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by JR8 » Mon, 19 Oct 2015 4:34 pm
IME a credit record doesn't follow you, you have to build it afresh each country you move to. Actually that raises an interesting question, who has a right to access such info especially x-border?
I experienced this first-hand when I got expatted to the States. A place where it seems without credit and credit cards you are almost a non-person. Try hiring a car, or booking a flight or hotel and you'll see what I mean.
A couple of months in the door there and you'll be showered with offers for credit and credit cards. There is a whole strategy of starting off with any credit card, the offers initially will be horrible, maxing it, paying it off in full each month, then after say 4-6 months taking one of the more attractive 'You've been pre-approved for $50k credit' offers that comes along. After a year you begin to financially exist, after two you might be on something near to respectable financial terms.
A couple of things worth considering. Before you move make sure you have all the bank cards you expect to need. It's a *damned* sight easier doing this pre-move than trying to get new accounts/cards once you're abroad. Opening a UK account from abroad these days is almost impossible IME....
- I last did it c5 years ago and it required embassy certified copies of ID etc, and even then I had to open it within a UK 'tax-haven' jurisdiction. Such accounts tend to come with fat charges/min balances etc. No regular mainland bank would touch me*.
- Even now I'd like to move UK bank but I can't unless I go along some sort of extortionate 'private banking' route. It seems most banks are simply not set up to handle the latter-day x-border regulatory requirements... and the few who are will charge you through the nose.
There can be mileage in having an account with a UK bank back home that also has a presence in SG. That way when you get to SG you're a known quantity. That's if you want local SGn fin products/facilities. HSBC is one example. StanChart is another possibility. I've seen people here discuss how Amex do this too...
Note: I was looking again last week into what UK bank account options are available to me and for example I noted down that HSBC would steer me towards their 'Expat account', and for that I'd have to maintain a minimum depo/investment balance of GBP60k... and that's before all their inevitable fees!
p.s. Welcome to the forum Stoof!
* If you're not on the Electoral Roll whilst abroad you fall at the first hurdle. >Side-thought: Can you register on the Electoral Roll c/o a relative, AND not increase their council tax?... That way lies an avenue to maintaining some semblance of UK presence plus you maintain a right to vote.
'Do it or do not do it: You will regret both' - Kierkegaard