Aussie Bank Accounts

[Lil_Jon]

what is the banking regulations for non residents in australia ? , checked a few banks web site no one except citi australia has a link for overseas investor , are non residents allowed to operate a bank account there?

[sibeymai]

I can't claim to be an authority in this area, but I'm almost certain that non-residents can operate a bank account but are subject to witholding tax at the top personal tax rate, which is currently something like 49%.

[Chang_paarp]

You have to open the account in person. Australian banks are not known for their flexibility.

You need to provide a minimum of 2 pieces of acceptable ID, to "100 points". Passport and local drivers licence or some local mail, not sure if non residents get any concession on the ID required.

Non residents can open accounts, but interest is taxed at the 49% rate as said earlier.

[bmanly]

Non residents can open accounts, but interest is taxed at the 49% rate as said earlier.

No, that's wrong. If you declare yourself to be a non resident then the tax office will only tax you 10% of the interest that you receive. Check out the official Australian Tax Office site ON THIS LINK to see.

[simcity]

Yes Bmanly is right , you will be tax 10 %

If you are a Australian citizen you have the advantage of a tax rebate , see table under when you do you income tax !

The 49% do not exist , the higher rates is 45 % for over 150000 dollars

Tax on this income

$0 – $6,000

Nil

$6,001 – $25,000

15c for each $1 over $6,000

$25,001 – $75,000

$2,850 plus 30c for each $1 over $25,000

$75,001 – $150,000

$17,850 plus 40c for each $1 over $75,000

Over $150,000

$47,850 plus 45c for each $1 over $150,000

[naka]

Yes, you can open a non-resident account but you will pay witholding tax.

Better go the Channel Islands, Isle of Man route. Zero tax for non EU residents.

Naka.

[kudroz]

Does anyone has a suggestion for a bank in Australia that provides a debit card and will accept wire transfer order by phone or internet? Interest rate in Oz are really interesting...

[Pink Mist]

Does anyone has a suggestion for a bank in Australia that provides a debit card and will accept wire transfer order by phone or internet? Interest rate in Oz are really interesting...

most banks have internet banking, ANZ have been advertising a Visa debit card lately

[Thumchok]

Does anyone has a suggestion for a bank in Australia that provides a debit card and will accept wire transfer order by phone or internet? Interest rate in Oz are really interesting...

kudroz ,

www.commonwealthbank.com.au is probably one of the largest banking networks in Australia .

Without a Tax File Number , they will withhold taxes on the interest .

Expect to add 2 cents on the exchange rate . And look at all the additional charges they hit you with for transfer fees , overseas atm transactions etc.

Lastly the Aud has been riding high for a few years now , I would expect that sometime in the future that it will drop . Around 5 years ago it was around .54 USD/Aud .

I am no expert on investments , just my opinion .

Cheers ,

Jim .