Private trust bank accounts

[E.H.]

Hi Brandon,

I’ve got mine with Bendigo Bank. They made copies of all the trust papers, but I’ve had no problems otherwise.

[morag-janet-of-the-hill-family]

Have you got a copy of the application form that you filled out that you could share with me privately?

[Bonez]

Im looking at getting mine sorted out this month, deciding on what bank to go with is what’s holding me up.
My choices are: NAB, CBA, WestPac, BankSA and Peoples Choice Credit Union
I think I read somewhere that CBA accept Marks trusts?

[Dave777]

I’m going with CBA they didn’t question my signature and all rights reserved, but they are asking for a ACN or a ABN. Do I need to set up a private foundation as well to put it under charity

[Bonez]

I believe you just say it doesn’t have an ABN as its not registered

[John]

Hi Brandon,

I’ve had success setting up a trust bank account about a year ago with Great Southern Bank.

[Dave777]

Thanks Jordan for your reply.

[Camille-Ivory]

Thanks for asking this question Brandon,

Has anyone opened up a digital account? Like Air wallex?

Whereby if we’re working and earning overseas, funds can just be transferred into that account and funds are automatically converted to local currency wherever you want to spend?

Just wondering if anyone has considered this? or tried it, as I’m thinking of doing this soon 🙂

[risingsun]

below is, if i remember correctly, a post from a member a while back….they suggest Wise….I dont have it yet, although a friend has a personal account with Wise which they use overseas when on holiday and it works great and gives better exchange rates than a major banks “travel money cards”…….perhaps it is an option you can explore…I wish you all the best…let us know how you go…please note also that the referral link given at bottom is not mine, it is whomever posted the original link. …cheers

Wise is a tool for sending and receiving money, and paying for

things, domestically and internationally. It is an online account with

an optional debit card. The following is written for Australia but

applies everywhere so adjust accordingly.

Wise offers mid-market exchange rates for foreign exchange. This

means, the real exchange rate without a margin: unlike everyone

else. This is unheard of. And, the lowest fees and rates on sending

and receiving money. It provides optional domestic ‘bank account’

numbers for the countries you wish to receive money from. So a

deposit is just like paying a local. I found the Terms & Conditions

remarkably straight forward with no onerous stipulations. Just be

careful not to be in a situation you need ‘buyer protection’ on a

purchase. Charge backs are not as straightforward as major brands.

* Check out the great features & optional extras for managing

accounts and paying employees locally or internationally.

If you have a Non Registered Trust you can have a Wise Business

account set up as a Trust account! In the sign up process select

Trust as your business. Use the following when prompted. They are

for Wise itself and Wise told me to use them.

ABN 38 616 463 855

ACN 616 463 855

You will receive an email asking for further information about your

Trust. There are multiple options. Choose the options aligned with a

Non Registered Trust and ignore the rest. The only sticking point is

they still expect an ABN and CAN. The only pages from the Deed

they need are the cover page and the final two pages. Include a

note explaining it is a Non Registered Trust, it complies with

international Trust Law and Commonwealth of Australia Law. It is

recognised by all major financial institutions. And that all parties

have an Australian address and passport. That will verify your

account without the need for an ACN.

It is free to sign up.

* When upgrading to a full Business account. You will be asked if 50%

or more of your income comes from goods and services. If you don’t

know the answer, select Yes. This minimises the reporting

requirements, compared to ‘passive’ income.

* For security and privacy I recommend using free Proton VPN to

connect to the site.

If you use this invite link to sign up your first transaction will be free.

https://wise.com/u/ab6bad7

What about using Wise. You will receive a ’bank account’ number to provide Mark so his paying

you Australian dollars will be just like a domestic deposit for him. Virtually no fees on either side.

And a mid-market exchange rate so no margin added by the vendor, unlike everyone else. Using

your bank to be paid means fees for foreign transactions, on both sides, plus a poor exchange rate.

