For the first time since the Great Depression, more Americans left the United States than moved in. Brookings Institution estimates 210,000–405,000 people voluntarily emigrated in 2025 alone. If you're among those planning to go — here's the financial checklist most people skip until it's too late.
The wave is real. Last May, hundreds of Americans paid $500–$1,000 to attend Expatsi's "Move Abroad Con" in San Diego — double the attendance from the year before. They were there to learn about visas, taxes, health insurance, and how to actually move money across borders. The financial part, experts say, is where most people are least prepared.
"I use Wise to send money to Japan. Not an issue. Pretty straightforward. But you will get asked by the Japanese Banking System what the transfer was for so that you won't be liable for gift tax. My recommendation: do a small amount for a test first."
This is the single most common mistake expats make in the first six months. They assume they won't need it — and then discover that almost everything financial (Wise top-ups, brokerage accounts, IRS refunds, Social Security, freelance payments) still flows through a US account.
The problem: many US banks will close your account if they discover you've moved abroad. Charles Schwab, USAA, and State Department Federal Credit Union (SDFCU) are the three accounts expats consistently recommend because they don't close accounts based on foreign address changes and reimburse international ATM fees.
✅ Before you move: Open a Schwab International or SDFCU account while you still have a US address. It takes 10 minutes online and could save you enormous headaches later.
"Consider that there are many American banks that do offer international wire transfers. It may be time to find a bank better suited for your needs rather than working around the bank's deficiencies. 'Go where you are treated best.'"
Once you're abroad, moving money between your US account and your new local account becomes a regular activity. The tools you use matter — fees compound fast, especially on monthly salary or pension transfers.
| Tool | Best For | Typical Fee | Speed |
|---|---|---|---|
| Wise | Regular transfers, multi-currency wallet | 0.4–1.2% of amount | 1–2 days |
| Revolut | Daily spending, currency conversion | 0% weekdays (up to limits) | Instant–1 day |
| Schwab Bank Wire | Large one-time transfers ($10K+) | $0 (ATM reimbursement) | 2–3 days |
| SWIFT Bank Wire | Large amounts where fintech isn't available | $25–50 + FX spread | 3–5 days |
| Remitly / Xoom | Sending to family in specific countries | Varies, often lower for popular corridors | Minutes–2 days |
"If it's a large transfer it might be cheaper to do a bank transfer. But otherwise Wise is good. It's fast and I never had a problem sending money to New Zealand."
💡 Pro tip: Always do a test transfer of $50–100 before sending a large amount to a new account or country. Verify the recipient receives the correct amount and there are no unexpected holds.
Unlike every other developed nation, the United States taxes its citizens on worldwide income — even if you haven't lived in the US for years. This doesn't go away when you move abroad.
What you need to know:
⚠️ Do not renounce your citizenship to avoid taxes unless you've consulted a specialist. The US has an "exit tax" for long-term residents and citizens with net worth above $2M or average annual tax liability above $178,000 (2023). It's called the "expatriation tax" and it applies on the day you renounce.
This surprises almost everyone. Many US brokerages — Vanguard, Fidelity, TD Ameritrade — will restrict or close accounts when they discover you have a foreign address. The reason: US securities laws create compliance headaches for brokers serving foreign residents.
What expats actually do:
🏦 Not sure which US bank survives an international move? Our Bank Checker compares expat-friendly options in 60 seconds.
Check Your Bank →Before you move, have 3 months of living expenses converted and sitting in your new country's currency — accessible immediately. Not in Wise. Not in Revolut. In a local bank account that works even if your fintech card gets flagged.
Real scenario from r/expats: a user moved to Mexico, had $15K in Wise, and Wise froze their account for "compliance review" the first week — triggered by a large incoming transfer followed by immediate foreign currency conversion. Review took 12 days. They had no local cash buffer.
"I only do a couple large transfers a year but it works. Wire transfer is not cheap so I do big chunks rather than monthly. Having local savings buffer is the key."
The wave of Americans leaving is real and growing. The financial preparation isn't glamorous — it's unglamorous maintenance work that prevents catastrophic situations six months after you land. The people who do this checklist have smooth moves. The ones who skip it end up posting on r/expats at 2am from a foreign country, asking why their Wise account is frozen and Fidelity just closed their IRA.
Don't be the second kind. The tools exist. The community knowledge is there. You just have to use it before you actually need it.
💸 Compare transfer costs for your destination — see exactly what Wise vs Revolut vs wire transfer costs for your specific route.
Open Calculator →Sources: Brookings Institution (2026), CNBC Make It (May 2026), WSJ (Feb 2026), r/expats community threads (2025–2026), r/ExpatFinance community threads (2025–2026).