Hello,
I’m interested in opening a bank account in Australia as a foreigner on a tourist visa.
From what I’ve heard it’s relatively easy to do.
Thing is: I don’t know what bank to choose as a nomad, I really want to pick the best option for Online banking.
My purpose is mostly to put my savings in this account which need at least EUR and USD available as currencies.
I had successfully opened a bank account in Georgia (the country) but the thing is that English is not their native language and it’s sometimes hard to be understood.
Any AU citizen here who can give me some advises/recommendations? Thanks!
Hi,
Not a smart thing to do as most Australians who have a need look to other places to bank money to avoid taxes etc, eg Swiss Acc. and other off shore tax havens.
Deposits are secure, Aust Govt. Guaranteed to approx Au$200.000 but interest rate is low, and Taxed at 47% if you can not/or do not provide an Australian Tax File Number to record to go with the account.
To Actually open an account you have to PHYSICALLY present at whatever bank you choose to open account at.
Some of these have to show same living address as the one you provide, - hearsay is that not all banks enforce this as legally only the 100 point ID system is Required by law. Usually photo copies or scans of this 100 point check is kept on record.
Basically the ID set up is to minimise money laundering, or criminal activity.
Banks have to legaly pass on information of any suspicious transactions, and all info of cash transactions over Au$10,000, (Deposits and withdrawls, I am not sure of Law re transfers to other accounts.
There is talk that soon to make GST and Tax avoidance harder transactions over a designated amount will have to be by Bank or trackable Electronic Transfer.
The Tax File Number is optional, but if not provided 47% of any interest is witheld and passed on to Australian Tax Office.
As a general concept many of the working (and unemployed) general public regard the Banking set up as being “commie puppets” of the Governemt and a rip off.Legally wages for all work, and social service payments are made by bank transfer, not cash.
Recently a Royal Commision found our big 4 banks all guilty of some form of bad business principals and even illegal charges etc. EG charging dead peoples accounts bank fees for financial advice.
Opening an account can be done if you visit Australia, but WHY.
Personally I open accounts in other countries far easier than here, and the only money I have lost is when I have forgotten about an account, and the balance goes into escrow after some years of inactive account.
J
You mean even foreigner accounts with no physical AU address?
To Actually open an account you have to PHYSICALLY present at whatever bank you choose to open account at.
Not a problem as long as my presence is required only for opening the account.
HAVE some proof of Living Address,
As I understand it I do not need a proof of living address as long as I fulfill the 100 points requirements. I can just show my passport and driver license to get those 100 points right? They don’t have the same address tho, that can be problematic.
There is talk that soon to make GST and Tax avoidance harder transactions over a designated amount will have to be by Bank or trackable Electronic Transfer.
The Tax File Number is optional, but if not provided 47% of any interest is witheld and passed on to Australian Tax Office.
Yeah but logically if I don’t live in AU, I’m not subject to any of this right?
Opening an account can be done if you visit Australia, but WHY.
Because I need an alternative to my home country banks which are probably more crappy than AU banks (with a high probability). And I also want the country in which I open my account to be natively speaking English.
Personally I open accounts in other countries far easier than here,
Hum, what other countries do you have in mind? They need to check the boxes of my criteria from my original post.
