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Home • News • Latest Moving News Get your finances in order before moving abroad

Finances are the most important part of international relocation plans, and money woes can be devastating for people as they settle into new countries. Without proper fiscal planning, expatriates are left without any means to resolve their issues. 

Your finances should be your primary concern before your international moving company arrives to ship all of your belongings. Read the following tips to help you get your money in order so you do not have any problems when you move abroad. 

Have two bank accounts
Expat Women writes that you should have two bank accounts – one in your old country and one in your new home. The news source points out that some financial issues can take months or years to resolve, so you should have an account for the correct currency. If you plan on returning to your nation of origin, the secondary account is a necessity so that you can cover expenses like taxes and loan payments. 

Additionally, a new account should be opened in your home country. Expat Women recommends having enough savings to live off of for three to six months. A substantial safety net is very important when moving abroad. If you do not have a job or a work visa, it could be months before you find steady employment. Find a bank with reliable currency conversion services to avoid any potential headaches. 

Seek professional assistance
Tax laws are difficult to understand without the proper training. Many people are not aware of how their incomes are affected by government regulations, and expats suffer from even greater confusion. Every country has different tax rates, and the policies are not always clear. 

Hire a financial advisor who can explain the different taxes of your new home country. An accountant or a consultant can clarify any confusing points so you know how much you owe in taxes. Additionally, you should not try to handle your taxes on your own – use professional services when tax season arrives. 

Decide what to do about credit
Of course, you will need a credit card in your new country, but you need to decide if you will keep an active account in your native land. Expat Women recommends keeping one in case you decide to return home. However, you are at risk of identity theft and other fraudulent activities if you do no actively watch the account. Weigh the options and decide if you truly need a credit card for a country you might not return to.

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Home • Blog United Van Lines 2012 study: State lost more people than it gained in Saginaw, Bay, Midland counties

View full size In this photo, Dave Hernandez, 49, a driver at Stevens Worldwide Van Lines wraps furniture in protective furniture pads and stacks it in a moving van. Melanie Sochan | MLive.com 

SAGINAW, MI — United Van Lines moving trucks carried Saginaw, Bay and Midland county residents to new homes outside Michigan more often than to homes in those three counties from outside of the state last year.

Though the numbers are not comprehensive, United Van Lines Vice President Carl Walter says the data accurately reflects trends.

“As the nation’s largest household goods mover, United’s data is an accurate reflection of the overall U.S. moving trends,” Walter stated in the release. “Tracking the number of inbound and outbound domestic moves helps provide insight into overall migration trends.” stevensworldwidevanlinessaginaw.JPG 

 

 

Barb Muessig, marketing director for Saginaw-based Stevens Worldwide Van Lines, said the company compiles similar data, though officials declined to share specific numbers.

Muessig said Stevens Worldwide Van Lines’ 2012 data shows similar trends to the United Van Lines study with regard to inbound and outbound migration.

“We see more people moving out of our counties (Saginaw, Bay and Midland), out of state, and we see less people moving from out of state into those counties.”

Still, the company sees bright spots for the Great Lakes Bay Region.

“We are seeing movement in the residential markets, and also with some of our corporate clients, like the Dow Chemical Co.,” Muessig said. “We were also excited to help with the move to the new airport — a nice addition to the region and a sign of confidence.”

Tom Darger, president of the Midland County Board of Realtors, couldn’t speak to inbound and outbound migration but praised the health of Midland County’s real estate market.

“I don’t have inflow, outflow data for Midland County, what I can tell you is we’ve had a very healthy real estate market,” he said.

Darger said agents with the Midland County Board of Realtors sold 927 houses in 2012, up from 844 in 2011.

“It’s our best year since 2005 in Midland, in terms of total houses sold.”

The 36th annual United Van Lines study shows Michigan is one of 11 states with high outbound migration.

According to the study, Bay County had 15 inbound and 24 outbound moves, Midland County had 79 inbound and 104 outbound moves, and Saginaw County had 16 inbound and 40 outbound moves. United Van Lines tracks all household moves handled by United Van Lines within the 48 contiguous states and Washington, D.C.

According to the study, the top five locations to receive new residents in 2012 were:

  • District of Columbia
  • Oregon
  • Nevada
  • North Carolina
  • South Carolina

 

And the top five states for outbound migration in 2012 were:

  • New Jersey
  • Illinois
  • West Virginia
  • New York
  • New Mexico

United Van Lines classifies states as having high inbound migration if 55 percent or more of the moves are going into the state, and classifies states as having high outbound migration if 55 percent or more moves were coming out of a state. A third classification, balanced, is reserved for states in which the difference between inbound and outbound migration is negligible.

Stevens Worldwide Van Lines Chief Operating Officer Joe Bisker said the company feels confident in the region.

“Stevens Worldwide Van Lines has been part of the region for 108 years, and we’re here to stay,” she said. “We have a strong base here and offer services, jobs and encouragement across the region. In fact, we are just in the midst of a major renovation at our headquarters here in Saginaw County. We are optimistic about the future, and we recognize the need to be positive and to look for ways to reinvent how we do business.”

Heather Jordan can be reached at             989-450-2652       or heather_jordan@mlive.com. Follow @HeatherLJordan

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Credit company is heading back to its home state

FICO, the industry leader in credit scores and data analysis, was originally headquartered in California. After some corporate restructuring, the company decided that moving out of state to Minneapolis, Minnesota, was in its best interests. Now, FICO has chosen to move back to its home state and will open new headquarters in San Jose. Chuck Reed, the mayor of San Jose, said that FICO will benefit from the city’s ample resources. 

“By returning to its roots in Silicon Valley, FICO will have greater access to talent as well as global business and technology partners,” Mayor Reed said in a statement. 

Many businesses are motivated to by the same factors that spurred FICO to return to its roots. It is easier for companies to expand when they are in close proximity to valuable resources like potential partners, global distribution channels and a strong workforce. Many enterprises offer moving assistance so that it can retain its best employees during the transition. 

Corporate relocation companies like Stevens Worldwide Van Lines ensure that excellent employees don’t have to face any problems during their moves. Thanks to expert packing, storage and shipping services from Stevens, workers can easily transition from their old residences to their new homes. 

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Airline moving out of state to Minnesota

Pinnacle Airlines recently announced that it’s moving out of state. The company will move from Memphis, Tennessee, to vacant space in the Minneapolis-St. Paul Airport in Minnesota. President and CEO John Spanjers said that financial issues were the primary motivators for the relocation. 

“We had the responsibility to explore every aspect of our business to find opportunities to reduce costs, including evaluating our property leases, to find the most economical options for Pinnacle,” Spanjers said in a statement. 

According to the Star Tribune, hundreds of Pinnacle’s employees will be moving with their employer. The trip from Memphis to the Twin Cities isn’t short, so the workers will require plenty assistance when the time comes to pull up their stakes and hit the road. 

When businesses undertake massive moving plans like Pinnacle has they usually offer some help for their employees. For instance, some enterprises hire corporate relocation companies so that families can quickly move from their current homes to their new abodes. 

Stevens Worldwide Van Lines offers reliable corporate relocation services. Employees can rest assured that their prized possessions are in safe hands when they work with Stevens. Professional movers can pack and ship every belonging so that workers can focus on acclimating themselves to a new environment.