Your guide to expat life in Indonesia

It's best to have your new banking arrangements in place before you move, as local banks usually require a credit history and proof of address, which you won't have when you arrive.

To avoid the difficulties of opening an account in a new country, you can open an offshore account before you leave home. This will give you easy access to your money when you arrive.

If you use a bank with a global network, they may be able to open a local account and transfer your credit history so everything is ready for you on the day you step off the plane.

Many expats choose to open an offshore bank account. Offshore banking simply means you have a bank account in a location outside the country you're living in. This location is usually a low-tax jurisdiction that offers economic and political stability.

Having an offshore account gives you the opportunity to keep your money in a central location, and allows you to stay with the same bank, wherever life as an expat takes you. It also makes it easier for you to access your finances and move money around the world.

For some expats, one reason to open an offshore account is because it gives them a tax-efficient way to save and invest, but these potential tax benefits very much depend on your circumstances. It is your responsibility to disclose your income to any relevant tax authorities

Before making any decisions about your new banking arrangements, it's important to get advice from someone with experience in expat finances. The sheer variety of banking services targeted at expats can seem daunting, but a good financial adviser – or a bank that specialises in expat accounts – can help you make the right choices.

Educating children abroad can be an expensive business because you can’t always send them to the local school. Even if your employer pays for private schooling as part of your relocation package, be prepared for significant extra costs, as international schools tend to have lots of extracurricular activities.

If you want your children to be educated in your home country, you’ll have to budget for boarding fees, along with flights so they can join your family at the end of each term.

Planning ahead to cover the cost of university fees is also important. If one of your children applies to study at a UK university while you’re living overseas, you can expect some rigorous questioning as to whether they qualify as a home-fees student, even if they’re a British national.

With the right protection in place, life-changing events such as job loss or a serious illness don’t have to be financially crippling for you and your family.

There’s a wide range of policies on the market for everything from income protection, critical illness cover and life insurance to private medical insurance and travel insurance. As an expat, you want cover that’s portable – so it moves with you if you move to another country or return home.

If you’re relocating with your company, check the conditions of your benefits package carefully to see if you need to take out additional cover. If you’re self-employed, looking for work or retired, the responsibility to protect your family sits squarely on your shoulders.

Being an expat can affect your pension. If you can’t pay into a pension in your home country, you’ll need to think about other options. Portability is key as you should avoid creating small pension pots in numerous countries around the world.

Needless to say, this is a very complex area, and expert advice is vital. There are many factors to consider, including the benefits offered by your existing pension, your plans for the future, the tax regime where you’re based and the country you expect to retire to.

Many expats have property, possessions, investments and bank accounts in more than one country. Inheritance laws vary from country to country and are often highly complex. But with careful planning it’s possible to minimise the inheritance tax your family has to pay.

Consider making a tax-efficient will in your home country, your country of residence and any other country where you have substantial assets. If you have more than one will, make sure they tie in with one another – and that they clearly state who is responsible for dealing with your estate (your choice of executor is crucial), who is responsible for paying what tax where, and how any liabilities, administration expenses and tax should be paid.

Holding your wealth in an offshore location can make life a lot easier. By using specialist offshore-based solutions, many potentially difficult probate issues can be avoided.

When you’re planning to move abroad, it’s important to know how much money you’ll need to enjoy the same lifestyle as the one you have currently. This will help you negotiate your salary (if you’re moving for a job), make housing market comparisons and give you a sense of what your everyday expenses will be.

Healthcare is something you shouldn’t overlook. If you’ve relocated with your job, medical cover may be provided as part of your benefits package. If it isn’t, and there’s no reciprocal agreement between your home country and the country you’ve moved to, you may need to take out private medical insurance.

As an expat you may have to budget for some additional living costs, such as employing a driver and domestic staff or joining business and social clubs. There could also be bills to pay back in your home country. If you let out your house, for example, you’ll probably have to pay management fees to a letting agent, along with ongoing maintenance costs.