Close Australian Bank Account After India Move
Close ANZ/CBA/NAB after departure: wire to NRE, final interest statements, FBAR, and Schedule FA.
The 60-second version
Close or convert Australian bank accounts within 90 days of departure to avoid dormancy fees. Keep final interest statements for India Schedule FA and US FBAR if applicable.
Close within 90 days
Australian banks often charge non-resident or dormant fees. I close checking/savings after DASP and final pay wire to India NRE.
Request final interest summary for FY — needed for India Schedule FA and any Australian departing return.
US persons: closed accounts still need FBAR if balance exceeded USD 10,000 any day in calendar year.
Super path: DASP guide before bank closure.
Bank wind-down options
| Option | Fees | India reporting |
|---|---|---|
| Full closure | None if zero balance | Final interest in Schedule FA |
| Non-resident account | Monthly fee | Ongoing Schedule FA |
| Keep for AU rent | Only if property remains | Rental income Schedule FA |
| Joint with spouse | Both must sign closure | Split interest in ITR |
Closure sequence
Zero recurring debits
Move subscriptions to Indian card.
Wire balance
SWIFT to NRE — keep FIRC.
Branch or online closure
Passport + closure form; some banks need in-branch.
ATO myGov download
Final interest data matching bank letter.
India Schedule FA
Report until account fully closed if mid-year.
Wind-down flow
Australia banking kit
- Final statement PDF.
- SWIFT/FIRC copy.
- Closure confirmation email.
- TFN deactivation note.
- FBAR record if US person.
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Update mobile or use branch closure if you already cancelled Australian SIM.
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Keep AU account for shares?
Possible with CHESS — separate from everyday banking.
Interest after closure?
Pro-rata interest paid on closure — declare in India.
AUD left in account?
Bank converts at closure — compare FX to wire first.
Joint account alone?
Both signatories usually required.
FBAR after close?
Report year of closure if threshold met any day.
NRE vs NRO wire?
NRE for eligible foreign income — keep employer/DASP letter.
The plan is only as good as the sequence.
Tax, banking, schools, shipping — they all have dependencies. A wrong order costs months and lakhs. Get it right.