Become a digital nomad – living and working abroad

May 24, 2022 Claire Wheatley

Now that the world has completely embraced virtual working it is much easier to become a digital nomad and work from anywhere in the world. But what are the advantages and disadvantages of working and living abroad? In this blog, you will learn:

· How to become a digital nomad

· The benefits of being a remote worker

· The considerations of being a remote worker

· Handling personal finances whilst overseas

How to become a digital nomad

A digital nomad is someone who works remotely online and who is usually travelling at the same time. It is possible to become a digital nomad if your work can be done remotely over the internet and you have the flexibility or choice to be based anywhere in the world. If you are an employee, you will probably need the agreement of your employer to work remotely online. If you are elf-employed, you are only limited by your own motivation and your travel budget. To be successful as a digital nomad, you will need to access a robust internet connection in the places you are visiting, otherwise working remotely may become more of a pain than a pleasure.

The benefits of being a remote worker

As a remote worker or digital nomad, you get to experience new countries and cultures whilst continuing to earn money, grow your business or advance your career. Becoming a digital nomad when you are an employee means that your opportunity for travel isn’t limited by the number of holidays your employer gives you. You could also meet new people, make new friends and perhaps even master a new language.

For remote workers who are self-employed, you may be able to save money on your monthly bills by relocating on a temporary or more permanent basis to somewhere else in the world where the cost of living is lower.

One of the greatest advantages of being a digital nomad is the flexibility to live your life however you wish, giving a sense of freedom that office-based employees do not have.

The considerations of being a remote worker

Working remotely can have some disadvantages over traditional roles. It is easier to become isolated and disconnected from team members if you are unable to see them in person because you live in another country. For some people, remote working can also be less productive than being in the office, although that applies regardless of which part of the world you are in. However, the time zone could contribute to that if you are always having to wait for colleagues or clients in other parts of the world to get back to you.

When you work abroad, you will need to ensure that you have the right visa, work permits and other documentation. It’s also important to understand the tax implications of becoming a digital nomad. It can be tricky to establish the tax status of someone who is constantly moving around the world but that doesn’t mean that you can get away without paying any taxes. You will need to register yourself either in your birth country or somewhere else you designate as your home country for tax purposes. It can be a legal and taxation minefield, so it pays to get expert advice on your specific situation.

Handling your personal finances whilst overseas

1) Open an overseas bank account

You could open a bank account in the country where you are currently living, but if you aren’t planning to stay very long, you could end up with a string of bank accounts all over the world which is difficult to manage. If you open an overseas account, you can receive client payments or your salary in local currency and only convert it when the rate is favourable.

2) Use a credit card that doesn’t have foreign transaction fees for making payments

If you can find a credit card that allows you to make payments in currency without incurring additional transaction fees this can be the simplest way to manage your overseas finances. However, often the exchange rates on such cards are unfavourable so you’ll end up paying more in fees.

3) Keep a supply of currency for smaller expenses such as coffees, taxis etc.

For smaller costs, you can access currency from an ATM using your debit card, but if you have larger costs that you need to pay in foreign currency, you could consider using the services of a specialist currency exchange service.

The best way to avoid excessive foreign currency costs is to use a specialist currency broker who can offer more favourable rates, lower fees and guaranteed secure delivery of your funds when you need them Moving Currency are experts in helping people all over the world to have quick and easy access to currency for personal and business needs.

Get in touch and our team will be happy to answer any questions you have or open an account online in just 5 minutes today.

Other articles you might be interested in:

How to work with freelancers and remote workers based overseas

How to grow your business globally

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