A major international relocation involves a tax adviser, an immigration lawyer, and a property purchase — and most of the guidance available focuses on those three. What is systematically under-discussed is the practical infrastructure that needs to be in place before and during the move: how you move significant sums of money across currencies without losing meaninglessly to bank spreads, how you maintain health coverage during the gap between residencies, how your banking continues to function when your address changes, and how you actually find and verify the right property. These are the categories where poor preparation costs real money rather than theoretical tax efficiency.

The sequence that matters

6 months out
Engage tax and immigration professionals in both countries The order matters: you need advice from practitioners in your home jurisdiction and your destination jurisdiction simultaneously, not sequentially. The UK exit rules interact with the entry rules of your destination. Your UK tax position on departure — crystallisation of gains, pension treatment, IHT exposure — depends on both sets of rules. Do not engage UK advisers and Portuguese advisers in sequence. Engage them in parallel from the start.
4 months out
Open international banking before you move HSBC Expat, Lloyds International, and equivalents require proof of existing wealth, employment, or professional status that is far easier to provide while you are still resident in your home country. Banks apply additional scrutiny to applications from new addresses in new countries. Open the account while your existing address and income documentation are clean and current.
3 months out
Establish your currency transfer strategy If you are purchasing property abroad, you will need to transfer a large sum — potentially several hundred thousand pounds or euros — across currencies. The spread on this transaction at a high-street bank can cost 2–3%. On a £500,000 property purchase, that is £10,000–15,000 lost at the exchange point. Specialist currency brokers — OFX, TorFX, Wise for Business — offer significantly tighter spreads. Establish the relationship and forward contract structure before the purchase completes, not on the day funds are needed.
2 months out
Arrange international health coverage before departure Your existing UK private medical insurance will likely terminate or change materially on the date you establish foreign residency. Your destination country's healthcare system will not be accessible until you have completed residency registration — often months after arrival. The gap is real. SafetyWing Remote Health, Cigna Global, Aetna International, and AXA Global Healthcare all provide international coverage that can be arranged before departure and begins immediately. Arrange this before, not on arrival.
Ongoing
Set up recurring currency transfers for living costs Once you are resident abroad, you will be converting regular sums — living expenses, school fees, property costs — from your home currency to your local currency. A standing order to a currency specialist rather than your bank is worth establishing early. On £5,000/month in living cost transfers, the difference between bank exchange rates and specialist rates compounds to £1,000–3,000 per year.

Currency: the most consistently mishandled part

A family relocating from the UK to Portugal, Italy, or Spain with a property purchase of £800,000 will typically transfer between £500,000 and £1,000,000 in the year of relocation — the property purchase, the initial living costs, the setup costs. At a high-street bank's exchange rate, the spread cost on that volume of transfers is £15,000–30,000. With a specialist currency broker, it is £3,000–6,000. The saving is not marginal.

The three services worth establishing: Wise for day-to-day transfers and holding balances in multiple currencies; OFX or TorFX for the large one-off property purchase (both offer dedicated dealer relationships for transactions above £50,000); and a forward contract arrangement for ongoing monthly costs if you have clear visibility on your regular transfer amounts. A forward contract locks in an exchange rate for future transfers, eliminating the risk of an adverse rate movement affecting your monthly budget in the months after a move when cash flow is already strained.

International health insurance: the gap that catches people out

The health coverage gap during an international relocation is both predictable and consistently underestimated. UK private medical insurance policies — Bupa, AXA Health, Vitality — are typically structured for UK residents. When you establish foreign residency, your insurer may require notification and may change your terms, premium, or covered territory. Your UK NHS entitlement effectively ends when you stop being ordinarily resident in the UK.

In your destination country, you typically cannot access the public healthcare system until you have completed residency registration — which in Portugal, Spain, and Italy can take several months after arrival. Private healthcare is available in all of these destinations without residency, but at point-of-use rates that are significantly higher than insured rates.

SafetyWing Remote Health provides a global health subscription that covers 175+ countries of residence and can be arranged before departure. Cigna Global and AXA Global Healthcare offer more traditional annual international health insurance products with comprehensive cover, higher premiums, and more established claims networks — appropriate for families or individuals with complex health needs who want the most comprehensive cover available rather than the most flexible.

The recurring revenue structure of international health insurance: International health insurance premiums for a family typically range from £3,000 to £12,000 per year depending on coverage level, age, and territory. Unlike a once-off trip insurance premium, this is a recurring annual commitment. Choosing the right product and provider at the point of relocation is worth time — switching international health insurers involves underwriting a new policy, which may exclude pre-existing conditions that developed during the previous policy period.

International banking: open it while you still can

The practicalities of banking during an international relocation are overlooked until they become urgent. When you change your address to a foreign country, your UK bank may restrict your account, require your account to be transferred to an international division, or in some cases close it. Your new destination's banks will require proof of local address and residency before opening an account — which you cannot provide until after you have arrived and registered.

Opening an HSBC Expat account, a Lloyds International account, or a Starling personal account before departure provides a bridge: an account that is designed for internationally mobile individuals, accepts multi-currency holdings, and does not require a domestic address. These accounts become significantly harder to open once your UK address has changed — the documentation and income verification requirements become more complex. Open them while your UK documentation is current.

The practical infrastructure checklist

International health coverage, currency transfer strategy, international banking — three categories where early action saves significant money and stress. We have mapped the best options for each.

Relocation Infrastructure

Frequently asked questions

How do I transfer large sums abroad for a property purchase?

For property purchases above £50,000, use a specialist currency broker rather than a high-street bank. Services like OFX and TorFX provide a dedicated currency dealer, competitive exchange rates, and the ability to fix a forward contract — locking in today's rate for a transfer that will complete in several weeks when the purchase goes through. The difference between a bank rate and a broker rate on a £500,000 transfer can be £8,000–15,000. Establish the relationship and complete their compliance process before you need the transfer.

Will my UK bank close my account when I move abroad?

It depends on the bank and account type. Many UK banks can accommodate customers with foreign addresses, particularly in the EU, but some will require your account to be restructured or transferred. Contact your bank before changing your address rather than after. The safest approach is to open an international bank account before your address changes, so you have a functioning account regardless of what your UK bank decides to do.

How long does it take to get a local bank account in Portugal, Italy, or Spain?

Opening a local bank account in Portugal, Italy, or Spain typically requires proof of local address and a local tax number (NIF in Portugal, codice fiscale in Italy, NIE in Spain). Obtaining the tax number can be done in advance in some cases through the respective country's consulate in the UK. The bank account itself typically takes one to three weeks once you have the required documentation. Do not plan to fund day-to-day living costs through your local account on arrival — you will need an international account in the interim.

What documents do I need to open an HSBC Expat account?

HSBC Expat typically requires proof of identity, proof of current address, proof of source of wealth (employment history, investment statements, or property ownership documents), and a minimum opening balance. The specific requirements vary and can be confirmed directly with HSBC Expat. The key point is that these requirements are more straightforward to satisfy while you are still at your UK address, before the complications of a foreign address create additional documentation requirements.

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This article is for informational purposes only and does not constitute financial, tax, legal, or immigration advice. Service availability, account requirements, and regulations change. Always verify current terms with the relevant providers and seek professional advice for your specific circumstances.