I would like to create my saving in australia bank?

Question

I'm not Australian but would like to make saving in any bank in Australia. Am i eligible to do so? What are the advantages and disadvantages?

I would like to save in their bank because i intend to pursue study there. So any suggestion? If i don't have saving, how to save the money if in Australia?

That's what i'm thinking....

Thanks for any help...=)

I'm from Singapore.

Answer 1

G'day,

Yes... all international students can open a bank account in Australia. 2 ways to do this:
* From Singapore: contact a bank that has affiliation with a bank in Australia. The major banks in Australia as follows:
NAB (www.nab.com.au)
ANZ (www.anz.com.au)
Westpac (www.westpac.com.au)
Commonwealth Bank (www.commbank.com.au)
* From Australia: within 7days of your arrival, bring your passport and passport (with student visa) to the bank to open an account.

Once you have arrived in Australia, apply for an Australian tax file number and give it to the bank. This way, the tax office will not tax your saving interest if it is under $5,000 a year.

Hope this helps. E-mail me at [e-mail] if you have any more queries. Good luck on your study and welcome to Australia :)

Answer 2

You will probably still have to pay taxes in Singapore (and maybe in Australia too) on any interest earned.