wooddar Posted January 23 Share Posted January 23 Hi. We are dual citizens living in Sydney planning to move back to Uk and maybe sell Australian property for family reasons/ interest rates to reduce complexity. We would like option to return later to Australia maybe. Would really appreciate suggestions how we could maintain bank accounts etc with no fixed address having sold property in Australia. Is this is a good idea or are there other ideas people have found worked. We will inherit Uk property post our retirement so could rent in Uk for next 20 years or buy using Australian profit on property as deposit. Family in mostly based in Perth and UK (children) thanks in advance. Kind Regards. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 23 Share Posted January 23 13 minutes ago, wooddar said: We are dual citizens living in Sydney planning to move back to Uk and maybe sell Australian property for family reasons/ interest rates to reduce complexity. We would like option to return later to Australia maybe. Would really appreciate suggestions how we could maintain bank accounts etc with no fixed address having sold property in Australia. You won't have a fixed address in Australia, but surely you'll have an address in the UK? There's no obstacle to keeping your Australian accounts while living overseas. All you need to do is notify your Australian bank(s) and superannuation funds of your overseas address, and then keep them updated as you move around. The easiest way to do that is online, so make sure you understand how to use their online systems, and you may find you'll also need to keep an Australian mobile phone so you can receive SMS messages for two-factor identification. You might want to consider moving your bank accounts to HSBC because they seem the most flexible when it comes to overseas customers. If you were moving back for a few years, I'd say hold onto your Australian property, rent it out, and rent in the UK. However 20 years is a long time to be renting. 3 Quote Link to comment Share on other sites More sharing options...
rtritudr Posted February 14 Share Posted February 14 Yes definitely go with HSBC. Not only are they used to customers who reside abroad, but the instant transfers between your own HSBC accounts world-wide makes this choice a no-brainer. Quote Link to comment Share on other sites More sharing options...
Gary H Posted May 6 Share Posted May 6 We have been with HSBC for years (15+) premier accounts and business accounts they have been a real handful the last 2 years and we have been told by them it will get harder still. They have received fines UK and elsewhere in the last year and need to adjust how they conduct business, which will likely impact the instant transfers. We have had money frozen, had constant updates resulting in hours on the phone, and waited months for dongles new cards, etc. 1 Quote Link to comment Share on other sites More sharing options...
Amber Snowball Posted May 6 Share Posted May 6 On 23/01/2024 at 06:42, Marisawright said: You won't have a fixed address in Australia, but surely you'll have an address in the UK? There's no obstacle to keeping your Australian accounts while living overseas. All you need to do is notify your Australian bank(s) and superannuation funds of your overseas address, and then keep them updated as you move around. The easiest way to do that is online, so make sure you understand how to use their online systems, and you may find you'll also need to keep an Australian mobile phone so you can receive SMS messages for two-factor identification. You might want to consider moving your bank accounts to HSBC because they seem the most flexible when it comes to overseas customers. If you were moving back for a few years, I'd say hold onto your Australian property, rent it out, and rent in the UK. However 20 years is a long time to be renting. Agree with the above. I have an Australian bank account with ME bank and don’t need an Australian phone. I would find that an absolute ballache. They and my superannuation company are great and totally set up to dealing with overseas customers. I hope they don’t force 2 factor identification on me and if they do they use my uk phone. Quote Link to comment Share on other sites More sharing options...
Nemesis Posted May 6 Share Posted May 6 1 hour ago, Amber Snowball said: Agree with the above. I have an Australian bank account with ME bank and don’t need an Australian phone. I would find that an absolute ballache. They and my superannuation company are great and totally set up to dealing with overseas customers. I hope they don’t force 2 factor identification on me and if they do they use my uk phone. Ditto. I have an account left with ANZ and they text very occasionally using my UK number, and they have my UK address. SImilarly with super, QSuper are quite accustomed to customers living abroad and use all my UK details quite happily, including mobile number. 1 Quote Link to comment Share on other sites More sharing options...
bonanza Posted May 6 Share Posted May 6 On 23/01/2024 at 06:42, Marisawright said: you may find you'll also need to keep an Australian mobile phone so you can receive SMS messages for two-factor identification. You might want to consider moving your bank accounts to HSBC because they seem the most flexible when it comes to overseas customers. you don't need an Australian mobile phone for banking from the UK with ANZ. I live in the UK and have an ANZ account which I sometimes need 2f authentication to operate certain transactions but it works with my UK mobile number. I get my new debit cards sent to my UK address. It's true HSBC has a global currency account which is aimed at people who travel a lot, not sure which financial jurisdiction this operates out of? You might want to be aware of different rules eg anti money laundering, deposit protection and independence of the state. For day to day UK to UK transactions I would check out the UK bank that best serves your UK interests and hold on to your Australian bank rather than moving all your accounts. Before you open a UK bank I would check out the reviews for their IT systems. Some of them are rubbish! HSBC UK (regulated in the UK with deposit protection etc) is one of the better ones but their subsidiary First Direct is better still. Quote Link to comment Share on other sites More sharing options...
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