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Savings Interest for Non Resident

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  • Savings Interest for Non Resident

    Am a non resident and gonna be leaving the country. Since it´s more than I need and the interest it generates here is more than I could get over there I am looking at leaving it here. One looses 4 to 5% just because it´s foreign currency on top of being a bad exchange rate at present.
    Ideally I am looking at online high interest savings account kinda deal because high availabitlity if I wanted to buy stuff all of a sudden and monthly interest that could go into a regular account that could be accessed via debit credit card to pay for weekends out and fuel and the likes. But I wonder how to not become a tax evader and it is probably gonna be a bit of a head fuck to sort it all out?!

    Any recommendations who to talk to and what to ask for?
    Last edited by Deej; 11-02-2014, 04:41 PM. Reason: Confusing topic title

  • #2
    Not quite the parking money I was thinking of... I make do with an iSaver @ about 4%, can instantly transfer funds to a cash account (via online) and interest is calculated daily, paid monthly. I know some others (UBank?) offer a bit more % but unless you're talking millions, who gives a fuck (and if you had millions, you wouldn't give a fuck about an extra $5k would you...?). Problem with iSaver is you have to physically walk into the bank every 3-4 months to 'bump' the bonus rate or else it defaults back to 2% or something. Term deposit with fixed rate might make more sense... although you can't usually get money out of them instantly.

    No tax evasion risk so long as you declare it ask income here and/or abroad. If you're a USC (not sure about other countries) you have to declare foreign bank accounts to certain federal authorities with more than a certain amount of money, even if they generate no income. I'd be more specific but might not be any point.

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    • #3
      The more interest you get, the less you can access your money, there are fees usually if you need to, did the whole shopping around recently, threw my hands up in disgust and just left it all where it is.

      Also suggest a Thread title change, I too was thinking about change for the parking meter!!

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      • #4
        Originally posted by ripper1199 View Post
        Am a non resident and gonna be leaving the country. Since it´s more than I need and the interest it generates here is more than I could get over there I am looking at leaving it here. One looses 4 to 5% just because it´s foreign currency on top of being a bad exchange rate at present.
        Ideally I am looking at online high interest savings account kinda deal because high availabitlity if I wanted to buy stuff all of a sudden and monthly interest that could go into a regular account that could be accessed via debit credit card to pay for weekends out and fuel and the likes. But I wonder how to not become a tax evader and it is probably gonna be a bit of a head fuck to sort it all out?!

        Any recommendations who to talk to and what to ask for?
        I may be mistaken, but as a non resident the bank will have to withhold tax from any interest you earn at the highest marginal tax rate (45c).

        Further, I don't think the nominal interest payable here (after non-resident withholdings tax) will compensate you for the exchange rate risk. You only have to see a few points of movement in the wrong direction and you are in negative territory.

        So on the eight day, after wasting time faffing about with unimportant guff like heaven & earth & the waters & sky & creatures [& having a wee kip] & man.... God created PSB (GenesiSX-R1000)

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        • #5
          InfoChoice | Compare Savings Accounts & Rates Online
          faster ya go closer to nirvana

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          • #6
            You will need a really sweet deal with your Australian bank to give you free international purchases and currency exchanges.
            This is general advice only and does not take into account your individual objectives, financial situation or needs (your personal circumstances). Before using this advice to decide whether to purchase a product you should consider how appropriate it is in regard to your personal circumstances.

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