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Discussion Starter · #1 ·
Hi everyone,

(wrong forum for this question? I know it is mostly about all our visa troubles)

For immigrants moving GBP to Australia, it's the worst time there's ever been for the exchange rate :( And the brokers don't hold much hope of it improving anytime soon. (Yeah what do they know... but they can't know less than me :D)

So I'm wondering, if I move some money over in advance, at least I can get Australian savings interest in the meantime.

What taxes apply? I've read that I have to get an ATO number to avoid the highest rate of tax on my Aussie account. Am I also liable for tax in the UK on the interest while still domiciled here (double-taxed)?

And suppose the move is off and I move the cash back here again, are there any taxes with moving funds OUT of Australia?

Huge thanks for any replies.

PS Yeah, I really need to get professional advice. :D Can anyone recommend one of the accountants/advisers for migrants?
 

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Not sure, but you may need to be resident in Aus to open a bank a/c here. You are going to need what we call 100 points of id (eg - drivers lic, medicare card, visa card, and a bill from utilities provider would add up to over the 100 points). I would think it will be very hard to do if you are not here yet. You will obviously loose money to change it to $Au and if it's possible that you might not come, I wouldn't bother yet.
 

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Discussion Starter · #3 ·
Thanks, that's the irony actually. I met someone from ANZ at a migration event and they opened it more or less on the strength of a form! (probably some basic id too, I forget)
Seems the 100 points thing only applies when you actually reach Aus.
 

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Not sure, but you may need to be resident in Aus to open a bank a/c here. You are going to need what we call 100 points of id (eg - drivers lic, medicare card, visa card, and a bill from utilities provider would add up to over the 100 points). I would think it will be very hard to do if you are not here yet. You will obviously loose money to change it to $Au and if it's possible that you might not come, I wouldn't bother yet.
You can open a bank account without needing 100 points of ID if you open it less than 6 weeks after you arrive in Australia. You only need your passport. My girlfriend opened her account with NAB like this. I don't know of the official source for this, but search Google for Australia bank passport "six weeks" and a bunch of sites mention it. For example, on La Trobe University's site:
After you arrive in Australia

Within six weeks of your arrival:
To open a bank account in Australia you will need to take your passport into a bank. If you do this within six weeks of your arrival, you only need to show your passport.

6 weeks or more after your arrival:
If you apply for a bank account more than six weeks after you arrive, you will need to take photographic identification into the bank, including your passport. You are required to show 100 points of identification (e.g. passport = 60 points, Student ID = 20 points, credit card = 20 points).
However a lot of the high interest savings accounts aren't available to non-residents. For example, I use UBank for my savings, and they don't allow non-residents to sign up for an account with them.
 
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