Opening simple checking account or any financial account in Oz

Now, opening a simple checking account as student or a regular checking account at one of the local banks in Australia is fairly straightforward. The process is simple that you will need the following documents to open an account there since you are living in Australia. You will need a copy of your rental agreement,a utility bill and your passport with your visa stamp attached to your passport. Also, if you are a student, you carry your student id as well. You are going to show this to the account manager when opening your account.The most common banks that are big in Australia are Commonwealth Bank,ANZ and Westpac.

Commonwealth Bank     

Westpac

 ANZ Bank

Now, opening an account like say a trading account for stocks,commodities or even Forex is works about the same except that you send in your documents with your Australian phone number and a copy of a bank statement in Australia with your Australia address. For opening stock trading or investment account, you can open an with TD Securities

TD Securities

Now, if you have Forex trading account, it becomes even easier because you are trading outside the US. you do not have leverage restriction of 50:1 placed upon your account. If you are with FXCM,Alapari,Forex.com and other. You can open another account with them and tell them that you have moved and you can update your information through their website when you access your account and upload the documents like your Australian banking account,Utility bill and rental agreement. You can open an account assuming that you do not have any open trades at the moment. You can have your leverage increased to 100:1,200:1 or even 500:1. I would not recommend go any higher than 200:1 The higher leverage can work for you as well as against you.

FXCM in Australia

Forex.com

 Alpari

Another important piece of information is to keep good records of your trades on the profits and losses for filing your income taxes. If this part is only relevant if you have a trading account. Now, if you are just a student,with a saving or checking account, it is important that you show the IRS documentation of these accounts to avoid tax evasion. I can't stress this enough. Keep ALL records of all accounts because the IRS will want to know. Also, it is our duty as long as we hold a US passport to be good citizens and good representatives of what responsible people are and are following all of the laws.

This is good information to know. The key to making it financially is good management of finances. Don't leave any debt or get into debt. Your job is to be a good representative to your host country and be outstanding human beings showing that we are upright and honest. The other thing I would use a spreadsheet in Microsoft Office for keeping track of expenses. It works really well for trading accounts to keep track of your progress for your wins and losses.

The most important to enjoy your life and knowing how manage money is so crucial to having a successful and enjoyable life. this how to win the war on Finance. The other important is find a competent tax preparer that can handle preparing of US taxes in Australia. I will find out the information and make it available to everyone.

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