And as mentioned you can set up the Wise as a Trust per my instructions in the document.

wise.com

main.title-Page not found

Send money to your friends and family or pay for goods and services in foreign currency. No margins and no spreads on true market exchange rates.

[PRBTJ]

hi everyone, I have a business account and it’s working fine, now I’m in the process of opening a trust account with Wise. I’m just wondering if the business Trust account as they call it has the right format. I mean, a business is in the public and a trust is in the private. Does anyone know if that’s a problem?

[morag-janet-of-the-hill-family]

Trust-and-business-Q-and-A-19.pdf 74 KB PDF - Click to view

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[Jasmine]

Hi Morag, I’m very new here and I’m wondering if the pdfs’ that you are posting are on the website and available or are they modules that you may have bought? thanks

[morag-janet-of-the-hill-family]

They are PDFs of knowledge I have gathered. I do not share modules as they need to be bought from the shop.

[Jasmine]

oops, damn, I already put my foot in my mouth, I hope I didn’t offend you by asking about the info being from the modules. I don’t know what I was thinking! Anyhoo, Thankyou for sharing your notes from your knowledge, I find them really helpful as a newbie here. Just trying to find my way in extracting myself and family from the matrix.

[morag-janet-of-the-hill-family]

No you didn’t offend me lol. We;’re all on here learning and we strive to help each other any way we can 🙂

[Jasmine]

Whew!! 🤩

[miket]

How did you go with the setting up of a trust account with Wise?

[Camille-Ivory]

Thank you for your extended response rising sun! Looking forward to using this Wise product. blessings to you

[Jasmine]

wow, I knew wise was good but I’m still trying to get my head around the wise trust account bit. I will re read now

[PRBTJ]

Thank you, I’m haven’t read all I see, thanks so much👍

[Living-Ascension]

Hey Team,

I’ve just attempted twice with 2 x separate Bendigo Banks here in Western Australia, both being rejected. First attempt was rejected because they claimed that my trust needed to be redrafted and would not be accepted in that format, the bank would not tell me specifically what was the exact issue with it even after I reminded them that the trust had been carefully drafted to comply with Australian tax laws. Second attempt at a different branch was rejected as my trust was “outside of the bank’s risk appetite”. Going to give Great Southern a go as trying to avoid the big 4. Any other suggestions if my next round fails?

[morag-janet-of-the-hill-family]

Trust-and-Bank-accounts-Q-and-A-7.pdf 92 KB PDF - Click to view

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[brianchu82]

BDCU at Bowral looked at the trust wording and said it felt it was outside the tax jurisdiction and hence rejected our application.

God bless,

Brian

[Brandon-Nicholas]

Hey guys,

In the last couple of weeks I was able to open accounts successfully with CBA and NAB with the non-registered trust.

[Camille-Ivory]

Hi Brandon,
That’s great 🙂 Congrats!
I am just finalising my deed, and using a corporate pty ltd trustee.
Have you got written in your deed that it’s a non-statutory trust?
I called BCU and Heritage Bank. They are open to it. All they ask is for the deed.
If we go in there and act normal, don’t put emphasis that it’s a non statutory, then they should approve it

[Brandon-Nicholas]

Hi Mayari,

Yes, the key is to just call it a “Trust” and nothing else.
For example, when you walk in there say “Good morning, I’d like to open a trust bank account please” (as if you are just referring to a standard run of the mill trust). Don’t mention “Non-registered” or anything like that.

When they are doing the paperwork and ask you for the ABN just say “It doesn’t have an ABN”. If they ask why it doesn’t have one, say “It’s not a business. It is only used for asset protection (or whatever you wanna tell them)”.

Best thing to do is get any terms like “private” or “non-registered” out of your head. Just call it a “Trust”. It’s just like any other trust but without an ABN.

