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

  • 18-01-2010 3:40am
    #1
    Registered Users, Registered Users 2 Posts: 433 ✭✭


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


Comments

  • Registered Users, Registered Users 2 Posts: 7,893 ✭✭✭The_B_Man


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


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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


  • Registered Users, Registered Users 2 Posts: 40,919 ✭✭✭✭Xavi6


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


  • Registered Users, Registered Users 2 Posts: 181 ✭✭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?


  • Registered Users, Registered Users 2 Posts: 6,315 ✭✭✭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    AFAIK 100 point check is obsolete.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.


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  • Registered Users, Registered Users 2 Posts: 1,772 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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/


  • Registered Users, Registered Users 2 Posts: 4,526 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 181 ✭✭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.


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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


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  • Registered Users, Registered Users 2 Posts: 181 ✭✭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?


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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 .....


  • Registered Users, Registered Users 2 Posts: 1,772 ✭✭✭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?


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭hussey


    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


  • Registered Users, Registered Users 2 Posts: 40,919 ✭✭✭✭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 ;))


  • Registered Users, Registered Users 2 Posts: 181 ✭✭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?


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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,


  • Registered Users, Registered Users 2 Posts: 181 ✭✭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.


  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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.


  • Registered Users, Registered Users 2 Posts: 181 ✭✭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.


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  • Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭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


  • Closed Accounts Posts: 104 ✭✭bealfeirste5


    hussey wrote: »
    try pay pal too, they are pretty handy

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


  • Registered Users, Registered Users 2 Posts: 90 ✭✭603304529


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


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