50% foreign citizens moving to India have no idea to manage finances, says HSBC

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The products and services are available across 10 countries and territories: Australia, Canada, Mainland China, Channel Islands and Isle of Man, Hong Kong, India, Singapore, UAE, UK, US.

The study said amidst inflationary pressures and rising cost of living, 26 percent of international citizens relocate to India for stability for their family, 23 percent move due to improved technology which means they can work from anywhere, and 20 percent relocate or are planning to relocate for a better lifestyle. However of those who have already relocated, 67 percent respondents said they got no help in financial management. Whereas, for those who are still planning to live, work, or study in India, one in every two international citizens have said that nobody helped them feel financially prepared to relocate.

Further, it added that nearly 62 percent of the respondents, who are considering moving to the country, agree that finding the right financial services to suit their specific needs is a matter of worry.

More than half (53 percent) of the respondents who are planning to move to India (to live, work or study) expect a cash flow crisis upon arrival, the study said.

Commenting on the study findings, Taylan Turan, Group Head of Retail Banking and Strategy, Wealth and Personal Banking at HSBC, said, “Moving abroad is exciting and daunting, but managing your finances internationally shouldn’t be a struggle. It’s clear from our research that some people get caught out on the financial front, which can really impact their ability to settle in their new home.

"Banking across multiple locations can make it tricky to stay on top of your finances; there’s a lot to think about. To be set for success, people need to be able to open a bank account before they move overseas and see their bank accounts in one global view. Beyond banking, the tax implications of relocating abroad can also play heavily on people’s minds, so help from tax planning advisors is crucial. The right financial support can help reduce the time people spend worrying about money matters, and instead make more time for them to enjoy their new life."

"Even as technology opens up opportunities for more people to become digital nomads and people start to move across the globe again, financial experience of international citizens may not be all plain sailing," the study said.

In 2020, the International passenger traffic dropped by 60 percent reducing air travel totals back to 2003 levels.  However, the study said, in 2022, the air passenger traffic reached 74 percent of pre-pandemic levels and is expected to make a full recovery in 2023.