Non Resident Bank Account in Australia?

by **randerson79** » February 6, 2012, 9:30 am

I was looking to open a term account in a Australian bank. Does anyone know of a bank that will to do it online?

by **jackspratt** » February 6, 2012, 9:55 am

I doubt you can do it without being present in Australia - but look here:

http://www.westpac.com.au/personal-bank ... its/apply/

The law requires that persons wishing to open new accounts must provide adequate ID (passport, drivers license etc etc), to reach a minimum number of points. The reason is to avoid money laundering et al.

Once you have established you bona fides at a particular bank(s), many will let you open different accounts online - I have done this a couple of times from Thailand when I am chasing better interest rates for term deposits.

Once you have opened an account(s), you will be required to pay a 10% withholding tax on any interest.

You may also wish to google "australia term deposits non-residents"

by **randerson79** » February 6, 2012, 8:22 pm

Thanks for the info Jack. Never been to Australia. I guess it's time for a visit. Need a vacation anyway. $\:D/$

Non Resident Bank Account in Australia?