[Yvette]

Hi All

I recently opened my trust bank account with NAB. All went well, no issues. What helped the most was to read all docs and watch all webinar videos from Solutions Empowerment. After a while something “clicked”, ie it became clear how they worked and yes, they are lawful and so why would there be an issue to open up a bank account when this is lawful. I think not clearly knowing how they work when you go to open up a bank account would potentially trip you up. The bank employees, including manager, may not know as much as you, so you can 1. not get rattled if they say something that is not the case, 2. you can kindly direct them to the info. eg the bank manager I spoke to said all my beneficaries needed to be associated with NAB and have a customer number. I replied that no they don’t, as pets can be beneficaries. It was a minor point and I did not fight it, just a mention. Then once we went through the steps, the next step in the manager’s office was for me to speak to the business department of NAB over the phone. They ran through some standard questions, eg what I wanted it for (I said asset protection). The questions need to be asked at their end and they were easily answered at my end. All went well. They said it would take up to 7 days to create the accounts (they were very busy with 400 applications!). I received the accounts the following week. I am now about to receive a debit card associated with the account – this I asked for. The business department will go through options of what type of account(s) you want. I have a standard one and a savings one associated with it plus a debit card associated with the standard.

All went well. I prefer NAB over CBA for my personal banking over recent years as CBA became a </font>problem re easily purchasing crypto. So I changed to NAB and had no issues. Hence why I wanted my trust account to be with NAB as I feel they are better than others, for now.

So my main advice is, learn all about the non-reg trusts through the info sheets, modules, and videos and it helps so much to then access a bank account and know what you are talking about as you may end up being the one who knows more in the bank and you can’t ask them for their advice as you want to appear as you know what you are talking about. Go well! I am so happy I have this now. I will learn more about the runnings of it and it helps to ask community:)) </font>

• This reply was modified 7 months, 3 weeks ago by  Yvette.

[morag-janet-of-the-hill-family]

Fantastic! Well done. A very heart warming story of success 🙂

[morag-janet-of-the-hill-family]

a

[Mark]

Hi all , just getting my docs ready to open my trust bank account, I’m not sure if a witness signature on my deed can be one of my primary beneficiaries, or has it got to be someone outside with no interest ? Cheers twiggie

[morag-janet-of-the-hill-family]

I used independant witnesses on mine.

[Mark]

Yep I did that , thanks Morag . Happy new year . 🥳

[morag-janet-of-the-hill-family]

Happy New Year to you too 🙂

[Mark]

Hi all , I’ve just got my trust bank account set up , all within a few days. Without a hitch . Just a quick question – when transferring funds from my personal account, is it wise to have my trust account labeled in my personal name , or to label it as the trust name . As to not draw unnecessary attention ? I’ve noticed that my credit debt card and other accounts are in my personal name , and no where is trust mentioned… is this normal practice ? I’ve emailed the lady that set it up , but no reply yet . Cheers twiggie . Hope you all have a great break / holidays/ Christmas

[morag-janet-of-the-hill-family]

Can you tell us what the process entailed? Here’s some information that might help you.

Trust-and-Bank-accounts-Q-and-A-10.pdf 92 KB PDF - Click to view

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Trust-and-Bank-accounts-Q-and-A-2-2.pdf 61 KB PDF - Click to view

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Trust-and-Bank-accounts-Q-and-A-3-1.pdf 22 KB PDF - Click to view

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[Camille-Ivory]

Hi Twiggie, happy holidays 🙂 hope you ended up getting your cards changed?

It should say “trustee of the………. trust” on the card.

[Mark]

Hi mayari , it says my name and then as …on the card , so I guess it doesn’t matter . And my documents say my name , then as trustee . I recall Mark saying it doesn’t actually matter, as the trustee and settlor need to be a registered entity anyway, would that be right ?

[morag-janet-of-the-hill-family]

Yes that’s right or at least they can be registered entities without putting the unregistered trust into the public domain.

[Mark]

And happy new year . All the best to you 🎉🙂