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FAQ Banking in Australia for non residents

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Q. I am a non Australian resident; can I still open a bank account with Commonwealth Bank?


You are most certainly able to open a bank account with the Commonwealth Bank and this can be achieved by filling the application form www.commbank.com.au/movingtoaustralia
Q. When should I open an account?

You can open an account at any time suitable to you.  You do, however, need to make an initial deposit into the account, within 28 days of opening, to avoid account closure.

Q. Can I have access to my account before I arrive in Australia?

Due to security reasons and to ensure we protect your money, you cannot access your account before arriving in Australia. Once you arrive in the country,  you need to visit the Commonwealth Bank branch mentioned in your ‘Account Confirmation Letter’ to activate your account/s. Please ensure you have the correct documents with you. Once we have confirmed your identity, we’ll activate your accounts and we give you your Master DebitCard® and, if applicable, Credit Card (if available at that time).

Q. When do I have to transfer money into my new account?

An initial opening deposit is required within 28 days of account opening, to avoid account closure.  The initial deposit amount will vary according to the type of account you choose to open.

Q. If there are no funds transferred into the account within 3 weeks, will the account be closed?

If an initial opening deposit is not received within the first 3 weeks of account opening, the account may be closed.

Q. What information do I need to transfer money to my new Commonwealth Bank account?

You will need: The Bank name: Commonwealth Bank of Australia; Your Account name: your full name (if it is a joint account, you will need both account holders’ full names); BSB; Branch name: branch where account is domiciled; SWIFT code: CTBAAU2S.

Q. What is a SWIFT Code?

SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.  It is the unique identification code for a particular bank.  These codes are used when transferring money between banks, particularly for international wire transfers.  The SWIFT Code for Commonwealth Bank is CTBAAU2S.

Q. What is the exchange rate I will get on my transferred funds?

The exchange rate you received on your transferred funds will be determined by the currency that you send the transfer in.  If your transfer is sent in Australian dollars, then your overseas bank will provide you with the exchange rate.  If you transfer is sent in foreign currency, it will be converted upon arrival to Australia, and the applicable exchange rate will be determined on the day, as exchange rates are constantly changing. For more information view the foreign exchange rate table.

Q. What is the acceptance fee for an International Money Transfer (IMT)?

Commonwealth Bank will charge a money receiving fee of up to $11, when funds are received from overseas.  Please check with your local Bank for their charges, including their correspondent Australian bank.

Q. Will my account be activated once my transferred funds are received?

No.  Account activation will not occur, until satisfactory identification is completed.

Q. Can I check my account balance online?

You will not be able to check your account balance online until you have been identified at a Commonwealth Bank branch in Australia (or overseas if not moving to Australia).  Once identification is completed, you will need to be registered for Internet Banking.
Q. Once I have been registered for internet banking, how do I use this service?

Please view the information on /personal/netbank/learn-about-netbank.html for instructions of how to use internet banking.

Q. How do I activate my account my account when I am in Australia and can I visit any Commonwealth Bank branch in Australia?

Once you arrive in Australia, you need to present your passport at the branch you nominated when you applied for your account.  Once your identification is completed, the account will be activated and you can start banking at any Commonwealth Bank branch, use internet banking (NetBank), and experience our great value products and outstanding service.

Q. When can I get my ATM card?

Once you have been identified and your account has been activated at your nominated branch, you can collect your ATM card at this same branch.  Please note: For student accounts you need to order your ATM card upon arrival, the card will take 5-7 working days to arrive, in the meantime, you can conduct your banking over the counter at any branch, without any fee.

Q. Can I withdraw my money as soon as my account is activated?

Once the account is activated, you can immediately withdraw the available funds from your account.

Q. Is my ATM card number and account number the same?

Your ATM card number and account number are not the same, as many accounts can be linked to one ATM card.  If you require your account number, this can be found on internet banking.  If you have not been set up for internet banking please call  132221 or visit your local Branch.  If calling from overseas, please call +61 132221 or +612 99993283, these numbers are available 24 hours a day, 7 days a week.

Q. I am an overseas student; can I apply for a credit card?

You can apply for a student credit card once you arrive in Australia, at your nearest branch.  Your application will be subject to a credit check.  Please visit http://www.commbank.com.au/personal/credit-cards/ to find out more.

Q. Can I open a Term Deposit account if I am overseas, and what is the process to open one?

Yes you can.  You will need to open a savings account with Commonwealth Bank and funds need to be transferred into this account, prior to opening a Term Deposit account.  You will then need to send written instructions to your ledger branch, requesting that a Term Deposit account be opened and that the required funds be transferred from your savings account.  Please visit www.commbank.com.au/movingtoaustralia and apply for a savings account online.  We will be in contact with you within 48 hours to provide you with your savings account number, and explain the process for opening a Term Deposit.

Q. How do I apply for a Tax File Number (TFN)?

You can apply for an Australian Tax File Number at the Australian Taxation Office or online at www.ato.gov.au
Q. Does the Deposit Guarantee cover foreign investors as well?

