Living Abroad Life in Australia

Can I keep my Australian bank account if I move abroad?

Alex Beaney

23.12.24

Read time 2 minutes

Living in Australia but planning a move abroad? Perhaps you’re a British expat moving back to the UK, or you’re heading to another country for work, business or study.

Whatever your plans, you’ll have some loose ends to tie up before you leave Australia. One of these is your finances, including making arrangements to close your Australian bank account.

But do you actually need to close it, or is it possible to keep your Australian bank account if you move abroad? Find out everything you need to know here in our handy guide.

Can I keep my Australian bank account after leaving Australia?

Yes, you can keep your Australian bank account open when moving abroad - although it does of course depend who you hold an account with.

Most banks in Australia will permit you to keep your account as a foreign non-resident. However, you’ll need to tell them that you’re moving and provide them with your new residential address as soon as you have it.

Not providing your new overseas address can actually be expensive, due to the country’s tax policies for non-residents. Without it, banks will automatically apply a withholding tax of 47% (the maximum) to interest in your account. But with an overseas address, this rate drops down to just 10%.¹

If you do decide to close your Australian account, make sure to arrange a money transfer for any remaining balance to a new account first.

And if you’re worried about not having a way to send and receive Australian dollars (AUD), remember that there are alternatives to banks available.

For example, you can open an international Wise account, which lets you manage your money in 40+ currencies including AUD and GBP. This makes it an easy, convenient and truly global alternative to having a local bank account.

How to manage your Australian bank account from abroad

The first bit of admin you’ll need to do if you’re keeping your Australian bank account open is check whether there are any fees.

Many bank accounts in Australia are free of monthly fees, although others only waive fees if you meet conditions such as being a full-time student (in Australia) or paying in a certain sum each month.

If you’ll no longer be able to meet these conditions (due to finishing your studies or not using the account much, for example) you could be subject to these fees. So, make sure there is always enough in the account to cover these.

Another tip for managing your Australian bank account from abroad is to register for online and mobile banking - if available and if you haven’t done so already. This will enable you to check in on your accounts wherever you are in the world.

Alternatives to keeping a Australian bank account

If you’ll be closing your Australian account, you’ll need to research some alternative options. The first step is to start the process of opening a new local bank account in your new country.

You can also see if your existing Australian bank offers any international bank accounts where you’re moving to. You may be able to make a smooth transition over to one of its accounts.

There are also a wide range of digital banks, money apps and money services providers available. A few popular examples are Wise, Revolut and N26. All are set up to work internationally and let you do everything using just your smartphone.

Wise account – a brilliant alternative to a bank account?

While you’re considering alternative accounts and providers, make sure to check out the Wise account. It’s not a bank account, so it doesn’t provide the same protections that customers might expect from conventional banks, such as interest on savings. However, it does offer some similar features. It’s a fantastic alternative to your Australian bank account, especially if you need to spend overseas or send payments between countries.

With Wise, there are no sign up or monthly fees to pay. You’ll get a powerful account for managing your money in 40+ currencies, including making international transfers for low fees* and mid-market exchange rates.

For a one-time cost of just £7, you can also get a Wise debit card which has no foreign transaction fees for spending abroad, just a small conversion fee for cross-currency transactions.

Here are the main benefits for using Wise:
Fast and easy setup with no physical paperwork Dedicated support for large transfers Low, upfront, transparent fees* Mid-market exchange rate for currency conversions 24/7 Fully trackable transfers Fast transfer times Two-factor authentication and real-time notifications

Sources used:

Australian Tax Office - Investing in bank accounts and income bonds

Sources last checked on date: 17-Dec-2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.