50% of foreign nationals immigrating to India do not know how to manage their finances, research finds

The research comes as HSBC relaunches its international products and services to better support cross-border customers and ensure a seamless cross-border experience, whether they’re traveling for work, study or moving to a new country.

HSBC International’s new range of products and services enables customers to:

Products and services are available in 10 countries and territories: Australia, Canada, Mainland China, Channel Islands and Isle of Man, Hong Kong, India, Singapore, United Arab Emirates, United Kingdom, United States.

The study found that amid inflationary pressures and rising costs of living, 26 percent are international citizens move to India for family stability, 23% move for this reason advanced technology, which means they can work from anywhere, and 20% are mobile or mobile intend to move to a better lifestyle. However, among those who moved, 67% of respondents said they did not receive any help with financial management. For those considering living, working or studying in India, one in two internationals said no one had helped them feel financially prepared for the move.

75% of respondents who moved agreed that they felt unstable when they came because they were trying to build important things like a bank account, utilities and internet.

Approx Four out of five internationals in India (78%) found it difficult to set up for this reason, services such as credit cards, cell phones, and utilities. Moreover, About 61% of respondents considering moving to India are concerned it was found that they could not transfer their credit history.

Additionally, he added that nearly 62% of respondents who are considering moving to the country agree that finding the right financial services to meet their specific needs is a concern.

According to the study, more than half (53%) of respondents considering moving to India (to live, work or study) expect to be short on cash upon arrival.

Commenting on the research findings, Taylan Turan, head of retail banking and strategy, wealth and personal banking at HSBC, said: “Moving abroad can be exciting and scary, but managing your finances internationally doesn’t have to be a struggle. Our research shows that some people face financial difficulties, which can have a real impact on their ability to settle into a new home.

“Multiple location banking makes it difficult to keep track of your finances; there’s a lot to think about. To be successful, people need to open a bank account and be able to see their bank accounts before moving abroad. Apart from banking, the tax implications of moving abroad can also play an important role in people’s minds, so the help of tax planning advisers is crucial. The right financial support can help people spend less time worrying about money and instead have more time to enjoy their new life.”

“Even as technology offers more people the opportunity to become digital nomads and people start moving around the world again, the financial experience of international citizens may not be simple,” the study said.

It was conducted by Ipsos UK, which surveyed more than 7,000 adults in nine countries. markets including India. He studied the experiences of those who lived, worked and lived to study abroad, as well as those intending to study and returnees during the last five years. He explored different experiences citizens, including expatriate families, digital nomads and international students.

in 2020 International passenger traffic decreased by 60%, bringing total air traffic to the level of 2003. However, according to the study, air passenger traffic reached 74% of pre-pandemic levels in 2022 and is expected to fully recover in 2023.