The 60-second version
Cocos (Keeling) Islands bank exit needs zero balance NOC, AUD SWIFT to NRE, Schedule FA for last FY, and ATO non-residency alignment.
Cocos (Keeling) Islands uses Australian banking rails — close before mainland AU account if payroll split
Westpac Cocos Islands / ANZ serve West Island — obtain written closure NOC after final phosphate or mining payroll credit.
AUD wires to NRE route via Australian correspondent — retain SWIFT and FIRC for AD bank.
Tax lane: Australia return guide for residency exit and super overlap.
Cocos (Keeling) Islands bank wind-down
| Bank | Currency | Step |
|---|---|---|
| Westpac Cocos Islands | AUD | Written closure |
| ANZ | AUD | Zero balance |
| Correspondent | AUD | SWIFT trail |
| NRE | INR/USD | FIRC receipt |
Closure
Stop debits
Cancel cards.
Final payroll
Wait for credit.
AUD wire
SWIFT to NRE.
ATO notice
Non-residency if needed.
Schedule FA
Last FY account.
Flow
Cocos (Keeling) Islands bank kit
- Passport.
- Account stmt.
- Closure NOC.
- SWIFT.
- ATO clearance.
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FBAR for US persons
Australian external territory AUD accounts count toward FinCEN 114 FBAR aggregate if you are a US person — file even if balance is small.
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vs mainland AU?
Same AUD rails — close territory account before or after mainland bank per payroll source.
Schedule FA?
Declare in last FY you held foreign account.
FBAR?
US person — FinCEN 114 if aggregate > USD 10K including territory accounts.
Brokerage?
No local exchange — ASX holdings via mainland broker.
Super?
DASP guide if employer super sat in mainland fund.
Retention?
Keep NOC and SWIFT 7 years Indian + 10 years US/UK.
Your NRE account redesignation has a deadline.
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