Can you keep your Australian bank account when you move abroad?

However, policies and procedures vary between banks. Factors such as the type of account you have and the country you move to may also affect your options.

This guide explains what you need to know about living abroad with an Australian bank account. It covers steps you may need to take to keep your account open, the benefits of maintaining an account in Australia, common challenges you may face, and alternative banking options for Australians abroad.

Quick answer: Keeping your Australian bank account abroad 🌍

• Yes, you can ✅: Many Australian banks allow you to keep your account open if you move abroad
• Policies vary between banks 🏦: Some banks allow overseas addresses on accounts, while others may have restrictions on certain products or services for customers living abroad
• There may be minimum account requirements ⚖️: These can include keeping the account active, meeting ID requirements, or maintaining a minimum balance
• There may be restrictions on some services ⚠️: For example, loans, credit cards, investment products, or new account applications
• Notify your bank of your move 🖊️: It’s important to inform your bank and update your contact details ahead of your move

Why you might want to keep your Australian bank account 🇦🇺

We’ve briefly answered the question “Can expats keep an Australian bank account when they move abroad?”. Now here are some of the benefits of keeping a home bank account abroad as an Australian.

💰 Managing finances back home	Keeping an Australian bank account can make it easier to pay bills, mortgages, and other expenses in Australia. You can also use it for receiving income from Australian sources, such as employment income, investment income, pensions, or government payments.
💳 Familiar banking relationship	Keeping an Australian account open can help maintain your relationship with your bank and make it easier to manage your finances if you return to Australia in the future. It can also maintain your Australian credit history and make it easier to access certain financial products back home.
🔄 Moving money internationally	You can use your Australian bank account for easy international money transfers, although it can be an expensive method. Specialist currency exchange providers may be cheaper.
✈️ Trips back home	You’ll have easy access to your existing payment cards and banking services without needing to transfer money or pay foreign transaction fees.
📱 Digital services and apps	An Australian bank account may allow you to continue using Australian payment services such as BPAY and Osko, as well as paying for subscriptions and other services linked to your Australian banking details.
🛡️ Financial backup	Your Australian account provides a safety net if foreign banking issues arise, giving you emergency access to funds.

As an alternative to keeping your local Australian bank account open when you move, you can consider multi-currency providers such as Wise. The Wise Account allows you to hold and convert 40+ currencies, and provides local account details in 20+ currencies. You can also get a Wise debit card for spending in 150+ countries. Currency conversions use the mid-market rate with no hidden fees.

Australian bank policies on accounts for expats

Australian banks vary in terms of their expat policies, with some being more restrictive than others when it comes to keeping an account open when you move abroad. Policies can also change over time and may differ depending on where you move to, so it’s important to check the situation with your bank ahead of your move.

Here are the policies for some of the Australia’s biggest banks:

Bank	🌍Allows foreign address?	📋Key requirements	⚠️Important notes
Commonwealth Bank	Yes, you can use an international address and mobile number, but you must contact the bank to change your details rather than updating them online.	*Keep contact details up-to-date*Comply with ID verification requests and provide tax residency information	Some products and services may be restricted depending on your country of residence. Offers a foreign currency account for those who frequently need to convert between AUD and other currencies.
Westpac	Yes, although you should notify the bank if your tax residency changes	*Keep contact details up-to-date*Comply with ID verification and tax residency information requests*Maintain access to security authentication methods (e.g., SMS codes or mobile app)	Failure to provide information could result in restrictions on your account. Offers foreign currency accounts for international customers.
ANZ	Yes, you can update your contact information online, in the app, or by contacting the bank.	*Keep contact details up to date*Comply with ID verification and tax residency information requests	Some products and services (e.g., investments or new products) may have residency restrictions.
NAB	Yes, although you should notify the bank if your tax residency changes	*Keep contact details up-to-date*Comply with ID verification and tax residency information requests	Some products and services may not be available to customers living overseas.

Because bank policies can vary and change over time, it’s important to contact your bank before you move abroad. They can explain their requirements, advise you on any steps you need to take, and outline the options available to you.

Some banks may restrict or even close accounts if they discover that an account holder has moved overseas without notifying them, so it’s best to inform them in advance. Also keep in mind that policies for existing customers may differ from those for new customers.

What you need to do before moving abroad 📝

Here are the key steps to maintaining your Australian bank account from abroad.

