Transferring between countries

[HugeJohnson]

So to be honest I'm not hugely financially literate, and I'm not sure where to go to ask for advice. So why not ask a football forum.

I am living overseas for 5 years now but I still have an Australian bank account that I have hardly used since moving. There are almost no fees and sometimes it comes in handy so I don't see the need to close it at this time.
The current exchange rate from CHF to AUD seems to be very good, almost at the highest point in the last 5 years.
My salary at the moment is about 120k AUD per year, after tax that being about 85k-90k.

My question is should I be sending money back to my Australian account now while the rate is so good? Or is there no point to it? My idea was to send back 1000chf per month kind of like a savings account as at the moment I would get nearly $1.70 for every 1chf.
I travel back once every couple of years or so to visit but apart from that I have no immediate plans to return for good, but it's possible one day I would like to return to live. I have no mortgage or debts to think about and am wondering what I should be doing with my money rather than stockpiling it in my Swiss account.
Does anyone know the implications of this, i.e would I have to start declaring a tax return again in Australia if I was depositing money to my account often?
Should I just keep it in my Swiss account if I'm not going to use it any time soon?
Is it a bad idea?

Help me!


Thanks

 

[PoppedCorn]

i know what i would be buying and stockpiling...satoshis

 

[sabre_ac]

So to be honest I'm not hugely financially literate, and I'm not sure where to go to ask for advice. So why not ask a football forum.

I am living overseas for 5 years now but I still have an Australian bank account that I have hardly used since moving. There are almost no fees and sometimes it comes in handy so I don't see the need to close it at this time.
The current exchange rate from CHF to AUD seems to be very good, almost at the highest point in the last 5 years.
My salary at the moment is about 120k AUD per year, after tax that being about 85k-90k.

My question is should I be sending money back to my Australian account now while the rate is so good? Or is there no point to it? My idea was to send back 1000chf per month kind of like a savings account as at the moment I would get nearly $1.70 for every 1chf.
I travel back once every couple of years or so to visit but apart from that I have no immediate plans to return for good, but it's possible one day I would like to return to live. I have no mortgage or debts to think about and am wondering what I should be doing with my money rather than stockpiling it in my Swiss account.
Does anyone know the implications of this, i.e would I have to start declaring a tax return again in Australia if I was depositing money to my account often?
Should I just keep it in my Swiss account if I'm not going to use it any time soon?
Is it a bad idea?

Help me!


Thanks

As you mentioned, this is is a football forum so take any personal financial advice with a grain of salt.

As a general rule, I steer clear of timing the FX market. When transferring money, my main focus is keeping fees down and ensuring that I have an immediate or short-term need for those foreign funds.

If I were you, I would not be transferring any large sums of funds to my AUD account unless I had an immediate or short-term need for it. As you said, you're not sure whether you'll move back, so why transfer funds for them to be hit by transfer fees and sit in an Australian account that is either earning no interest of very little (assumption on my behalf).

Have you looked into local (country you currently reside in) investment options? Check with your swiss bank.

I'm not a swiss (or australian) tax expert but I'd assume like most parts of the world, you get favourable tax treatment in the country you reside in. Another thing to consider.