Pre-Emigration Tasks
Financial Pre-Emigration Tasks
Local Banking
Discuss the move with your local bank and make arrangements to close any redundant or unnecessary bank accounts. Making the bank aware will stop accounts being blocked for suspected fraud when you access accounts or carry out credit card transactions in Australia and the bank wasn’t aware you were travelling (or emigrating).
Some countries have laws that restrict control or operation of bank accounts by non-residents, If this applies to you, ensure you open a non-resident account and move funds into it.
Keep your current credit card and ensure it is not about to expire until you qualify for an Australian one. Also ensure you have the necessary approvals to use your card abroad (if relevant).
Cancel any unnecessary / redundant direct debits and make arrangements to open a non-resident account (if relevant).
Make sure you have internet bank tokens or relevant technology and you will be able to access your internet banking from Australia. Be wary of your bank offering to transfer accounts or wanting to charge a fee to open an Australian account – overseas banks have very little (if any) branch presence in Australia.
Pay off any debit balances (debts or loans) and leave sufficient funds to cover a few months payments or expenses locally in your account – transferring money internationally can become expensive with bank fees and fluctuating exchange rates, so it is better to pay local (“home”) expenses with local currency where possible.
Final Bills
Another important pre-emigration task is to request final bills from utility companies, make arrangements to cancel services and DON’T FORGET to cancel direct debits:
- Electricity.
- Gas.
- Landline telephone.
- Mobiles for family members.
- Council and other local taxes.
- Cancel and apply for refund of TV licence (where relevant).
- Car lease payments and make arrangements for collection of leased car(s).
- Cancel insurance policies for car(s), home contents, house(s) (if sold).
- Keep life insurance and other personal policies in place until you can start a new policy in Australia.
Important Documents To Take To Australia
Credit file and copies of your credit rating cannot be transferred to Australia (despite what some banks may tell you) as Australia operates its own credit rating system, i.e. a good credit rating can’t be transferred, and neither can a bad one… However, for most people this isn’t relevant as most banks and other businesses will lend to migrants who hold most of the main visa types (subject to their lending criteria).
Some documents may make it easier to apply for loans and other services, so it makes sense to take certified copies or original documents with you. It also makes sense to keep proof of final payment for utilities to prove you have paid them in full and to make it easier when communicating closure of accounts and payment of final bills.
Some important items to take:
- Original marriage certificate and birth certificates for each family member.
- Bank account, credit card and mortgage statements – most recent and proof of credit limit, payment history and good financial conduct.
- Insurance policies showing no claims history / bonus as may be required by Australian insurance companies to honour no claims discounts.
- Current Last Will and Testament as well as details of executors.
- Trust deeds, details of beneficiaries and any interest in family or other trusts – also contact details of executor(s).
- Consider granting Power of Attorney to a trusted person for local affairs (if relevant).
- Written references – from your bank manager, landlord, employer(s) (as relevant).
- Share certificates or details of any share holdings.
- Property title deeds for properties you own.
- Copies of latest tax returns / relevant tax paperwork.
- Proof of ownership of any major assets being shipped to Australia or being left behind.
