Small Steps Toward a Big Move: Ready for Wherever Life Takes You
The Challenge
Find yourself yearning for greener pastures? You’re certainly not alone.
According to the HSBC Quality of Life Report 2023, more than half of independent decision-makers with assets of at least USD 25,000 across nine diverse markets (mainland China, Hong Kong, India, Singapore, Malaysia, Mexico, the United Arab Emirates, the United Kingdom and the United States) have set their sights abroad. A quarter have firm plans to relocate within the next 10 years, while another 1 in 4 are contemplating it.
Achieving a better quality of life is the key reason for wanting to relocate, cited by more than 7 in 10 respondents. Other top reasons include better climate, access to better healthcare options, reduced expenses and professional development – reflecting the multi-dimensional mental, physical and financial considerations that make up a well-balanced quality of life. Respondents also saw relocation as a way to combat rising costs of living and healthcare costs, both seen as key barriers to achieving their life goals.
“With travel back on the agenda after a long hiatus, customers are becoming internationally mobile again. We want to open up a world of opportunity for them, so they can travel the world freely. We recognise that every international journey starts with fresh ambition - whether someone is working or studying abroad or investing internationally.” notes Taylan Turan, Global Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC.
The Impact
But for many setting off on their next adventure, the checklist of practical considerations can be daunting, with multiple financial, legal and cultural factors at play. These can prove to be a big barrier to realizing those goals.
HSBC’s other research[1] further revealed the key concerns of those planning to move overseas. The implications of paying taxes in a new country and being unable to transfer their credit history (along with the resulting difficulties of setting up everyday essentials such as mobile phone contracts and credit cards) were the top two concerns, cited by more than one in two respondents.
Meanwhile, just under half of those planning to relocate expect a cashflow challenge upon arrival, and are concerned about not knowing how to juggle their financial life between locations.
“Rather than writing off relocation as an unmet ambition because of its complexity, would-be relocators should seek expert support and guidance, starting from the very early stages of consideration. We’re here to remove the complex and often invisible financial frictions that might dampen the appetite for relocation, so more people can pursue and live their dreams abroad,” says HSBC’s Turan.
The Takeaway
International services like digital account opening before you land, access to your credit history abroad, and relocation support are crucial for a seamless transition and complete peace of mind, no matter where life might take you.
With a full ecosystem of ‘beyond banking’ partners, including relocation specialists, tax advisors, education consultants and student accommodation agencies, HSBC can ensure you’re connected to top-tier professionals for services you can trust.
First, understanding differences in the cost of living is key. HSBC’s International Services can help you understand how much more – or less – it will cost to live in your new destination and put your financial plans in place.
Next, opening a local bank account, preferably before the move, is crucial to getting up and running from day one. HSBC Global Money Transfers lets you send money overseas faster and fee-free, with just a few taps on the HSBC Mobile Banking app.[2]
“And it doesn’t stop there – our round-the-clock services help you settle into your new location, giving you more time to enjoy your new life, and feel at home wherever you are,” Turan adds.
“Whether choosing the right school or managing your investment, HSBC’s education and wealth solutions help relocators build a meaningful quality of life anywhere in the world. We take care of the details so you can focus on the big move.”
Discover the HSBC Quality of Life Report 2023 here.
To find out more about HSBC’s relocation services and global insights, please visit HSBC International Services or speak to an HSBC advisor today.
