Ausssie Savings Account

[ray23]

Well I looked but I couldnlt find a topic on it surprised by that actually So here is the question is it possible to establish a savings account in Australia from Thailand not being a Australian citizen?

Money would be transfered electronically from an American account.

Looks like some real nice interest there to me.

[Thumchok]

Well I looked but I couldnlt find a topic on it surprised by that actually So here is the question is it possible to establish a savings account in Australia from Thailand not being a Australian citizen?

Money would be transfered electronically from an American account.

Looks like some real nice interest there to me.

Hi Ray ,

I believe that it is not possible , but you would be better off trying to contact some of the larger Australian banks .

Commonwealth , National Australia Bank , ANZ , Westpac .

I believe there is a withholding fee on interest , if you don't have a Tax File Number ( Which you won't have ) of 30% .

There are many hidden charges when transferring , and exchange rates at the bank are usually 2% lower that the proper exchange rate for the day .

Anyway , best of luck there .

[bendix]

If you're non-resident for tax purposes, 10% is withheld.

The difficulty of opening such accounts is that they usually require a local address and / or proof of identity - that tends to mean fronting up in person with some ID. I have an Aussie Citibank account but I started that when I lived there, and just use it to park surplus funds.

Very hard to open an online account from another jurisdiction - believe me, I've tried.

A better option would be to open an Aussie dollar account with one of the local International Banks such as HSBC. You will get Aussie style interest rates.

[AFKAFSinLOS]

Expect more Thai/local banks to start launching AUD accounts in Thailand in the not to distant future. Rule changes a while back made this easier.

Could well be a simpler alternative on your doorstep very soon...

There are some nice rates around the globe on AUD, and also some currency appreciation YTD as a bonus. Given Ozzie inflation is at a 7 year high, there's also likely to be some more currency appreciation if/when interest rates rise again, given US and UK are cutting rates. Like most things won't last forever though. AUD is at a 24 year high vs USD.

Singapore is also a convenient alternative location to Australia to open AUD accounts.

Edited April 23, 2008 by AFKAFSinLOS

[ray23]

Thanks guys

[naka]

HSBC Singapore pays 6.56 % ... min deposit AUD 25,000

Major Thai banks pay only about 5%.

NaKA.

[AFKAFSinLOS]

HSBC Singapore pays 6.56 % ... min deposit AUD 25,000

Major Thai banks pay only about 5%.

NaKA.

Shop around in Singapore. HSBC often have lower savings rates and higher fees than many others.

[ray23]

Actually I was a bit surprised Thai Military bank and Thai bank are offerign interst rates avove 3%

We have sit up a college fund for four different kids here in Thailand and just trying to find ways to help them have a little better money at the end. Got seven to nine years to work with.

[david96]

Well I looked but I couldnlt find a topic on it surprised by that actually So here is the question is it possible to establish a savings account in Australia from Thailand not being a Australian citizen?

Money would be transfered electronically from an American account.

Looks like some real nice interest there to me.

You will have to have a presence in Australia and an address to open an account. You have to pass the 100 points test.

If you do not supply your ATO tax file number tax will be deducted from any interest earned at the rate of 48.5%.

Transfers of AUD $10000 or the equivalent in foreign currencies may be subject to Austrac requirements.