Opening a bank account in Oz, as a non-resident?

Danny2580

Is this possible? Went to one bank today and they said I need to be a resident. Any help appreciated!

The_B_Man

I opened one up on the first day i arrived in Oz! shouldnt be an issue. I was on the WHV!

hussey

BS!
You should need a 100point check - usually passport will do. But you need to be in Oz within 6 weeks I think, otherwise you need more ID.

http://www.commbank.com.au/personal/international/when-you-arrive/getting-started/default.aspx
http://www.anz.com/aus/promo/internresaccount/
there is an example

Xavi6

What bank was it? As said, it's bull.

Beachband

Which is the easiest Oz bank to open an account from Ireland and transfer money etc from Ireland?
Any recommendations also for a good Oz savings account?

ballooba

hussey wrote: »

BS!
You should need a 100point check - usually passport will do. But you need to be in Oz within 6 weeks I think, otherwise you need more ID.

AFAIK 100 point check is obsolete. BankWest is the easiest to open an account with based on previous posts here.

woolymammoth

I had no issues setting up an account with ANZ. Just be sure and do it as soon as possible when you land if you can't do it from Ireland. They usually have a 3 month limit after which they require additional forms ID. And not all banks will recognise an Irish driving license as an acceptable form of ID.

hussey

Beachband wrote: »

Any recommendations also for a good Oz savings account?

Rabo have a bank here
http://www.raboplus.com.au/savings/high_interest_savings/default.aspx
4.5% PA or 5.5% with 'premium saver' (need to increase the balance by 200 per month)

or uBank (nab arm)
http://www.ubank.com.au/ub/web/home
5.61% PA for all cash.

probably the best savings rate

if you have long term goals.
AMP have a 1year fixed rate at 6.68

check this out for bank
http://www.infochoice.com.au/banking/

m@cc@

Danny2580 wrote: »

Is this possible? Went to one bank today and they said I need to be a resident. Any help appreciated!

I went into the Commonwealth Bank at Town Hall in Sydney and got an account just with my passport.

Beachband

hussey wrote: »

Rabo have a bank here
http://www.raboplus.com.au/savings/high_interest_savings/default.aspx
4.5% PA or 5.5% with 'premium saver' (need to increase the balance by 200 per month)

or uBank (nab arm)
http://www.ubank.com.au/ub/web/home
5.61% PA for all cash.

probably the best savings rate

if you have long term goals.
AMP have a 1year fixed rate at 6.68

check this out for bank
http://www.infochoice.com.au/banking/

Nice one, great stuff. Far better savings interest rates in Oz.

hussey

Beachband wrote: »

Nice one, great stuff. Far better savings interest rates in Oz.

yes, but you pay tax on them as part of your income stream

Rather than Ireland's DIRT system

Beachband

hussey wrote: »

yes, but you pay tax on them as part of your income stream

Rather than Ireland's DIRT system

I will be living there, but not working there, so as a tourist - would the same tax apply?

hussey

Beachband wrote: »

I will be living there, but not working there, so as a tourist - would the same tax apply?

you'll may not be able to open one of these accounts, as you need a tax file number, I am not sure if you can have a taz file number on a tourist visa

But tax would be pretty low maybe 15% depends on your background.
It is self assessment .....

woolymammoth

hussey wrote: »

But tax would be pretty low maybe 15%

surely not on a tourist or temporary visa? or is that classified differently from PAYE?

hussey

woolymammoth wrote: »

surely not on a tourist or temporary visa? or is that classified differently from PAYE?

I honestly don't know, I'm guessing it would be classed as income

the same as I would have to pay income tax on interest.

I am not sure if tourists are allowed open a bank account

But as I said it is self assessment

Xavi6

hussey wrote: »

you'll may not be able to open one of these accounts, as you need a tax file number,

No Tax File Number required. You will just be charged TFN tax on the interest earned until you provide the bank with a TFN. You then get back the amount charged by claiming it as part of your end of year tax return. (The bank can refund it immediately if needs be but it's a lot of hassle so we don't like to advertise that )

Beachband

Xavi6 wrote: »

No Tax File Number required. You will just be charged TFN tax on the interest earned until you provide the bank with a TFN. You then get back the amount charged by claiming it as part of your end of year tax return. (The bank can refund it immediately if needs be but it's a lot of hassle so we don't like to advertise that )

I will be on a tourist visa, so I won't be able to get a TFN - is that correct?
I set up an Oz bank account about 5 months ago, I haven't acctivated it yet.
So how can I get taxed if I will never have a TFN? Or will they issue me a TFN for this bank savings issue?

hussey

Beachband wrote: »

I will be on a tourist visa, so I won't be able to get a TFN - is that correct?
I set up an Oz bank account about 5 months ago, I haven't acctivated it yet.
So how can I get taxed if I will never have a TFN? Or will they issue me a TFN for this bank savings issue?

http://www.ato.gov.au/individuals/content.asp?doc=/content/41612.htm&page=2&H2

If you are a non-resident of Australia for tax purposes, you do not need a TFN if you only receive:

* interest from an Australian bank account

Looks like you don't need one,

Beachband

hussey wrote: »

http://www.ato.gov.au/individuals/content.asp?doc=/content/41612.htm&page=2&H2

If you are a non-resident of Australia for tax purposes, you do not need a TFN if you only receive:

* interest from an Australian bank account

Looks like you don't need one,

Flecking A! Nice one, no tax and over 5% savings interest rate, happy days.

hussey

Beachband wrote: »

Flecking A! Nice one, no tax and over 5% savings interest rate, happy days.

But they might charge you a tax as Xavi pointed out!
let me know how you go.

Beachband

hussey wrote: »

But they might charge you a tax as Xavi pointed out!
let me know how you go.

Will do, looking at using maybe ukforex(better exchange rate, no transfer fees) for the transfer from Irish bank to Oz bank.

hussey

Beachband wrote: »

Will do, looking at using maybe ukforex(better exchange rate, no transfer fees) for the transfer from Irish bank to Oz bank.

try pay pal too, they are pretty handy

bealfeirste5

hussey wrote: »

try pay pal too, they are pretty handy

Paypal is excellent.. makes things a lot more secure and reliable

603304529

Paypal is also very expensive, and you always get a shyte rate...