If all goes well, then my family and I are planning to move to Adelaide in the month of Aug - Sept 2018 and have a few concerns / questions on money transfers.
can one open a bank account from overseas, i.e. before arriving in Adelaide? If so then how do we go about it? (Money transfer from UAE, Qatar) any recommendations on banks? Some with low service charges etc? is the transferred money taxed? If so then what % Appreciate any other additional info that you may think is useful.
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,