Australian Term Deposits.

[NONG CHOK]

Hi all, I need to invest a decent amount of money in Australia. Most of the banks including ME Bank and Judo Bank require a passport number also a drivers licence and or a Medicare number. Obviously I have a passport but I don't have an Aussie drivers licence or a Medicare card. Does anyone know other ways to invest money with a decent interest rate with limited risk. I have a tax file number.Thanks.

[gearbox]

Most of the Australian financial institutions require 100 points (KYC) documentation. You need to google it to see what kind of documents you can combine to get 100 points. Do you have any utilities bill from Australia?

 

One solution would be just to fly back and get a new Medicare card...

 

By the way if you are not a tax resident you may be better off investing via Singapore. There was a big thread in this subforum not long ago with the pros and cons.

[NONG CHOK]

Firstly thanks for your reply gearbox, what gets me is the money I mentioned is in my Australian bank account now. It's the balance of my life time savings from 50 years working in Australia. It's not money from overseas coming from an unknown source. Australia seems to take great delight in making things so difficult for their citizens who choose to spend their retirement days in another country. Next thing they'll be cutting our Australian ciitizenship, by the way I do hold an Australian Service Medal thanks for FA. Cheers.

[gearbox]

1 hour ago, NONG CHOK said:

Firstly thanks for your reply gearbox, what gets me is the money I mentioned is in my Australian bank account now. It's the balance of my life time savings from 50 years working in Australia. It's not money from overseas coming from an unknown source. Australia seems to take great delight in making things so difficult for their citizens who choose to spend their retirement days in another country. Next thing they'll be cutting our Australian ciitizenship, by the way I do hold an Australian Service Medal thanks for FA. Cheers.

If you have already a bank account they have identified you already. You can call them and see if you can hop on their brokerage without further document requirements. Most of the big banks have brokerages - e.g CBA has Comsec. You can invest via the brokerages in variety of investments including fixed interest.

 

BTW use Skype to call them, as you may be put on hold for a while, calling from a normal number is expensive.

[aussiexpat]

The 100 point test is required which can be passport (50) and birth certificate (50). Most people do drivers licence (60) and Medicare card (40) which you said you don't have.

 

I just opened a term deposit online with ING which gives me 2.75% on maturity after 12 months (6 months is 1.9%). Westpac gives 2.25% and Great Southern gives 2.1%  Most other banks are giving peanuts

(i don't look at judo and rabobank, might be good but never heard of them)