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Opening an Australian bank account

wheredoesallthetimego
Posts: 63 Forumite


Not sure if this is the correct forum but:
I spend a couple of months a year in Australia and would like to open a bank account over there.
Would want a savings account (maybe term deposit or esaver) and some account that I could get an ATM card on.
It looks like all the big banks do such things but I'm not sure if it's possible if you're not resident in Australia.
All the links talk about opening an account before you move there.
I know it wouldn't be possible to withdraw money until I was identified locally but that's not a problem.
Reasons for doing this:
Ease of getting money out in currency (avoiding charges on credit card).
Hedge against sterling falling against AU$ (not saying AU$ is any stronger than sterling).
Might at some point in the future move to Australia - but probably not within 5 years.
FX accounts in UK tend to need high balances.
I spend a couple of months a year in Australia and would like to open a bank account over there.
Would want a savings account (maybe term deposit or esaver) and some account that I could get an ATM card on.
It looks like all the big banks do such things but I'm not sure if it's possible if you're not resident in Australia.
All the links talk about opening an account before you move there.
I know it wouldn't be possible to withdraw money until I was identified locally but that's not a problem.
Reasons for doing this:
Ease of getting money out in currency (avoiding charges on credit card).
Hedge against sterling falling against AU$ (not saying AU$ is any stronger than sterling).
Might at some point in the future move to Australia - but probably not within 5 years.
FX accounts in UK tend to need high balances.
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Comments
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You can definately do it.
I'm emigrating there in the summer and have my bank account open. I could only open a normal current account from here but more options become open to me once in Australia.
Careful though, as pretty much all of their accounts carry a fee (no fee free banking over there like here) and you will need a tax file number for your interest else they will hold withholding tax on your behalf until you provide them with a tax file number.
If you have a tax file number I understand that you do not pay tax on your interest through your account as you do here but you have to file it within your annual tax return.0 -
Thanks - I know you can open an account if you are expecting to emigrate and it becomes fully open (for withdrawals etc.) when you have been through the identity procedures when you are out there.
The question is whether you can do this if you are not planning to emigrate in the near future. Going over there in person isn't a problem but if they wanted to see any residency papers it would be.
(re-posted after accidentally posting under a colleague's account if anyone's confused.)0 -
wheredoesallthetimego wrote: »Not sure if this is the correct forum but:
I spend a couple of months a year in Australia and would like to open a bank account over there.
Would want a savings account (maybe term deposit or esaver) and some account that I could get an ATM card on.
It looks like all the big banks do such things but I'm not sure if it's possible if you're not resident in Australia.
All the links talk about opening an account before you move there.
It's definately possible, and pretty easy compared to the UK. All you need to do is go into a bank when you are there with your ID (Passport and Driving licence). Explain that you are thinking of living there perminantly in the future, and they will open one for you.
I'd recommend the HSBC Online Savings Account:
http://www.hsbc.com.au/1/2/personal/savings
There's no fee's (which is unusual for Australia) with that one, and you get an ATM card etc.
With regard to interest, you can tell them you are non resident, and they will only deduct tax at the rate of 10%. You will still need to declare this on your UK tax return though, and pay the extra due in the UK.0 -
Just to add to the comments above - If you want to move money between accounts or do it frequently, I'd suggest going with Citibank. They do fee free transfers between accounts in different countries. Rates are pretty good and its really easy.
The HSBC online account is pretty good too...i use the Citinbank account to transfer money in to Oz and then transfer that to HSBC who have a better interest rate...all within a few days....with no fees.0 -
Thanks - HSBC does look good.
I was looking at ANZ, Westpak, NAB.
I'd found a couple of accounts that look like they're free but it's tricky to figure out the facilities.
Also - from the HSBC web site.
Like all eligible Australian Authorised Deposit-taking Institutions (ADIs), deposits of up to A$1 million with HSBC Bank Australia Limited are guaranteed by the Government at no cost. The guarantee will apply to the deposits held in eligible institutions, regardless of where the depositor resides. It will apply to deposits held in any currency.
The citibank bit is interesting too. I don't currently have an account with Citibank but will look into whether it's worth it. Probably as I've had problems with this before - both with time and cost.0 -
Don't open with the NAB. They are pretty useless. I have lost count of the number of times they have lost my money, not cancelled direct debits, put other peoples money into my account, set up a credit card in my name without me applying. The list goes on.
Westpak are alright but from memory not alot of branches.
The other thing to remeber in australia is you get charged for your all you cash machine withdrawals (1.50 i think). Some accounts include a set number of free ones so look out for that.
The commonwealth are a good bank.
Having said that I immigated to the UK from Aus nearly 5 years ago so it all may have changed.0 -
I was looking at Westpac and NAB - it's easy to get 4%+ on a term deposit whereas HSBC do a 3.5% as long as you don't withdraw during the month (not much of an issue). No good if you pay in bad service though.
I wouldn't expect to make many transactions but didn't realise they charged for ATMs - thought they would encourage it.0 -
wheredoesallthetimego wrote: »I was looking at Westpac and NAB - it's easy to get 4%+ on a term deposit whereas HSBC do a 3.5% as long as you don't withdraw during the month (not much of an issue). No good if you pay in bad service though.
Once you have a current account setup, I'd recommend ING for your savings particularly as a non-resident, as they are happy to set you up with a non-resident tax ID.
https://www.ingdirect.com.au0 -
How does the tax work? I would assume you have tax deducted in Oz and invoke a double taxation agreement in the UK? Or are you tax exempt in Oz?0
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We were in Oz/NZ for three months until 3rd March 2009 which is the day that fees were introduced in Oz for withdrawing cash from ATMs. http://www.atmfeetracker.com seems to have good info on that subject.0
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