Once you move, you'll become a non-resident Indian. This will change how you bank, invest and pay your taxes. You can see why getting your finances in order is so important!
An international bank account will allow you to view, manage and transfer money between global accounts, wherever you are. To make things even easier, you may be able to apply for an overseas account online and access multiple currencies ahead of time.
Having an account set up means you can transfer money across straight away, so it’s ready if you're planning to move overseas.
We can help you open an HSBC overseas account in over 30 countries and regions, including Australia, UK, and US.
You can find more tips in our checklist for moving overseas from India.
How much and how often you'll need to transfer may determine the best way for you to move your money. You can send money through:
An international account will give you access to money in different currencies whenever you need. With an international money transfer you can transfer a set amount at a set time and at regular intervals.
You may also be able to link eligible HSBC accounts through HSBC Global View. There, you'll be able to view and manage all your account in one place online. Once you've linked your accounts, HSBC Global Transfers enables you to transfer money between accounts in real-time rates without a fee.
Outward foreign currency Telegraphic Transfers (other than foreign currency non-resident deposit accounts) will incur a charge of 0.3% of the transfer value. Foreign currency cheques charges will be 0.5% of the INR value.
Two of the bigger things to think about will be your pension and tax.
Before leaving India, you'll need to collect an Income Tax Clearance Certificate (ITCC) to prove you've paid all your taxes. Any income earned outside of India, whether that's rental income or capital gains, will be taxed based on your residency status. If you have any questions, best to talk a tax adviser who's familiar with international tax systems.
If you'll be working in your new home, you may have to make contributions towards a pension. How this works with your current pension will likely depend on your longer-term plans and doesn’t have to be sorted out straight away. Still, it's worth being aware of this as you make any pension contribution arrangements in a new job. Make sure you update your Indian pension and investment providers with your new address, including any former workplace pension schemes.
Before you leave, are there changes you want to make to your current financial situation? Perhaps there's a credit card you don’t need, or bank account that’s no longer required.
As an NRI, any of your existing savings accounts will need to be converted into a non-resident ordinary (NRO) account. This will allow you to continue with any financial commitments you may have in India, such as a home loan.
The change in your residential status can also affect your current investments and insurance products, and your risk profile, too. Remember, not all financial products will work identically in different countries and regions. Before signing up to anything make sure you’ve done your research. HSBC Premier customers can get in touch with their Relationship Manager for help in tying up some of these loose ends.
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