Can you keep an Australian bank account if I move abroad?

Maintaining Your Australian Bank Account When Moving Abroad

If you’re planning to move abroad, it’s essential to ensure that you have arrangements in place to manage your finances. One important aspect of this is maintaining access to your Australian bank account.

Can You Keep an Australian Bank Account if You Move Abroad?

Yes, it is possible to keep your Australian bank account active even if you are living overseas. Most major Australian banks allow their customers to maintain their accounts regardless of their residency status.

Benefits of Keeping an Australian Bank Account When Abroad

Maintaining an Australian bank account while abroad offers several benefits:

• Seamless Australian Transactions: You can continue to make purchases and payments in Australia from your overseas location without incurring high international transaction fees.
• Convenience: You can access your account online or through mobile banking, allowing you to check your balance, transfer funds, and pay bills from anywhere in the world.
• No Impact on Tax Status: Maintaining an Australian bank account does not affect your tax status in Australia or your new country of residence.

Account Requirements for Non-Residents

To maintain your Australian bank account as a non-resident, you may need to comply with certain requirements:

• Provide your bank with your current overseas address and contact details.
• Ensure that your Australian driver’s license or passport is up-to-date.
• Deposit funds into your account regularly to keep it active.

Potential Challenges

While it is generally possible to keep an Australian bank account when abroad, there may be some potential challenges:

• Currency Conversion Fees: You may incur currency conversion fees when making transactions in foreign currencies.
• International Transfer Fees: Some banks may charge fees for international money transfers.
• Account Closure: If your account remains inactive for an extended period, your bank may close it.

Conclusion

Maintaining an Australian bank account while abroad is a convenient way to manage your finances and stay connected to Australia. By complying with the necessary requirements, you can ensure that your account remains active and accessible even after you move overseas.