Ways to Experience a Financial-Stress Free Travel Abroad
A stint abroad is everybody’s dream. For work, holidaying or even study, an exposure to the world outside India is a matter of pride and happiness for most of the households across India. However, for the first timers it is an anxious period. You make sure you do not forget anything; ticket, passport, your favorite T-shirt, gifts for friends and relatives abroad, kisses for everyone at home, goodbyes for friends etc.
However, you just missed something very important and it is not something you can take with you. You just forgot to ensure that your financial liabilities are taken care of in your absence.
Things to Do Before Packing
Therefore, if you are planning to go abroad any time soon make sure you do these things to be financial-stress free.
Automate Your Recurring Investments: You are in a foreign country holidaying or maybe working. Whatever you are doing it is difficult to pay your recurring investment commitments from there. It is matter of annoyance too. Imagine getting a call from your fund manager while bungee jumping. Yes, it is truly annoying!
Therefore the best option is to automate your accounts. Give standing orders or ECS (Electronic Clearing System) to pay all the recurring investments during your stay abroad. Standing orders means to give instructions to your bank so that money from your account is transferred to another account at a pre determined time. You can use standing orders to pay for all your utility bills, repayment of loans, and other investments.
Keep Sufficient Funds in Banks: Remember that once you move out, it is hard to operate your accounts in Indian banks. 
Therefore check that your account has the sufficient balance in order to execute all the standing orders till you return. Check with the maturity dates of your investments and the dates when you can avail your income from these investments. Make arrangements for its transfer to your account without your presence.
Inform Your Bank: Notify your bank about your travel abroad. Make sure that you can access your accounts from outside India. Ask your banks for assistance if you have any difficulty with online banking. In addition ask them to provide a contact person at the bank whom you can communicate if any emergencies rise.
Track Your Investments Online: Ensure that you are able to track all your investments online so that you can be updated about the status of your investments in India. Without it, you will be completely out of touch with your own investments once you return. This might affect your investments and you stand to loose money. Modern financial institutions provide latest technology to track your demat account, bank account etc.
So, keep tracking your investments otherwise there won’t be much to track!
Start NRI Account: If you plan to stay abroad for a long time, it would be better if you start an NRI account in a bank near your home. This way you can fund all your investments back home by utilizing NRI money transfers to India. Often interest provided in India is higher than abroad and it is better to put your savings in NRI accounts.
Manage household expenses: If you are living alone it would be wise to cut every expense at home in your absence like Cable, newspaper etc. As you will not be at home for a period why should you pay for all those expenses? Therefore make sure to cut down these services till you come back.
On the other hand, if you have family make sure that they have access to fund to face any emergency in your absence. Give the details of the contact person at the bank to your family. If they have any doubts or difficulties they could contact her and enquire about the same.
Guess you are now ready to fly. Bon Voyage!
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