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Navigating a New Beginning: An Immigrant’s Financial Journey with CFPS

Moving to another country can be both an exciting and challenging experience. Even if you’ve done thorough research and made the perfect plan, you’ll probably have to handle unexpected obstacles on the spot when finding an apartment, opening a bank account, or figuring out the local healthcare system.

Today, we’ll delve into the inspiring journey of Alexei Petrov, a software engineer from Latvia who made the bold decision to start a new chapter of his life in the captivating city of Lisbon, Portugal. Alexei’s story is not just about the challenges of adapting to a different culture but also about overcoming financial hurdles that many immigrants face when establishing themselves in a foreign land. Explore Alexei’s motivations for making the move, the financial obstacles he encountered, and how CFPS played a crucial role in making his life in a new home easier.

Let’s start with a little background. Tell us about your life in Latvia and what motivated you to move to Portugal.

Back home, I worked as a software engineer. While I loved my job, I always dreamt of experiencing a new culture and expanding my horizons. Portugal, with its warm climate, beautiful landscapes, and rich history, seemed like the perfect fit. So, I took the leap, and here I am!

That’s fantastic! Could you tell us a bit about your current job in Portugal? What role do you play in the IT sector, and how has your professional journey been in this new environment?

Certainly. I’m currently working as a software engineer for an IT company based here in Portugal. It’s been an exciting experience, and the tech scene in Lisbon is vibrant. My role involves developing software solutions for our clients, and I’ve had the opportunity to collaborate with diverse and talented teams.

Now, let’s get into the nitty-gritty. Moving to a new country can be quite challenging, especially when it comes to finances. What were some of the financial hurdles you faced initially?

Oh, there were quite a few challenges. Firstly, not having a taxpayer identification number in Portugal was a big hurdle. It made things like opening a bank account or getting a local phone plan surprisingly tricky. Then there was the language barrier, which made traditional bank account openings a bit of a headache as you have to do it in person in most Portugues banks, and not all bank employees speak English. Understanding the tax system and complying with local regulations was also quite complex. Costly international money transfers and being on a tight budget didn’t help either.

Sounds like a lot to deal with. How did you come across CFPS, and how has it helped you overcome these challenges?

Thankfully, I stumbled upon CFPS, while looking for an alternative way to access financial services. The account opening process was a breeze – quick and simple, right from my phone. I got a European IBAN to receive my salary in Portugal. Plus, they provided me with a free virtual card that I could use for my everyday purchases.

The unlimited SEPA transfers with incredibly low rates were a lifesaver, especially when I needed to send money back home or pay bills here. On top of that, the low ATM fees along with the high daily cash withdrawal limit of 2,000 euros gave me the flexibility to get enough cash to pay my rent without splitting the withdrawals.

It sounds like CFPS addressed a lot of your concerns. For other immigrants facing similar challenges, what financial steps would you recommend to ensure a smooth transition?

Firstly, do your research on financial services tailored for immigrants. Apps like CFPS understand the unique challenges we face and provide solutions that traditional banks might not.

Secondly, build your credit score as soon as possible. It opens up doors to various opportunities and makes your financial life much smoother.

Lastly, connect with the local community. Support from people who have been through similar experiences can be invaluable. And hey, if they’re CFPS users, you can enjoy free transfers between you!

Those are great tips. Thank you for sharing your journey and insights with us. We wish you all the best in your new life in Lisbon!

Thank you! And to all the fellow immigrants out there, remember, with the right tools and a positive mindset, you can overcome any financial challenge that comes your way. Cheers to new beginnings!

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Posted on December 4, 2023