A new HSBC study highlights the financial hurdles faced by foreign nationals shifting to India
As technology has opened up opportunities for more and more people to become digitally empowered and people have started moving around the world again, the findings of an HSBC study show that the financial experience of international citizens has not been as easy.
HSBC estimates there are 90 million*** international consumers living, working and studying abroad in its 10 key markets. The Bank has commissioned a multi-market study to understand the financial life experiences of international citizens, their motivations for moving to a new country and the problems they face while settling abroad. The study also highlights the financial challenges they face, pressures to relocate and the impact it can have on their lives.
According to the survey, three-quarters (75%) of respondents who have moved agreed that they felt uneasy when they first arrived as they struggled to set up important things like a bank account, utilities and internet. This shows how complex financial administration can negatively impact their new experience. Without a bank account, they struggle to secure a home and without a fixed address, they struggle to put their children in school.
Inability to transfer credit history is a major obstacle for people moving abroad. Almost four out of every five (78%) international citizens in India have struggled to establish essential services such as credit cards, mobile phones and utilities for this reason. Additionally, nearly 61% of respondents who are planning to move to India are worried about the fact that they cannot transfer their credit history.
Finding the right financial services is a common concern among people considering moving to India. About 62% of respondents, who are considering moving to the country, agree that finding the right financial services to suit their specific needs is a concern.
Commenting on the findings of the study HSBC’s Retail Banking and Strategy, Group Head of Wealth and Personal Banking Telan Turane said, “Moving abroad is exciting and daunting, but managing your money internationally doesn’t have to be difficult. It’s clear from our research that some people get stuck on the financial front, which can really affect their ability to settle into their new home.”
Amid inflationary pressures and rising costs of living, the study found that 26% of international citizens are motivated to migrate to India for stability for their families, 23% migrate because of improved technology that means they can work from anywhere, and 20 % are planning to migrate or settle elsewhere for a better lifestyle.