Moving abroad is a significant change, and one might wonder about the status of their Australian bank account in such a situation. The good news is that banks are generally accommodating when it comes to retaining customers who are no longer residents of Australia. Whether you relocate for work, study, or personal reasons, you can likely keep your Australian bank account without any issues. This means you can continue to access your funds, make transactions, and manage your finances with ease, no matter where in the world you are.
Moreover, maintaining your Australian bank account as a non-resident should not impact your tax residency status. Tax residency is determined by various factors, such as the amount of time spent in Australia and ties to the country. Keeping your bank account does not automatically make you a tax resident if you are no longer living there. Additionally, it may be beneficial to keep your account active, especially if you have AUD (Australian Dollar) cash balances. Australian term deposit rates, as shown in the chart below, are often more competitive than those offered by offshore accounts. This means you can potentially earn more interest on your savings by keeping them in your Australian account.
In conclusion, if you’re wondering whether you can keep your Australian bank account when moving abroad, the answer is yes. Banks are generally willing to accommodate non-resident customers, and it won’t impact your tax residency. Keeping your account active can also be advantageous, especially for maintaining competitive interest rates on AUD balances. So, feel free to continue using your Australian bank account even if you’re living overseas.
(Response: Yes, you can keep your Australian bank account when moving abroad.)