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Australian Term Deposits.


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Hi all, firstly I'm sorry if this is in the wrong section. If there are Australians around I'd be grateful if you could offer me some advice on your past experiences, as I need to  invest money in an Australian term deposit. The application requires my passport, drivers licence and or my medicare card. Obviously I have a passport but I've never had a drivers licence and of course my medicare card was cut. Does anyone know where money can be invested in AU using my passport only as my ID. At my current age I need the investment to be very secure. I don't receive any aged pension as the Government stated that I've lived outside of Australia for to long. I've lived in Northern Thailand for over 20 years so I've never met Aussies in bars etc to discuss how I could've got the aged pension when it was due. Thanks

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100 point check - Wikipedia

Australia has the 100 point system to open accounts, listed below are the guidelines. hope it helps.


70 points

Only one of the following may be claimed:

  • Birth certificate
  • Birth card issued by a registry of births, deaths and marriages
  • Citizenship certificate
  • Current passport
  • Expired passport which has not been cancelled and was current within the preceding two years
  • Other document of identity, having the same characteristics as a passport including diplomatic documents and some documents issued to refugees

Secondary documents[edit]

40 points

  • Document issued by authorised deposit-taking institutions (ADIs), banks, building societies, credit unions or registered corporations. The signatory must be a known customer of at least twelve months standing.
  • Written reference from one of the following institutions, verifying name of signatory and signed by both referee and signatory. The signatory must have been known to the referee for at least twelve months.
    • Another financial body certifying that the signatory is a known customer
    • Another customer who has been verified as a signatory by the cash dealer
    • An acceptable referee (refer to AUSTRAC Guideline No. 3 and Information Circular No. 3)
  • Any of the following, which must contain a photograph and a name. Additional documents from this category are awarded 25 points.
    • Drivers licence issued by an Australian state or territory
    • Licence or permit issued under a law of the Commonwealth, a state or territory government (e.g. a boat licence)
    • Identification card issued to a public employee
    • Identification card issued by the Commonwealth, a state or territory government as evidence of the person's entitlement to a financial benefit
    • An identification card issued to a student at a tertiary education institution

35 points

  • Name and address of signatory verified from any of the following:
    • A document held by the cash dealer giving security over the signatory’s property
    • A mortgage or other instrument of security held by another financial body
  • Must have name and address on:
    • A document held by a cash dealer giving security over your property
    • A mortgage or other instrument of security held by a financial body
    • Local government (council) land tax or rates notice
    • Document from your current employer or previous employer within the last two years
    • Land Titles Office record
    • Document from the Credit Reference Association of Australia

25 points


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Some of the major Australian Banks allow non-residents to open an account online if you intend to travel to Australia within the subsequent 12 months. However, these accounts have restrictions until you present yourself at an actual Australian Bank branch and complete the 100 points verification as above. These restrictions may include withdrawal, so be informed of them.

https://www.finder.com.au/foreigners-open-a-bank-account-in-australia#:~:text=If you live in another,by visiting a local branch.

The other alternative maybe a local bank in Thailand that has ties to an Australian Bank. However, the 100 point ID requirement is a statutory regulatory requirement, not a Bank initiated thing. 

Deposits in Australian Banks have a level of protection under the Financial Claims Scheme (FCS) managed by APRA. You can read about that here.


Your deposits may also incur withholding tax on any interest payments if you are registered as a non-resident.

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My Thai wife opened up a new NAB account 3 years ago, on her own, with her Thai passport as a permanent resident and my medicare card with her name on it.👍

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Firstly thanks for all the replies. Just to simplify my situation, I'm a long term resident of Thailand. I haven't been back to Australia in 8 years. There's rules which I need to consider when applying for an AU term deposit. I must be an AU resident, so I use my sisters address, obviously I have a current passport, so far so good. Another form of ID is required either a AU drivers licence or a medicare care of which I have neither. What I'm looking for is a very secure way to invest money in Australia using my passport as my only means of identification. I'm not investing foreign money, it's my life time savings in the same AU bank account I used well before the CBA was privatised. I only need a simple way to invest as I'm a former tradie and no financial guru. Thanks again

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  • 5 weeks later...
On 6/27/2022 at 2:17 PM, mason45 said:

I only need a simple way to invest as I'm a former tradie and no financial guru. Thanks again

Can't you do it online with your existing CBA account? I did it that way with my NBA account back in 2012, got 5.2% for 5 years paid monthly. If you don't have an online account with CBA then you may need to travel back to Aus, or buy some gold.

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