PondSkipper

I'm not sure I would trust Wise to hold large amounts over a sustained period as the funds wouldn't be government protected. An Australian currency account in the UK is certainly an option, but if there are no tax issues, I may as well use the Australian account I already have.

I'll probably be moving within a couple of years so the usual long term investments (ISAs, rental properties, etc) aren't as appealing. I'd rather not be stuck handling assets in another country. There are never any guarantees, but in my case, I think I am better off just grabbing a favourable exchange rate if/when one arises.

My Australian bank account doesn't give any interest, so that's one thing I don't have to worry about. Interest rates are so pitiful these days anyway, that I figure I have much more to gain from timing the transfers to take advantage of a favourable exchange rate.

I'm an Australian citizen living in the UK. I'm planning to move back to Australia sometime in the next few years and would like to transfer my life savings in advance while the exchange rate is good. The money comes from a mix of earnings, inheritance and a house sale (all been taxed in the UK) and will go to an Australian bank account in my name. Are there any tax implications in moving my money back to Australia so far in advance of returning myself? Do I need to declare it somehow to the Australia tax office? Also, am I less likely to trigger red flags if I move the money in lumps of less than $10,000 at a time, or does it not make any difference?