Does anyone know if Australian banks will open accounts for foreigners if they aren't coming for work, study or to live?

[Deactivated] on 07/10/2019 - 15:38

Does anyone know about the procedure of opening an account for a foreigner? There also seems to be the requirement to see the client physically before an account becomes active, which wouldn't be too much of a problem to fly them down to Australia for a week, but the more concerning part is that they need to meet some requirement for work, study or live.

If this is a no-go, there seems to be other options like getting E-residency in Estonia and opening a European bank account; Singapore Citibank account and some others which I won't mention as the list gets a bit long and not sure if they are still available. However, some are being closed like Charles Swarb no longer accepts new clients in Hong Kong.

Disclaimer: Asking for friends who are concerned about the emergency measures in Hong Kong being further escalated. I did make a few phone calls to the Big 4 last week but the answer was No. Are there any other smaller boutiques or investment banks that will open accounts for foreigners?

Financial

Comments

  • PissLUR on 07/10/2019 - 16:09
    +1

    yes. the big 4 opens transaction account for tourists. show them your passport and your arrival stamp. it should be less than 30 days from the arrival date.

    • Baysew on 07/10/2019 - 17:29

      I did make a few phone calls to the Big 4 last week but the answer was No.

      • PissLUR on 07/10/2019 - 17:33

        that is wrong info.

        • plmko on 07/10/2019 - 18:32
          -1

          Did you even read your own link LMAO?

          • PissLUR on 07/10/2019 - 18:48

            @plmko: Opening a bank account with an Australian bank is a simple process given that you’re migrating, studying or working. If you reside in another country and don’t intend to migrate to Australia, you’ll need to speak to a local bank who has international ties with a bank in Australia. Those on a tourist or visitor visa can open an Australian bank account by visiting a local branch and providing your passport.

            • plmko on 07/10/2019 - 19:27

              @PissLUR: Yes no crap Sherlock, but read the whole thing. OP already knows about banks with international ties. OP is asking if you know, not just for a bot to Google nonsense.

  • Ocker on 07/10/2019 - 16:40

    I think they will still be subject to the 100 point check for opening an account

  • hoey888 on 07/10/2019 - 17:27

    Legally if opening a personal individual bank account, they need to be physically in Australia at the time account is open.

    Otherwise you'll be seen as providing financial services to a foreigner outside your financial services license. If reported to ASIC you'll get a penalty and professional indemnity insurance may become void.

    Source: Our compliance department of a large financial services company.

  • Gelato on 07/10/2019 - 18:17

    Your friend need to pass the 100 points ID check. In general not having address proof will make it very hard

  • Ughhh on 07/10/2019 - 19:03
    +1

    Might have better luck if your friends have accounts in HK with a Citibank or HSBC?

  • redforever on 07/10/2019 - 19:46

    I am pretty sure you don't need an australian address. My cousin who resides overseas was able to open one by providing an overseas address. They did use our address as postal address but they were able to open an account woth NAB with their passport and a foreign driving license with their overseas address.

  • chumlee on 07/10/2019 - 19:46

    If it's for Hong Kong residents, go with HSBC

  • Richardc on 07/10/2019 - 19:49
    +1

    No problem for Bank of China Australia.

  • bluesky on 07/10/2019 - 20:31

    I know of foreigners (tourists) who opened accounts successfully at NAB and Commonwealth Bank. As others have said, the person must attend the branch and provide ID for 100 point check. Cases I know of:

    • They also provided Australian address of someone local at the account opening stage.
    • The local person went along to provide approval for their address to be used.
    • The local person was already a customer of the bank that the overseas person was trying to open the account with.

    Being able to supply an Australian address seemed to make it easier to open the account; in reality, once the account is up and running, with online banking/statements, the address is quite irrelevant.

  • smartblaa on 07/10/2019 - 22:11

    This may have changed recently, but when I was planning my trip to Australia in 2012, I was able to open a bank account from Ireland. I went through an online process with Westpac. They provided me with the BSB and Account Number, so I could make deposits into the account. The account is activated but not fully active. No withdrawals could be made until I arrived to Australia, and provided necessary ID etc. This suited my situation as I could get money into Australia before my trip.

  • [Deactivated] on 08/10/2019 - 11:22

    Thanks for the help.

    I'm flying back in the next few days, so I'll be able to figure out which local branches allow it. I guess the response I got over the phone was related more towards opening the account remotely and whether there was a requirement to work, study or live in Australia.

    I think birth certificate and passport should be enough to meet the 100 points. The other documents will probably include a foreign address and in the worst case scenario I let them use my local address. I'll have to clarify what works with a local bank manager when I get back. A few people I know don't want to put everything into their Citigold Singapore account.

    • bluesky on 08/10/2019 - 15:51

      If you still have a few days here, one suggestion is to rock up to your local bank branch before your trip and find out exactly what is needed - to cover all bases. Just in the offchance of any recent changes, if any, and precise info about documents needed, etc. (I am assuming worst-case, your friend will fly here. If irrelevant, ignore.)

      Good Luck.

  • johninmelb on 08/10/2019 - 20:29

    When my partner first came out to Australia in 2013 on a tourist visa, I took him to the local ANZ branch where I was a customer, and we were able to open a savings account for him with a Debit Card. Basically all he had was his passport, but we also took certified translations of his birth certificate etc. Can't remember now just what they looked at. It wasn't difficult, but the fact that I was a customer there and we lived locally probably helped smooth the process.

    This is one of those situations where you need to go down to the bank yourself, see the manager or assistant manager and discuss the situation. Asking the question here is a pointless waste of time as everyone has a different opinion as we don't know the situation or have all the facts pertinent to the case. And calling a bank's call centre is also a waste of time and effort when the matter is complex. CSO's in call centres aren't paid enough to care, and in a situation like this, they don't have a script to read to you, and want to get you off the phone as quick as they can.

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