3 Lifestyle facts of Indian expats you probably didn't know

Foreign shores are highly attractive to Indians seeking lucrative career growth options. According to data from the Ministry of External Affairs, about 2.5 lakh Indians migrate abroad each year. The data also highlighted three main reasons for migration: education, employment, and citizenship.

For Indian expats living abroad, life can be both challenging and adventurous. The cultural values, lifestyle, and work environment in foreign lands differ significantly from those back home. This can make things difficult for non-resident Indians (NRIs) and expats. Let’s explore some facts about the life of Indian expats in three main areas: work, community, and culture.

Top countries where Indians migrate
 

Based on data from Immigrant Invest

5 Lifestyle facts for Indian expats
 

The following points discuss the three broad aspects of living abroad and the challenges and opportunities that Indians usually face:

1. Work

According to a survey, here’s what Indian expats feel about working abroad: 
According to a survey, here’s what Indian expats feel about working abroad:

a. Information Technology (IT) is the top-ranking field of work among Indian expats 

b. About 75% of expats were satisfied in their jobs, while 71% felt positively about their work-life balance

c. 63% of Indian expats were satisfied with job security

d. 53% of Indians enjoyed working remotely, which was way below the global average of 65%

2. Cultural adaptation

India has a rich culture and heritage, and many people might be used to the common Indian lifestyle. However, leaving behind their homes and moving to a different country with different cultural values can be challenging for Indians.

Data suggests that 92% of expats found cultural adaptation challenging, while 65% found it extremely difficult. When learning how to live in a foreign country, expats might face some common problems, such as:

a. Differences in social norms and lifestyle habits. For instance, foreigners usually live alone, away from their parents, while in India, families are given importance

b. Language barrier, especially for an expat’s family that might not be familiar with foreign accents and the local language

c. Lack of bonding, celebrations and festivities during the main festivals of India

3. Community-related challenges

Finding a like-minded Indian community in foreign lands is another tough call. There might be expats from other communities, and Indians might find it hard to connect with them beyond working hours.

Some of the common challenges that Indian expats might face are –

a. Lack of a friend or social circle

b. Homesickness

c. Loneliness

In addition to these challenges, Indian expats might find it difficult to manage their finances both abroad and at home. Since they must adhere to the tax norms of their resident country, understanding these norms and planning their finances might become challenging. The challenges can multiply if the expats have families in India or invest in Indian assets to create a backup plan.

4.  Navigating tax laws

One important lifestyle fact for NRIs is to be aware the tax implications. As an NRI, you may be subject to different tax laws and rates, and it's important to understand and comply with them.

NRIs need to navigate through a complex web of laws, regulations, and financial systems. This can often be overwhelming, but with the right NRI Banking Solutions, you can simplify your financial management and ensure your money is working for you.

5. Strong ties to home country

Despite living abroad, most NRIs have strong ties to India. This includes maintaining bank accounts, owning property, and supporting family members. Choosing the right NRI Banking Solutions is one of the top priorities for NRIs, who seek services like remote account opening and easy access to support to seamlessly manage their finances back home.

IDFC FIRST Bank’s NRI Banking Solutions are designed to make your life easier and help you achieve your financial goals

NRI Banking for seamless financial management
 

When it comes to planning finances beyond borders, NRIs need specialised services catering to their unique needs. This is where IDFC FIRST Bank’s NRI Banking solutions stand out. With services tailored for NRIs, the Bank offers everything from a dedicated relationship manager to digital account opening to seamless fund transfers and investments. Here are some of the benefits NRIs enjoy with IDFC FIRST Bank:

1. High-yield NRI Savings/Deposits Accounts

You can choose from a range of NRI accounts - NRE, NRO, and Seafarer Savings Accounts - and enjoy:

a) Attractive interest rates

b) Monthly interest credits for better-compounded returns

c) Zero-fee banking on common Savings Account services 

d) Easy account management through the IDFC FIRST Bank Mobile Banking App

e) A dedicated Relationship Manager for all your financial needs

2. NRI Portfolio Investment Scheme (PIS) Services

Invest in the PIS account seamlessly with the following benefits:

a) Paperless account opening process

b) Instant PIS permission

c) No minimum balance required

d) Online PIS reports that help you track your investments

3. Forex solutions

Send and receive money across borders with a range of forex solutions. Here’s what you get:

a. No processing fees or hidden charges

b. Fast and efficient fund transfers

c. Fund transfers in 13 global currencies

d. 24/7 online platform for outward remittances

Types of NRI accounts
 

Choose from the following types of NRI accounts depending on your needs:

Embrace the opportunities while leaving behind the challenges
 

Adapting to a new place is difficult, but you can manage the challenges better with a reliable financial partner like IDFC FIRST Bank. For managing  money across borders and more, choose NRI Banking Services from IDFC FIRST Bank and make financial management a breeze.