Moving to Australia (question about transferring money)

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settlement

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Hey guys,

I'm moving to australia soon and have a small nest egg here. Should I leave it here in my Irish account and live off my earnings there (feasible for me) or am I better of bringing with with me via bank transfer to an Oz bank? If so, would that incur some kind of fee.

Thanks
 
Thanks sahd.

I will have about 25k here which I can get by without. I think I'll just leave it here to accrue interest.

Does that sound reasonable guys?
 
That's a very good interest rate. I suppose it depends on how much it will cost me to transfer the money versus how much more interest I can make in Oz
 
To avoid FX risk, one should generally keep their savings in the currency they are ultimately going to spend the money in.

Hence, if you are savings for expenditure in Australia, or planning to live in Australia in the long term, FX now using an online currency broker.
 
Thanks Ciaran. That is a good point. I suppose a lot of my hesitation relates to the fact that I don't know if I'll stay in Australia for just a year, or much longer. I have a 12 month contract so 12 months would be the minimum
 
If I leave the money in Ireland, am I subject to any additional taxation on the deposit or does it just proceed as normal? Or am I able to evade DIRT as I would be non resident for that tax year
 
settlement said:
Thanks Ciaran. That is a good point. I suppose a lot of my hesitation relates to the fact that I don't know if I'll stay in Australia for just a year, or much longer. I have a 12 month contract so 12 months would be the minimum
Click to expand...

In that situation one need to make a best guess judgement as to whether your savings are ultimately going to be spent in AUD or EUR.
 
settlement said:
If I leave the money in Ireland, am I subject to any additional taxation on the deposit or does it just proceed as normal? Or am I able to evade DIRT as I would be non resident for that tax year
Click to expand...

If you are non-resident, you firstly need to see if your bank will allow you keep open the account as a non resident.
Secondly, you need to complete documentation with your bank to get DIRT removed from your account.
Finally, you need to declare the deposit interest in Australia and pay Australian deposit interest tax on it.
 
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