Best Financial Steps to Take When Returning to the U.S.

Returning to the U.S. after residing in another country is thrilling and difficult to cope with. In case you disappeared in a few months or years, then you have to think about how to resume the U.S. financial system. You may need to deal with overseas accounts, learn about new tax rules, fix or update your credit, and become used to U.S. banking and insurance rules again.

Apps like Beem, which helps you keep track of your money, set budgets, and deal with unforeseen costs, can be quite helpful during this time of change. Beem helps people who are moving back to the U.S. adjust without worrying about money by giving them real-time information and Everdraft™. This article shows you the crucial financial steps to take when returning to the U.S. so that you are ready, organized, and sure of your money from day one.

Step 1 – Reestablish Your U.S. Bank Accounts

If you closed your U.S. bank accounts while living overseas or allowed them to go inactive, one of the first things you should do is reactivate them. To be paid, do business, set up utilities, and build up your financial presence again, you’ll need an active U.S. bank account. Things to Think About When Picking a Bank

• Find banks or credit unions that offer:
• Monthly fees that are low or none
• Strong banking on the internet and on mobile devices
• Access to ATMs around the world
• Options for deposits that are flexible
• Policies for converting money that work well

Choose an account that lets you send money from other countries to the U.S. cheaply if you are bringing money back into the U.S. Moving back typically means that you have to pay for things like apartment deposits, transport charges, reactivation fees, and more at the same time. Beem’s Everdraft™ can help you get cash right away if you need it while you wait for your money to clear.

It helps you avoid overdraft fees and pay for important things without having to meet standard credit restrictions. Read about 5 Costly Mistakes When Choosing Bank Accounts.

Step 2 – Update Your Address and Contact Information

When you get back to the U.S., be sure that all of your important accounts have your new address and phone number. Where to Change Your Address:

• Credit cards and banks
• The IRS (Form 8822)
• U.S. Mail forwarding through the Postal Service
• Employer or payroll systems
• Companies that sell insurance
• Services by subscription
• State DMV (for getting a license and registering a car)

If you don’t update your address, it could affect how you file your taxes, pay your bills, and talk to others about your accounts. You can see all of your regular invoices in one location on Beem’s financial dashboard. Beem makes sure that nothing is missed as you change your address on different platforms. This stops service interruptions or unexpected charges during your move.

Step 3 – Review Your Credit Score and Report

If you’ve been out of the country for a long time, your U.S. credit profile may not be current or up to date. Some systems might even mark previous accounts as inactive. How to Check Your Credit:

• Get your credit reports from Experian, TransUnion, and Equifax.
• Look for mistakes, old information, or illegal behavior.
• Check the status of your accounts and get back in touch with those that are still open.
• If your score went down or stayed the same, start over.
• How to Get Your Credit Back
• Get a new credit card in the U.S.
• Use cards with low limits or those are secured.
• Pay your bills on time and buy minor things.

Beem doesn’t directly create credit, but it helps you avoid the common mistakes that can harm credit amid huge financial changes, such missing bills, running out of funds, paying overdraft fees, and not budgeting well.

Step 4 – Plan for Taxes and File Your Returns

As soon as you set foot back in the U.S., your tax obligations alter. Even if you lived outside the U.S., you might still have to pay U.S. taxes depending on how much money you made and how long you were gone. Things to Do for Taxes:

• File any returns that are missing.
• If you have foreign income, report it
• Check to see if you qualify for the FEIE (Foreign Earned Income Exclusion).
• Find out if you can get Foreign Tax Credits
• Know the rules of double taxation
• Talk to your boss about changing your withholding.
• Why This Is Important

If you don’t deal with tax problems quickly, you could have to pay fines, interest, or wait longer for government assistance. When you move back to the U.S., Beem’s budgeting tools can help you set aside money for taxes and keep track of your financial flow. Everdraft™ can help you deal with an unexpected tax obligation without putting a strain on your finances.

Step 5 – Address Your Retirement Accounts

Your time spent overseas may have changed how you planned for retirement. Now is the best moment to look at your long-term financial goals again. Think About These Things:

• Do you have a 401(k) from a job you had in the U.S. before?
• Should you put it in an IRA or leave it where it is?
• Did you put money into a pension or retirement plan in another country?
• Are you starting a new job that gives you retirement benefits?

