Saving Overseas?

ILsaver | Jan 17, 2011 | 5 posts since 2011

I saw the posting here about a Chinese bank, located on US soil, that allowed for US residents to save there. Is there a similar situation for the Australian banking system? Is there an Australian credit union with a branch in the USA? Australia has much higher interest rates these days for savers, and politically is more stable over the long term.

Does the Austrialian government of the US government prohibit savings from US citizens being placed in an overseas account?

Illinois saver

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Answers

Shorebreak | Jan 17, 2011 | 4,039 posts since 2010

From Terms and conditions at Citibank Australia web site. It is probably similar in their restrictions as other Australian financial institutions.

https://www.citibank.com.au/global_docs/pdf/OnlineCash_ManagerPDS_and_Supp.pdf

To apply for an Account, you and any additional signatory must:

1. Be an Australian resident and/or be available to be identified in Australia when opening the Account.

2. Be 18 years of age or older.

3. Be identified. In order to be identified you need to supply adequate information and pass Citibank’s verification process. Depending on the Account, this may include providing photo identification and other forms of identification with your application.

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