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Money on the Move: A Financial Survival Guide for Ghanaian Expat Workers

06 Sep 2023


Packing up and leaving the country isn’t as simple as some may think. It can be among the most daunting things that you can do in your life. Managing your finances alone in a completely foreign land is a major element in this. Paying bills, investing, and managing money transfers to Ghana will be some of your major financial challenges.

According to a recent Mind Health Study by AXA, expats are more likely than natives to experience negative effects from money problems on their health and wellness. In fact, almost 35% of expats reported worrying about their financial security.

Here are some useful suggestions to assist you in managing your own money while residing abroad, in case you're trying to lighten the load somewhat.

Tips on Financial Survival for Ghanaian Expatriates

Watch the Currency Exchange Rates

When you receive your salary in local currency, the conversion can really result in you receiving pay that is much different than what you would receive at home.

Do extensive research into how the currency you'll be utilising has changed over the past few weeks and months before moving to manage this. Potential dangers can be greatly reduced by having a solid understanding of the market and then keeping a careful check on how the exchange rate develops.

Register for a Local Bank Account and Enable Online Banking

Most of the time, there is nothing stopping expats from maintaining their local bank account in their home country. It can actually be worthwhile to have your current accounts and possibly even other assets, like real estate if you don't intend to stay overseas for an extended period of time. However, international bank fees can mount up rapidly. It is important to have a bank account in your new place of residence because it will make payments easier, quicker, and less expensive.

The easiest way to get ready for a new account is to gather all the paperwork you might need to open an account. This mostly includes a current passport, visa, and evidence of income or job. If it is your regular need to send money to Ghana for family, it is advisable to get knowledgeable on the matter.

Think About How the Change Will Affect Your Pension

A great method to secure your financial future is to contribute to a pension actively. If you're relocating abroad, be sure to figure out how to continue contributing to your voluntary pension or decide if you'd prefer to create one from the beginning. If your employer has an HR division, ask them to assist you in locating a pension provider in your new area.

Purchase Travel Health Insurance

Expat health insurance should be your top consideration if you're going to a country where healthcare isn't partially or entirely covered by the government. If you're not used to paying for healthcare, this may appear expensive, but it will end up saving you money. Healthcare is not as expensive in Ghana as it is in developed countries such as the UK, Canada, or Australia.

A simple doctor's appointment can cost a lot of money in some local systems, making health and dental treatment unpredictable. Finding a comprehensive health insurance policy that will help to prevent large, unexpected expenditures is a surefire method to stay on top of pricey medical expenses. It is crucial to research what health services are available in your area well before you arrive.

Create an Emergency Fund

Additionally, you should make sure to have an emergency reserve because unanticipated costs might ruin your finances. Create an emergency fund that can pay for at least three to six months' worth of expenses to ensure your physical and financial safety. You will be shielded from financial shocks and given peace of mind by this safety net.

Avoid Lifestyle Inflation

Avoiding "Lifestyle Inflation" is something that every expat needs to be aware of. It's simple to be caught up in the trap of overspending when you have a high income and a showy lifestyle. Always save some money aside so you can send money to Ghana online to support your family in need.

Watch out for lifestyle inflation and keep your eyes on the prize when it comes to money. Live within your means and make investments in your future, always.

Keep Up with Industry Trends

It's essential for expats to stay up-to-date with market developments on a worldwide scale. Keep up with market developments, currency swings, and investment opportunities. Being knowledgeable will enable you to make wiser financial decisions since knowledge is power.

Explore Investment Options

Investment is the key factor in deciding the graph of your success. You should make prudent investments to empower your financial status. Explore mutual funds, invest in the local stock market, or look at global investing opportunities.

When it comes to investing, be sure to diversify your portfolio and avoid putting all your eggs in one basket. Invest in a variety of sectors, asset classes, and geographic areas.

Bottom Line

Always maintain discipline and devotion to your financial goals since these are the keys to financial success. Maximise your time as an expat by making the correct choices today. One such choice is ACE. Sign up on ACE to enjoy affordable, quick, and secure cross-border transactions. Plus, your first online money transfer to Ghana will be absolutely free as the firm offers its new customers a welcome bonus of zero fee on their first transaction.

FAQs

What is the best way for a Ghanaian expat to send remittances to their country?

Online money transfers and mobile banking options offer fast and convenient remittance solutions.

How can I plan for my retirement while leaving my country?

Invest in retirement savings accounts or pension plans in your host country if you wish to retire there.

How can I build a good credit history while abroad?

Use your credit cards responsibly and pay your debts on time because it will build a positive credit history for future use.

What insurance considerations should I keep in mind?

You should explore specialised insurance policies that provide coverage for potential risks associated with the host country or job industry.

Will cross-border taxation be worrisome for me?

It is advisable to seek professional tax advice from experts familiar with both Ghanaian and host country tax laws to help you avoid double taxation.


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