Some countries have unique tax or rollover agreements with the U.S. if you have retirement savings in another country. You can get help with these from a financial advisor. With Beem’s financial wellness tools, you can keep track of your contributions, make monthly budgets that include retirement savings, and create a long-term strategy that will last.

Step 6 – Convert Currency and Manage International Accounts

Plan how you will change your foreign money and manage your overseas accounts before or soon after you get back to the U.S. Best Ways to Change Currency:

• Check exchange rates before changing a lot of money
• Instead of going to the airport to exchange money, use bank transfers.
• Stay away from currency services with exorbitant fees
• Think about moving money slowly while exchange rates are good.
• Taking care of old international accounts
• Choose whether to keep them open or close them.
• Look for fees for maintenance
• Know how having international accounts will affect your taxes
• If needed, update your FATCA filings.

Beem’s Everdraft™ helps as a buffer while you move money and deal with possible delays. It makes sure you have money available in the U.S. even if money from outside is still processing.

Step 7 – Update Your Insurance Policies

The rules for insurance in other countries may be very different from those in the U.S. Essential Insurance Policies to Look Over:

• Health Insurance: Plans from the marketplace, your employer, or a private company
• Car insurance is required if you plan to drive.
• Renters’ or homeowners’ insurance protects your things.
• Life Insurance: Change the policy and beneficiaries

If you had coverage in other countries, it probably won’t work until you get back to the U.S. Beem lets you track your monthly insurance payments, plan your premiums, and ensure you don’t have any coverage gaps. Beem makes it easy to keep track of more than one bill as you start over with your finances in the U.S.

Step 8 – Rebuild Your Emergency Fund

When you go back to the U.S., you usually have to pay for things like deposits, flights, security fees, furniture, car expenses, and more. This can easily eat up your savings. Why You Should Have an Emergency Fund:

• Moving from one job to another
• Costs of medical care
• Emergencies with housing
• Travel that you didn’t expect
• Fixing cars

Try to save up enough money in a separate account to cover three to six months’ worth of bills. Beem’s budgeting features let you see where your money is going and how much you can save each month. If you’re still trying to save money, Everdraft™ can help you get through tough months and reach your early objectives.

Step 9 – Set Financial Goals for Your New Life in the U.S.

Going back home is a great time to rethink your financial goals and change your priorities.

Some financial goals are

• Getting a house
• Paying off debt
• Saving money for retirement
• Making an investment portfolio
• Putting money aside for school
• Beginning a business

Set short-term, medium-term, and long-term goals for these. How Beem Can Help You Reach Your Goals. You can do the following with Beem:

• Keep track of your income and expenses
• Set restrictions on your budget
• Keep an  eye on progress
• Everdraft™ can help you protect your cash flow.
• Stick to your financial plan.

As you become used to life in the U.S. again, Beem basically becomes your financial co-pilot.

Step 10 – Understand U.S. Legal and Estate Planning

While you were living overseas, your estate planning needs may have changed. Papers to Look:

• Over and Update
• Will
• Power of attorney
• Proxy for health care
• Forms for beneficiaries
• Documents for trusts
• Titles to property

This stage is very important because legal documents from other countries may not be legitimate in the U.S.

Beem makes it easier to keep track of premiums, beneficiaries, and financial accounts because everything is in one location. This makes it easier to change estate plans.

FAQs on Financial Steps to Take When Returning to the U.S.

Conclusion

You should plan your money well and smartly in case you want to revert to the U.S. after residing in another country. The steps are pretty essential in ensuring the transfer is successful, starting with opening bank accounts and filing taxes and continuing with repairing credit and obtaining insurance.  

This is made much easier with such tools as Beem. With tools such as budgeting help, spending insights, and Everdraft, you can manage unexpected charges, avoid financial hassles, and get back on track in less time.  

Beem will assist you in achieving a long-term goal by making a smart financial decision, saving money, or investing it, and reentering the U.S. That is why you need Beem to help you make a wise economic choice. In this manner, you will be able to enter into this next chapter with confidence and control.