1. Contact your bank about your move	Tell your bank in advance and provide a timeline for your relocation. Enquire about their expat policy (e.g., keeping accounts open, minimum requirements) and confirm what information and documentation you need to provide.
2. Update your contact information	Provide your new foreign address, and ensure your email address is up to date. Update your phone number and consider keeping an Australian phone number on file in case your bank needs this for ID verification purposes.
3. Set up online and mobile banking	Activate all digital services and download mobile apps before leaving to make it easier to access your account abroad. Set up additional security features if available for added protection.
4. Arrange for mail handling	Check your bank’s requirements for receiving important correspondence. Some banks may require an Australian mailing address, while others may use your foreign address. In some cases, a mail forwarding service may be permitted. Switch to paperless statements and communications where possible.
5. Review account requirements	Check minimum balance and account activity requirements. Review monthly fees that may apply for overseas usage or services (e.g., monthly maintenance, foreign transaction, ATM) and understand how to avoid excessive charges.
6. Enable international access	Confirm that your debit and credit cards can be used internationally and check any associated fees. Add travel notices if your bank offers this service
7. Secure your account access	Set up two-factor authentication (2FA) and make sure your security contact details are current. Avoid accessing your accounts over unsecured public Wi-Fi networks. Save your bank’s international customer service contact details in case you need assistance while abroad.
8. Document everything	Keep records of bank communications and store all documents securely. Make a note of key information such as your account number, BSB, and international customer service contact details.

Common challenges and how to handle them ⚠️

Here are a few common challenges when it comes to moving your Australian account abroad, along with information on how to avoid them.

Common challenges
Address verification issues 🏠⁉️	Banks need verifiable addresses for communication, identity verification, and to comply with anti-money laundering and know-your-customer requirements. Keep all contact details up-to-date. If your Australian bank needs a local address for correspondence, consider a trusted family member’s address or a reputable mail-forwarding service.
Accessing your account from abroad 🌍	Banks may flag overseas access or transactions as possible evidence of fraud if you don’t inform them of your move. Notify your bank in advance and remember that moving across time zones can have implications for customer service access.
Receiving mail and important documents 📥	Some banks still send debit/credit cards, statements, or other important documents such as tax statements by mail. You can minimize problems by switching to digital correspondence where possible and making arrangements to receive Australian mail or debit/credit cards.
Complying with reporting requirements 📃	You will need to inform the Australian Taxation Office (ATO) if you move abroad and become a non-resident, as well as declaring sums of AUD 10,000 or more moved across international borders to comply with Australian Transaction Reports and Analysis Centre (AUSTRAC) regulations.
Account closure by the bank 🏦❌	Some banks may close accounts or limit services in certain countries due to regulatory, compliance, or tax-reporting requirements. Inform your bank ahead of your move and check if there are issues in your destination country. Keep an alternative account open if possible in case of problems, and retain copies of your bank statements in case you need to open a new account.

Important note 📌: Banks can sometimes close accounts or suspend activity if they discover undisclosed overseas activity. Always be transparent with your bank about where you live and what your current address is.

Tax implications and reporting 🇦🇺

Taxation concerning your Australian bank account depends on whether you remain an Australian tax resident or become a non-resident. Australia taxes residents on their worldwide income, while non-residents are liable for tax only on Australian income.

This could have implications if you become a non-resident and earn interest on your bank accounts, for example a savings account. Australian banks withhold tax earned from interest at a standard rate of 10%. However, this increases to 47% if you haven’t provided your bank with a valid overseas address. Because you pay withholding tax on interest, you don’t have to include it on your Australian income tax return.

When moving abroad from Australia, you should inform the ATO if your tax residence status changes. Bear in mind that you may have additional tax reporting obligations in your new home country. Tax rules can become complex when you move between countries, so it is always a good idea to consult a qualified tax professional before or shortly after your move.

Alternatives to keeping your Australian bank account 📲

You don’t have to keep an Australian bank account open to manage your finances when you move abroad. Here are a few other options.

