Leaving Australia; Close Bank Account?

the flananator

Hi guys,

I'm leavinbg Australia for good next month. I have a commonwealth bank account. I'm just wondering; should I close this account before I leave the country? I would like to leave it open so I can leave some money here and move it back home when the exchange rate is a bit better. But I have heard that if you leave a bank accout open and leave the country, the bank will charge you fees for having the account, and when I do withdraw all my money from the account, the account will continue to accrue debt in my name, Not sure how true that is. Is it possible to just close my account from home?

Thanks for any advice!:)

hussey

why don't you ring the bank and ask?
But some banks are fee free once certain conditions are meet, (e.g. if X is deposited a month) or you could be fee free no strings.
Best thing is to ring and ask.

according to https://www.commbank.com.au/personal/accounts/transaction-accounts/everyday-account-smart-access.html
your $4pm fee will be waived if you deposit $2000 per month

micko4

I left my commonwealth bank open and I never got any major fees..was handy to have open for claiming tax back and superannuation they put it straight into it ..otherwise have to wait around for a cheque to be sent to Ireland

the flananator

micko4 wrote: »

I left my commonwealth bank open and I never got any major fees..was handy to have open for claiming tax back and superannuation they put it straight into it ..otherwise have to wait around for a cheque to be sent to Ireland

Thanks for the reply. Did you close the account in the end?

micko4

the flananator wrote: »

Thanks for the reply. Did you close the account in the end?

No its still open there now but theres no money in it anymore..sure they can't take any money out of it if there going to be none going in to it ya know..plus its handy I have the card if I ever need to give card details as a deposit for somethin I usually give that one to be safe..got a free months trial with netflix on it too before changing to my Irish card for another free month

micko4

If your going to transfer your money through wait till the exchange rate is decent and then use online thing called currency fair or currency affair think its called gives you the least charges..I didn't use it but should have heard its the best

catbear

It was one of my first questions when I opened an account with CBA, I'll probably be finishing on a work visa next year but want to travel a bit and spend a few months in NZ. They said I can just ring them after I've got my tax and super back to close down the acc.

I think it will be shut down after a certain point, 6months/year unless I prove I'm a resident with intent to return.

Xavi6

micko4 wrote: »

No its still open there now but theres no money in it anymore..sure they can't take any money out of it if there going to be none going in to it ya know..plus its handy I have the card if I ever need to give card details as a deposit for somethin I usually give that one to be safe..got a free months trial with netflix on it too before changing to my Irish card for another free month

The account will automatically close after a period of inactivity, usually six months, if there continues to be no money in it.

If you just leave it sitting there with no money and fees are accruing the bank isn't going to let you keep it, nor should they really.


As for the OP, it depends on the terms of the specific account. If you don't meet the criteria (minimum deposit per month is the usual) then you will accrue fees as long as it's open with money in it.

Kiith

I was actually wondering if i can get my tax and super put straight into my account after i finish in Oz. Glad to know i don't have to wait for a cheque to be sent out and lodged.

catbear

Kiith wrote: »

I was actually wondering if i can get my tax and super put straight into my account after i finish in Oz. Glad to know i don't have to wait for a cheque to be sent out and lodged.

A friend recently got his super back within two weeks of requesting it. Pretty good!

The_B_Man

catbear wrote: »

A friend recently got his super back within two weeks of requesting it. Pretty good!

I keep getting emails from a tax company about claiming my super. I've lost all my work details coz I left 3 years ago. Did ur mate use that company and are they worth it?

micko4

Xavi6 wrote: »

The account will automatically close after a period of inactivity, usually six months, if there continues to be no money in it.

If you just leave it sitting there with no money and fees are accruing the bank isn't going to let you keep it, nor should they really.


As for the OP, it depends on the terms of the specific account. If you don't meet the criteria (minimum deposit per month is the usual) then you will accrue fees as long as it's open with money in it.

Sure why would I want them to let me keep it?
No need for me to ring Australia costing me money theyl shut it down when the time comes.

catbear

The_B_Man wrote: »

I keep getting emails from a tax company about claiming my super. I've lost all my work details coz I left 3 years ago. Did ur mate use that company and are they worth it?

He applied directly to the ATO, no agent involved. Contact the ATO, they may be able to help although i do wonder what the time limit on claiming your super is?

The ATO could tell you if you can still claim.

Xavi6

micko4 wrote: »

Sure why would I want them to let me keep it?
No need for me to ring Australia costing me money theyl shut it down when the time comes.

Why would you want them to let you keep it? Well, in your own words...

micko4 wrote: »

plus its handy I have the card if I ever need to give card details as a deposit for somethin I usually give that one to be safe..

