Lots of banks in Australia provide savings accounts that you can open as an expat. Some financial institutions let you open these accounts online, even before you arrive in the country. Here are some options below.
An expatriate, or expat, is an individual who lives in a country other than that of his or her citizenship, temporarily or permanently, as an immigrant. The word comes from the Latin term ex patria, which literally translates to ‘out of country/fatherland’. In modern day parlance, use of the term expat is common when referring skilled employees or professionals deputed overseas by businesses.
Expats tend to reside in their host countries temporarily. However, an increasing number of expats now choose to continue living in their host countries because of reasons such as higher standards of living, career opportunities and marital relationships.
As long expats don’t become permanent residents of Australia or get Australian citizenship, they remain, for legal purposes, non-residents.
If you wish to apply for a savings account before you get to Australia you can do so online. Some banks don’t require Australian addresses for you to complete the application. Some let you apply for an account up to three months prior to your arrival. Once the bank opens your account you can transfer funds into it from anywhere in the world. You should get access to online banking, which lets you view your account balance at any time.
You’ll have to complete an identity verification process before you can access funds from your new savings account. You can do this by visiting a branch of the bank you choose, in your country, if it has one there. You can also through an approved certifier, an Australian consular officer or an Australian diplomatic officer. Alternatively, you can verify you identity after you reach Australia.
As an expat or a non-resident you can open different types of savings accounts:
When you’re comparing expat savings accounts, pay due attention to these aspects:
Before you apply for an account take some time to go through its terms and conditions. This should give you a clear indication of all applicable fees and charges you may have to pay in different scenarios. Avoid applying for an account that you think charges unreasonably high fees. Look for other options instead.
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Up is backed by Bendigo and Adelaide Bank, and offers tech-driven savings tools, round ups and a 2.75% p.a. interest rate.
Read more…If you have all the required information close at hand the process should take around five to 10 minutes.
If you get to a branch within six weeks of your arrival you’ll have to provide an Australian residential address, your passport and a valid Visa. Any later, and you’ll have to provide two forms of ID which can include your driver’s license, passport, birth certificate or Medicare card.
You can apply using two valid forms of ID that can include your passport, Australian driver’s licence and Medicare card.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $50,000 and $250,000. Learn more about this high interest savings account.
The Australian Unity Freedom Saver account lets you earn a competitive rate on balances between $250,001 and $500,000. Learn more about this high interest savings account.
Check out out review of the Bank of Queensland Simple Saver Account.
The Great Southern Bank Goal Saver Account has an ongoing bonus rate on balances up to $50,000 for customers aged 18-24.
Earn 2.30% p.a. on your savings each month you make at least one deposit and make no more than one withdrawal.
The Virgin Money Boost savings account (for 18-24 year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
The Virgin Money Boost savings account (for 25+ year olds) offers bonus interest each month you deposit money and meet the purchase requirements. Here's how the account works and how to apply.
The average Australian has $37,975 in savings and saves $705 each month. Learn about this and more with our savings account statistics.
Available to SMSFs, the Rabobank Notice Saver offers a high interest rate on your savings, but you’ll need to give at least one-month’s notice before you can withdraw your funds.
The ING Savings Maximiser is a high interest savings account with a competitive interest rate when you meet the account conditions. Here's how to earn the top bonus rate with this account.