Author: Theresa(Champion)Registered Tax Professional 15 Oct 2025
Since you were a permanent resident (not a temporary visa holder) when your super was accumulated, your balance is treated as ordinary Australian superannuation, not as a Departing Australia Superannuation Payment (DASP). Once you’ve reached your preservation age and are considered retired, you can request your super fund to release your balance as a lump sum.
You don’t need an Australian bank account. Mmost super funds can send the money directly to your overseas bank account (you’ll need to provide your bank’s SWIFT code and account details). Contact your super fund to confirm they allow overseas transfers and to verify your identity before processing the payment.
When your super is paid out, the tax-free portion isn’t taxed, but the taxable portion may have Australian tax withheld before it’s sent to you. The exact tax rate depends on your age, your super’s taxable/tax-free components, and whether you’re considered a non-resident for Australian tax purposes. You may also need to declare the payment in your current country of residence, but often a tax credit can apply for any Australian tax withheld.
Author: Ian6153(I'm new)I'm new 9 Feb 2026
Hi Theresa, do you know of a superannuation fund that will pay a withdrawal to an overseas bank account? My recent experience is that they will only pay to an Australian bank account and the bank needs to be an Approved Deposit Institution which rules out accounts with the likes of Wise etc.
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