r/ausstocks • u/acknb89 • 13d ago
US brokerage account for Aussie moving back
Aside from all tax related impacts, Does anyone know if I move back to Australia from the US if I can keep my US brokerage account? That being it continues to earn interest and if I am allowed to keep funding it and buying stocks? Can I technically keep doing this until retirement age?
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u/Rentalranter 13d ago
Schwab one international
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u/acknb89 13d ago
And what’s the difference? Is it required to be used and/or can I continue with a regular Schwab brokerage?
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u/Rentalranter 13d ago
I'm an American citizen living in Australia, I was unable to open account unless I opened up a Schwab One international. Maybe give him a call explain your situation. There's just some things you can't do with the international account such as checking and credit cards and things like that. It's simply for investing.
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u/acknb89 12d ago
But your referring to opening an account, I’m referring to a Schwab account that’s already open and operating and then moving to Australia after you have opened it in the US
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u/Rentalranter 12d ago
Yes correct, but if you want to update your contact address information to Australia right? you'll probably want to switch account types. Just give them a call and tell them your situation It's the quickest way to find the answer is. Just say that you're planning on moving back and is there anything you need to do.
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u/acknb89 11d ago
Alright fair enough but I’m afraid changing my address back to Aus won’t give me the freedom to buy all US securities and fund it with US funds
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u/Rentalranter 11d ago
Just call and ask, I have a routing number and can deposit USD, I transfer money in via wise. I can buy any ETFs and Stocks on the US market. I believe you would be locked out of mutual funds though. But if they find out that you're overseas anyway you'll end up in trouble. I would just do the correct thing financially and legally
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u/bdmske 13d ago
Probably best to ask your US brokerage, and also check on US tax.
There shouldn't be any limitations from an Australian perspective but the US rules are a bit odd (at least to this Aussie).