How to keep your bank account open even when you leave Australia.

Can I keep my bank account open or my other investment even after leaving Australia?

Risk:

- Your account becomes inactive and you have to be physically present in Australia to visit the bank and make the account active again.

- Government can freeze your funds or the money goes to government as unclaimed money if the account is inactive for 7 yrs

Unclaimed money: if inactive for 7 years

https://asic.gov.au/for-consumers/unclaimed-money/

How to avoid your account being inactive or given to the government.

- Keep your account active

How can I keep my account active if I am leaving Australia (for now but have intention to come back).

- Open a transaction and savings account

- you can access your account and make transfer on a monthly basis.

- Give authority to a friend or relatives to have access to your account in case you have issues accessing your account overseas (possible trust issue)

- Make a regular or schedule a monthly transfer between your savings and transaction account to keep it active.

What about my other investment like brokerage account or manage funds?

Response from Spaceship Voyager

- Spaceship is designed for Australian tax residents. They will only allow withdrawals to Australian bank account.

- Spaceship will not close your account if you leave the country.

- However, you need to consider the tax consequences that may arise in Australia and in their home country.

I think, as long as you can keep your bank account open and active, you can continue with your investment but be aware of the risk mentioned.

Response from UP bank

- they will not close the account

- just make sure to keep the account active

Ever bank have their own policy for account inactivity

Response from CBA

- They will keep your account open even after you go outside Australia but advice to keep it active else if it becomes inactive, the only way to activate the account is by visiting the bank physically to re-activate.

- To avoid monthly fees, transfer at least 2k between your transaction account and savings account on a monthly basis

I've seen tourist visa holder able to open an account in one of the big banks and constantly or regularly transferring money between the transaction account and savings account on a monthly basis to avoid monthly keeping fee and the account is still open for more than 3 yrs now.

It could be a valid reason for some people to keep the account open specially if they are constant tourist in Australi or have business.

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* The suggestion provided has no guarantee and from personal research.