No account, no card.

micko4

Xavi6 wrote: »

Why would you want them to let you keep it? Well, in your own words...


No account, no card.

I don't really need it in fairness its handy its expires next year anyway.but what I'm saying is what's the point in me running up my phone bill to ring Australia when they'll close it down anyway...

micko4

The_B_Man wrote: »

I keep getting emails from a tax company about claiming my super. I've lost all my work details coz I left 3 years ago. Did ur mate use that company and are they worth it?

I claimed my super back directly through the super company it took two weeks only,had to send off a copy of my expired visa and passport stamps..you'll probably still have the visa in your email..if you were working for the one company over there chances are it was only one super fund you could ring your company they will know what super company they use..then email the super company for forms.
If you worked lots of different jobs it could be more difficult unless you used the same super company each time..this could make the tax back company a less hassle choice..but they do take a cut of your money ..and more money for each bit of info they get I think,and they still ask you to send off visas and forms and get information..so if you can do it yourself its better..have a look at the ato website I hear you can do it from there too.

g5fd6ow0hseima

catbear wrote: »

He applied directly to the ATO, no agent involved. Contact the ATO, they may be able to help although i do wonder what the time limit on claiming your super is?

The ATO could tell you if you can still claim.

I rang my super company last night and they e-mailed me this link. They said I'd be better off doing it through the ATO myself. As my visa isn't up yet, I haven't done this myself. Here's the link:


https://applicant.tr.super.ato.gov.au/applicants/default.aspx?pid=1



Also, you have up to six months after your visa expiry to claim your super back from your super fund, as after that the money is transferred to the ATO and I understand that the process becomes a little more difficult then.

Xavi6

micko4 wrote: »

I don't really need it in fairness its handy its expires next year anyway.but what I'm saying is what's the point in me running up my phone bill to ring Australia when they'll close it down anyway...

No point whatsoever, I was just letting you know that it'll close

The_B_Man

micko4 wrote: »

I claimed my super back directly through the super company it took two weeks only,had to send off a copy of my expired visa and passport stamps..you'll probably still have the visa in your email..if you were working for the one company over there chances are it was only one super fund you could ring your company they will know what super company they use..then email the super company for forms.
If you worked lots of different jobs it could be more difficult unless you used the same super company each time..this could make the tax back company a less hassle choice..but they do take a cut of your money ..and more money for each bit of info they get I think,and they still ask you to send off visas and forms and get information..so if you can do it yourself its better..have a look at the ato website I hear you can do it from there too.

Ye well I was stupid and changed super fund every single time i changed job. Silly in hindsight.
Although in saying that, I've completely lost any details of what my super account numbers were anyway! I found one email there saying the default fund for that company, but not my membership/account number.

Looks like im pretty screwed. No idea how the tax back company would find that info, but surely if they can find it with my details, then i can find it.

The super should also be paid into the ATO now considering I left 3 years ago!

micko4

The_B_Man wrote: »

Ye well I was stupid and changed super fund every single time i changed job. Silly in hindsight.
Although in saying that, I've completely lost any details of what my super account numbers were anyway! I found one email there saying the default fund for that company, but not my membership/account number.

Looks like im pretty screwed. No idea how the tax back company would find that info, but surely if they can find it with my details, then i can find it.

The super should also be paid into the ATO now considering I left 3 years ago!

no you'll be alright I think click on the link someone left above for the ato website ..put in your details and they more than likely will have your super accounts and abn there.just look them up on line to get the rest of the info.put in all the info you can you don't need it all just some of it.don't even think you need your member number just put in what you have.

The_B_Man

OH wow thanks. I saw that link but didnt realise it was the start of a application form/wizard.

Just filled it in there and it found 3 funds. Legend!

I actually worked i think 5 jobs, but I'm not sure if I worked for the same contracting company, with the same super so 3 is the correct number, or the system isnt picking up the last 2 coz I only have my sydney and melbourne addresses, not my perth address where i worked 2 different places.

Cheers lads.

g5fd6ow0hseima

The_B_Man wrote: »

OH wow thanks. I saw that link but didnt realise it was the start of a application form/wizard.

Just filled it in there and it found 3 funds. Legend!

I actually worked i think 5 jobs, but I'm not sure if I worked for the same contracting company, with the same super so 3 is the correct number, or the system isnt picking up the last 2 coz I only have my sydney and melbourne addresses, not my perth address where i worked 2 different places.

Cheers lads.

can you let me know how you got on with that online application as I'll be able to reclaim my super next month.

Also, if you're missing super from two employers, contact them to see what fund they paid into and then ring up that fund and they'll search for any records. That worked for me.