All Commonwealth Bank of Australia clients, including foreign investors will be covered under the Deposit Guarantee scheme. 

Q. Can my ATM card and cheque book be sent to my overseas address?

Due to security reasons the Commonwealth Bank does not mail out ATM cards and cheque books to overseas addresses.


Important information
  • As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. 

Foreign resident withholding tax

Financial institutions automatically withhold tax from interest earned on accounts held by foreign residents. This is called non-resident withholding tax.
If you have given the financial institution your overseas address, the tax will be withheld at the rate of 10%. Without your overseas address it is withheld at the highest marginal rate of 46.5%.
You do not include this interest as income on your Australian tax return if non-resident withholding tax was deducted from it.
If you are an Australian resident living overseas temporarily you can avoid having tax withheld from your interest by:
  • advising your financial institution that you continue to be an Australian resident
  • giving your financial institution your TFN or ABN.
Find out more
about what to do if you are:

I'm trying to open a bank account in Australia, but every bank I've looked at so far requires me to either be resident in Australia, or planning to be resident within 90 days. Does anyone know of an Australian bank with accounts that do not have this restriction?
In 2008 my wife and I approached the Commonwealth Bank of Australia in London and were told that we could open an account in Australia for up to two years. We paid a sum in sterling into the account in June and activated it when we arrived in Sydney in July 2008. Our plan was to divide time between Britain and Australia as we are retired. In December 2009 I bumped into an employee of the CBA in London at an Australian event and learnt that there would be no time limit on our account. It has not been closed and we avail ourselves of it when we visit Australia. I was back there in 2010.
 My investigations in 2008 revealed that other Australian banks, e.g. ANZ, National Australian Bank would only allow you to open a bank account in Australia for up to six months from abroad, the notion being that you would be emigrating there within that space of time; which is the barrier that you've encountered.
I opened an account with St. George in 2002 over the phone, and then sent all the relevant documents (100 points) before being granted access and transfer of funds. I have a simple savings account there. If that is still viable, you might try there.
http://www.stgeorge.com.au
While we are now residents in Australia, my wife, a US citizen opened a Westpac account so 14 months before we returned to Australia.
 I don't know if it makes a difference but we did it in person while on a trip back to Australia.
I suggest you avoid the Big 4 Aussie banks and try one of the international banks operating in Oz; eg- Citibank, Standard Charter, HSBC, ING, etc... My memory is a little vague but I believe I was able to open a Citibank account in Australia back in 2009 while I was a Singaporean resident. Perhaps also adding to Peter's theory re 'doing it in person', I did it during a visit back to Oz and using just my Australian passport.
Thanks for your comments, guys. This is also looking promising, at least until I can get back home and open an account in person: http://www.commbankuk.co.uk/australian_bank_accounts/
I used to have a St George account that let me have a USA residential address (although their computer system was not set up for 5-digit post codes, so there were interminable mailing problems). However, I had started that account when I was still in Australia. After a few years in the US, I closed the account because they were raising the fees to such an extent that it wasn't worth keeping it.
I think you best bet is to open an account when you are in Australia. Until I recently returned to Aust. I had been living for 20 years in the US at numerous addresses. In all that time Westpac would send me statements to whichever address I gave them at the time. I maintained a simple Westpac choice account ($5 fee/month) and a linked ESaver with no fee and current interest that offset the $5.
 You can go paperless now and as I did often wire money to the account from the US.
 To anybody headed overseas I strongly advise maintaining so type of electronic identity in Australia, eg Bank accouts, memberships etc.
If this can be of any help, my suggestion is: why don't you check with one of the inter/national banks (like HSBC or DEXIA) where you are actually residing to see whether you can open an account in Australian Dollars with them. If you need the money for family back home you can then make online transfers. When you eventually return to Australia you can open an account there and have your money tranfered into it, keeping the same currency.
 You'd do well to make sure about any charges involved at all stages and what the banking services and conditions are that would serve your particular transaction needs.
 Of course, if you're depositing one currency into another there's the question of the exchange rate - which you'd have to watch and use to your advantage whenever you can.
I went the route with HSBC in the US but was told by them that even though they claim to be the World's local bank they operate independently in each country. Therefore opening an account in one country doesn't allow you to draw from a branch in another country.
When I was living in London and planning to move back to Australia at the end of 2005 I opened up a CommBank account for deposits. I couldnt trade though, ie withdraw or trade through my CommShare Account either. Only when I got to Oz could I do this once I had shown them the 100 points ID. Also I am a dual citizen of Oz and UK, so could do this through London office in relation to starting the process. I think you will find since others have offered advise of previous experience, the laws have changed. With money laundering issues and trying to prevent terrorism, you can understand why. Try opening an account in the US under the same conditions and see how far this gets you!!
 And in relation to HSBC, each country has it's own regulations and Tax laws so you can understand why one size does not fit all. I found when I ran relocation services in the UK though that Citibank had a very accommodating relocators package that could address a lot of issues. See how you go there.