign projects. I am hired by US contractors to USAID, or other large Donor organizations, or government entities that have projects in various developing countries. I own my own business, Aines International that provides recruitment services and some HR services for International Development Organizations. My current involvement in the International Development Sector has gradually evolved over the past 20 years. As an Associate Professor at the University of Vermont (UVM), I became more and more involved in international trade and in developing resources for businesses. From 1990 to 2002, I served as Business and Export Specialist at the University of Vermont (UVM) and developed & implemented an Export Assistance Program for small businesses. The Program served as resource center, which provided marketing and export assistance and education, for...
-
How to Have A Better Resume for International Development
August 26, 2011
How to Have a Better Resume for International Development Job Applications Among the most important elements of applying for a position with a firm in the international development sector, is to present a CV/resume that is easy to review for everyone in the organization you are applying to. That includes the first line recruiters, the Hiring Agent and all the way to the CEO of the firm. In the US, most International Development sector organization seem to prefer the longer, more detailed, chronological format resumes. This is quite different than the short one-page resumes that businesses in the private sector prefer. The hiring agents in the development sector need information that quickly shows the applicant meets the minimum qualifications requirements listed on the position description. This can be easily be shown in the bold headings of each professional entries with a set of quick critical pieces of information that gives the readers critical information. This information is...
Create a Better Resume
for Overseas Development
Good Tips For Sharing Your Overseas Experiences
Sample Resume
