Categories
None (yet)
Posted by colinm 5 years ago.
Re Bank account time frame when moving
If I open an Australian account but then there is a longer period of 3 months before i arrive is that an issue, what happens or could happen to money I have transferred ? I want to start process now but can see potential problems holding me up as I have a business to wind up and stuff to sell
1 reply on 21 November 2023.
Reply from rare-japan 5 months ago.
Recent changes to anti-money laundering laws (AML) mean that you now have to be physically present in Australia to finalise opening an Australian bank account before you can deposit money into it.
So you might find it difficult to have a working Australian bank account if you do not have an Australian residential address to use for the account.
We've written more about opening a bank account and transferring your money on the following page:
Have we helped you? You can help keep this site running without paying us a cent and save money in the process!