The cost of life abroad

Do you know what currency your salary will be paid in and when you will be receiving your first paycheque? In any case, be sure to have an adequate cash reserve on hand to cover your expenses for a specific length of time.

Also, keep in mind that in some locations, you will be required to provide financial security upfront, such as payment for several months of rent, in order to secure lodgings.

Also, find out which currency is most widely used in your host country. You may want to purchase travellers cheques in the currency in question and bring along a credit card which is widely accepted in the country you are visiting. That way, you can arrange to pay any debts and expenses incurred each month on your card via online banking or have a close contact or financial planner in Canada pay off your monthly debts and inform you of your expenses and balances via e-mail each month.

You should also arrange to open a banking account in your host country upon arrival, making sure that the institution in question is capable of carrying out transactions with your Canadian banking institution.