🌍 Options	⭐ Great for	⚠️ Important to consider:
🌍 International or expat-focused banks	Expats who want banking services across multiple countries and access to international support. Banks such as HSBC and Citibank offer products designed for globally mobile customers.	Eligibility requirements can vary by country and account type. Some services may require minimum balances, and availability may differ depending on where you move.
📲 Digital providers and fintech companies	People who regularly move money between countries and need low-cost currency exchange. Multi-currency accounts from providers such as Wise and Revolut can make it easier to hold, send, and receive money in different currencies.	These providers may not offer the full range of banking services available from traditional banks, such as certain lending products or branch access. Features and protections can vary between countries and providers.
🏦 Local bank in your new country	Expats planning a long-term stay in their new country who need access to local payment systems, salaries, direct debits, and day-to-day banking services. Can be cheaper as you don’t have to worry about international transaction fees.	Account-opening requirements vary by country and may require proof of address, residency documents, or a local tax number. Language barriers and unfamiliar banking systems can also present challenges. Many expats use both home and local accounts.
💰 Combination approach	Expats who want flexibility and the benefits of multiple financial services. For example, you might keep an Australian account for existing financial commitments, use a local account for everyday spending, and a multi-currency account for international transfers.	Managing multiple accounts can add complexity. Be aware of fees, minimum balance requirements, and any tax or reporting obligations that apply to accounts held in different countries. The important thing is finding a solution that works for your situation.

Tips for managing your Australian account from abroad 💡

Here are a few useful tips on maintaining an Australian bank account from overseas.

💰 Managing your finances internationally 🌍
Keep an eye on exchange rates 💹	If you are moving money to and from an AUD account, exchange rates and hidden conversion fees can soon mount up. Providers like Wise offer the mid-market rate with transparent fees, helping to keep costs low.
Check for minimum balance requirements ⚖️	Maintain a minimum balance to avoid fees, or choose accounts that don’t have minimum usage requirements.
Monitor your account for unusual activity 🔍	Set up alerts for account activity, and protect your account with strong passwords, 2FA, and avoiding public Wi-Fi networks or shared computers.
Keep your contact details up-to-date 🏠	Inform your bank promptly if your address, phone number, email address, or other contact details change after your move.
Check customer service hours 🕟	If you move to a different time zone, make a note of regular service hours back home, any 24/7 helplines, and online messaging options.
Check foreign transaction fees💳	Card transaction and ATM withdrawal fees can be expensive abroad. Consider getting a local card, or a card that you can use internationally with low fees.

When it might make sense to close your account

Although there are benefits to keeping an account open abroad, it’s not always the best move. Assess both the pros and cons and decide what’s best for your situation. Here are a few scenarios where you may be better off closing your Australian bank account when you move abroad.

When it might make sense to close your Australian bank account
🚫 You have no financial ties to Australia	If you have no income, property, or bills in Australia and have no plans to return, there may be little benefit to keeping a local account open.
💰 High fees and minimum balance requirements	Some banks may charge high monthly maintenance or transaction fees, or have high minimum balance requirements. If the costs outweigh the benefits, it may be better to close the account.
📍 Your bank doesn’t support expats	If your bank has overseas restrictions or offers limited international services for expats, you may be better off with alternative arrangements.
🌍 You’ve established banking in new country	If you fully settle in your new country and local banking meets your financial needs, your Australian account may become redundant.
⚖️ Tax or legal complications	Regardless of who you bank with, you’ll need to comply with tax and reporting requirements. If you’re unsure of the implication, get professional advice to see if closing the account may be the better option.

FAQs

Do I need to tell my bank I’m moving abroad?

Yes, it’s a good idea to notify your bank before you move overseas. This helps ensure your contact details, tax residency information, and account settings remain up to date and reduces the risk of access or compliance issues.

Can I open a new Australian bank account while living abroad?

Possibly. Some Australian banks allow non-residents or Australians living overseas to open accounts, but eligibility requirements vary and you may need to provide additional identification or proof of address.

Will my Australian bank cards work internationally?

Yes, Australian debit and credit cards generally work internationally wherever the card network (e.g. Visa or Mastercard) is accepted. However, you may be charged foreign transaction, currency conversion, or overseas ATM fees, so check your bank’s fee schedule before you travel.

Will I be charged foreign transaction fees in my new country?

Possibly. Many Australian banks charge foreign transaction and currency conversion fees on overseas purchases and ATM withdrawals, although some cards are designed for international use and have lower or no foreign transaction fees.

Can my bank close my account if I live abroad?

Yes, in some cases. Most Australian banks allow existing customers to keep accounts while living overseas, but they may close or restrict accounts if you fail to keep your details up to date, do not meet account requirements, or if regulatory or policy changes affect overseas customers.

Useful resources

• Australian Transaction Reports and Analysis Centre (AUSTRAC)
• Australian Taxation Office (ATO)