Dear forum members,
I will be moving to OZ next month and have a query on keeping money overseas.
I am a permanent resident, currently, in my home country, I hold local currency (Euro) and AUD.
I will open a bank account at NAB next week and will transfer all my AUD to that account prior our move in OZ.
However, I would like to keep on my bank account in Germany my EURO and when exchange rates will become better, I will exchange to AUD and transfer them to my OZ bank account.
The problem is that I don't know how long it might take for the AUD to get to its low rates, therefore I might keep my EURO in Germany for a while.
My question is, what is the policy of the ATO if I keep a bank account overseas and NOT gaining any interest rates on it and then transfer that money to OZ? let's say after a year residing in OZ.
I am looking forward to getting your inputs on this issue,