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Setting up your finances outside of Canada

Before leaving Canada, one of the main things to consider is how you'll manage your money in your new location.

Wherever you're moving to, there are some steps you can take to get set up before you arrive.

Open a chequing account

You may be able to set up a chequing account before you arrive in your new country or territory. This could either be a chequing account you apply for online, or an international account that allows you to access multiple currencies.

Having an account set up means you can transfer money into it, so it's ready when you arrive.

Look at the best way to transfer money

How often you'll need to send money, and how much you'll need send, will determine the best way for you to move your money.

If you're an HSBC customer, you can manage your global HSBC accounts using online banking. You can also move money between your globally linked accounts and transfer up to USD 200,000 or equivalent currency amount per day.

Explore: HSBC Global View and Global Transfers

Think about what you need

Are there any changes you want to make to your current financial situation before you leave? For example, closing an old credit card or chequing account.

When you arrive, think about what you'll need. Remember, not all financial products will be the same in different countries and territories. Before applying for anything, make sure you've done your research.

Consider your pension and tax

Two more important things you'll need to think about when you move are your pension and tax.

You may need to tell the tax office you'll be moving and living outside of Canada for a period of time, or permanently.

If you'll be working in your new country or territory, you may need to make contributions towards a pension. Think about how you want this to work with your current pension (if you have one). This will likely depend on your longer-term plans, but it's worth considering before starting a new job.

Explore more

Heading overseas? Find out about the fees and charges when using your card in another country or territory.
Read our guide to help decide if it’s better to pay in local currency or Canadian dollars.
Find out how to send money internationally from your HSBC account.