Setting up your finances in Bahrain
Before you move to Bahrain, it’s a good idea to start thinking about how you’ll manage your money once you arrive.
To help, we’ve put together some useful tips on things you can do to get your finances ready for when you land.
To open a new bank account in Bahrain, you’ll need to get a residency visa. Once you have acquired this, you should be able to open a bank account based in the city you are living in with relative ease.
Explore more: Opening an international account
From time to time you may need to transfer money while you’re living in Bahrain. With HSBC Money Transfer you can quickly and securely undertake a range of tasks, such as paying your utility bills, sending money overseas, managing your savings and investments and even transferring money between your global accounts.
With up to three different types of transfer available, simply choose the method that suits your current needs best.
Explore more: HSBC Money Transfers
When moving to Bahrain, you may need to borrow money to cover some of the initial costs of relocating. These may include upfront rent or accommodation fees, school fees for your children or getting a car.
With a loan from HSBC you can borrow up to BHD 60,000 to cover a range of personal expenses, with APR starting at 6.56% and a repayment period of up to 7 years. Premier and Advance customers can also take advantage of preferential rates and terms of lending.
Explore more: HSBC Loans
If you’re planning to stay in Bahrain for the long term, you may want to think about how living and working here could affect your pension.
If you decide to retire in Bahrain, you probably won’t be entitled to a state pension as an expat, so you should explore your private pension options to help ensure that you are well provided for in your later years. On the other hand, if you’re planning on only living in Bahrain temporarily, you may be able to keep adding to your pension pot in your home country while working here.
Our wealth management services can help you to understand your options, including any tax implications they may entail.
Explore more: Financial planning and wealth management services
While planning how you’ll look after your money while living in Bahrain, don’t forget to sort out your finances before you leave. Do you need to close down any accounts or tie up any last repayments?
Also, make sure you’re aware of how financial products work in Bahrain. They may differ from your home country, so it’s important to do your research.