NerdWallet's Smart Money Podcast
What to Know About Managing Money Before Traveling or Living Abroad
Mon, 13 Jan 2025
Learn actionable strategies to tackle credit card debt and ways to manage your money while traveling or living abroad. How can you manage your money while living abroad? What are the best strategies to pay off credit card debt? Hosts Sean Pyles and Sara Rathner discuss managing finances while living outside the US and practical tips for tackling credit card debt to help you make smarter financial decisions. They begin with a discussion of credit card debt trends in the US, with tips on understanding why debt is rising, exploring repayment strategies, and avoiding common pitfalls like high interest rates and emotional overspending. Then, host Elizabeth Ayoola joins Sara to discuss some of the challenges of managing money abroad. They’re joined by NerdWallet writer Craig Joseph and producer Tess Vigeland, who share their experiences living abroad and the things they wish they’d known before moving to another country. They discuss navigating international banking fees, using tools like Wise and multi-currency accounts, and finding credit cards and banks that suit expat needs. They also cover what to keep in mind when filing taxes while living overseas, ensuring you’re prepared for IRS requirements and making the most of your money while enjoying life abroad. Our Credit Card Nerds put in the research to break down the best no balance transfer fee credit cards, including what each card offers and the fine print that accompanies each one: https://www.nerdwallet.com/article/credit-cards/best-no-balance-transfer-fee-credit-cards Compare credit cards with NerdWallet’s free credit card comparison tool: https://www.nerdwallet.com/compare/credit-cards In their conversation, the Nerds discuss: managing money abroad, how to transfer money abroad, avoiding international banking fees, filing taxes abroad, paying off credit card debt, debt repayment strategies, avoiding foreign transaction fees, Wise multi-currency accounts, balance transfer credit cards, international banking tips, expat financial planning, reducing debt stress, paying off high interest credit card debt, emotional side of debt, choosing the best credit card for travel, US expat finances, foreign bank accounts, transferring money internationally, managing expat taxes, multi-currency accounts, credit card debt trends, saving on bank fees, ATM reimbursement tips, tax planning for expats, how to open a bank account abroad, budgeting for living overseas, avoiding wire transfer fees, building credit abroad, expat financial mistakes, international money transfer apps, and international financial tools. To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email [email protected]. Like what you hear? Please leave us a review and tell a friend.
What are the current trends in credit card debt in the US?
And a reminder that one of our goals on Smart Money this year is to talk with more of you live on the podcast to help you with your money questions. So if you want to hang out with Sarah and me for a bit and get some nerdy wisdom, let us know. One more time, leave us a voicemail or text us on the nerd hotline at 901-730-6373. That's 901-730-NERD.
All right, let's get to this episode's money question segment where I'm joined by our co-host, Elizabeth Iola. That's up next. Stay with us. We're back and answering your real world questions to help you make smarter decisions about your money. This episode's question comes from a listener's text message. Here it is. Good morning, money nerds. First, I really enjoy your podcast.
My wife and I are thinking of moving to Spain for a couple of years. I will be working remote. So living there, but getting paid from a US company in dollars. What's the best way to transfer money over to a Spain bank account and not get hit with big fees? Maybe some banks both countries have in common? Apps? And any credit cards you recommend while living there?
To help us answer the listener's question on this episode of the podcast, Sarah and I are having a roundtable discussion with some folks who have experience living abroad. We're joined by NerdWallet writer Craig Joseph and our producer Tess Vicklund.
Craig typically writes about credit cards and travel, but he's here to share his experience managing his financing abroad while living in New Zealand. Tess spent three years living in Southeast Asia, very fancy. And I'm going to talk about my experience living in London and working in the U.S. Welcome back to Smart Money, Craig, and welcome to this side of the mic, Tess.
Oh, delighted, I'm sure. Is this thing on?
You sound great.
Hey, gang, glad to be back.
All right. Our listener and their partner are planning to move to Spain for a few years. Can you all share a bit about your time living abroad and how you prepared for your move? Did you have a formal process in place or did it just kind of happen? Craig, let's start with you.
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