Can an American open a savings account in an Australian bank?

Question

I'm talking about places such as AMP, DragonDirect, ING...with high interest APY.

http://www.amp.com.au
http://www.ing.com.au
http://www.dragondirect.com.au

Anybody had this experience to share?

Answer 1

There are countries (mostly backwards banana republics) that have laws restricting things like that, but I'd be surprised if Australia was one of them. They understand the importance of free markets, and recognize that it's important to be able to make transfers across national borders to build a strong economy. Of course, after the Patriot Act, perhaps you ought to be careful about taking large sums of money out of the U.S. Maybe its now illegal on OUR end.

Wait, is it even legal for me to say that? I've only had time to read thru page 743 of the Patriot Act. Has anyone had time to finish reading it yet?

Answer 2

I live in Australia and I doubt if it would be a problem.

However, you need to check with AMP to ask them what rate of tax you will pay on the interest.

I've got a feeling that they may screw you at top marginal rate of tax so bear this in mind if you're looking to make investments here.

Also, you'll need to take account of currency fluctuations. The Australian $ is rising against the US$. Depending where the currencies are will have an impact when you deposit and withdraw your funds. The impact could be positive or negative of course.

Answer 3

Yes
if men can go on the moon, an amarican can open a savings account an Australian bank!

Answer 4

why not there is no such restriction u can very well open your account in any bank

Answer 5

check with their banks... There policies where foreigners can't open saving accounts in some countries.

Answer 6

If you have the money......money talks...as they say.

Answer 7

don't know but I would imagine so

Answer 8

why no? it's legal