Leaving Aus With >$10k

[RooFlyer]

Define cheap? With Western Union and Moneygram it works out around 4-5% plus fee. CBA was ~$33 + poor exchange + ~$20 fee at other end.

I don't need to send money that often but if there was a cheap way I'd consider it.

cheap
tʃiːp/
adjective

adjective: cheap; comparative adjective: cheaper; superlative adjective: cheapest

1. low in price, especially in relation to similar items or services.


In the context of this discussion, 'cheap' would mean relative to the cost of other ways of getting the funds to the recipient eg personally transporting the cash.

Cash sent to India by CBA last week was $11 fee only (and poor exchange rate). That's cheap compared to the alternative!

 

[samh004]

I recall seeing a border-type show where someone in the UK attempted to leave with a large sum of cash, but no documentation on it. Customs held it and said they could collect in when they got back/provide documentation for it, but believe in that case it may have been a little more criminal than this!

In any case, please do report back with your experience so we have an example for the next time this question comes up.

 

[fairbasa]

I can highly recommend TransferWise for FOREX transfers. They charge the mid-market rate + a small commission which is clearly displayed. I've personally used them 50+ times. The money never actually leaves the country, you transfer from say your GBP account in the UK to theirs, they transfer from their AUD account in Australia to yours.

I've put a link in the referral thread here you can use to get a transfer up to 500GBP free. For an amount above 10k AUD the commission is 0.5% for most currencies.

 

[theblank]

I don't know how blocks of cash show up on X ray machines, but consider questions and explanations if asked by security.

I am pretty sure Security are not customs officers, and they are looking for weapons not cash. Though I have wondered if they do pass on any intelligence to customs if they identify large amounts of cash.

 

[marki]

I have used TransferWise every month now since about year and a half. I jumped over from HiFx and before that Amex FX transfers which were a real rip off. The best was 28 Degrees MasterCard before it started charging for cash withdrawals from overseas ATMs you could add money on the account to have a positive balance then withdraw. Citibank have a similar feature but the rate is not always the best ...... but somebody could enlighten us as have not used it for awhile.

 

[JohnK]

In the context of this discussion, 'cheap' would mean relative to the cost of other ways of getting the funds to the recipient eg personally transporting the cash.

Cash sent to India by CBA last week was $11 fee only (and poor exchange rate). That's cheap compared to the alternative!

That's not cheap. But I guess that's relative. For me cheap would be 20-25 points from mid-market rate which I can quite easily get with cash. I am not afraid to carry cash.

P.S. I knew someone who brought back ~$60,000 in shoes and socks and in lining of jacket back in the mid 80's and paid off their house. Money wasn't declared on arrival.

 

[eric2011]

In Perth no-one even checks the departure declarations now - they're just dropped in a perspex box.
.

Same here in BNE although I seem to always forget and they usually end up in the trash bin in the QF lounge

 

[opusman]

The cards are going to be gone as of July from what I've heard. Surprised the e-gate doesn't ask those questions.

 

[NoName]

Unfortunately I'm unable to give any info on the actual process as basically nothing happened. Ticked the box to say Mrs NoName was carrying over $10k but she wasn't even questioned about it. Seems a bit odd that they would want to know at least a few trivial details. This was at BNE incidentally.

 

[theblank]

Unfortunately I'm unable to give any info on the actual process as basically nothing happened. Ticked the box to say Mrs NoName was carrying over $10k but she wasn't even questioned about it. .

Thats correct. There is no requirement for you to be questioned, you did declare it.
I hope this helps
Reporting physical currency FAQs | Australian Transaction Reports and Analysis Centre (AUSTRAC)

 

[NoName]

Thats correct. There is no requirement for you to be questioned, you did declare it.
I hope this helps
Reporting physical currency FAQs | Australian Transaction Reports and Analysis Centre (AUSTRAC)

I had read much of that site in the end prior to departure and it actually states that you are required to complete a report and sign a declaration confirming the information. That to me says that you are required to do more than simply declare it. Seems they don't follow this though.

The same site is also quite clear regarding structuring and specifically mentions that having one person carry money for you to avoid the reporting requirement falls into this category. Some people mentioned the money being owed by two people. I wasn't clear that it was only owed by Mrs NoName.

 

[theblank]

Did you ask all these questions when you withdrew the cash from your bank account? that was reported to Austrac as well.

 

[Pele]

You don't have to tell us of course, but I hope there is a better answer if asked by authorities here or at destination. I don't know how blocks of cash show up on X ray machines, but consider questions and explanations if asked by security. Again, you will be legit, but vague replies will invite delays.

Have you thought of transferring it to yourself overseas, then picking up cash there and paying rellie?

Gday

I had a couple of grand in my pocket when i left Sydney a year or two back and when i went through security i decided i didnt want to place it on the conveyor belt in the tray in case someone nicked it. I left it in my pocket and got selected for that full body scanner where you put your hands in the air. Straight away the bloke said 'have you got cash in your pocket?'. Said yep, i had to put it through the conveyor belt xray machine and picked it up on the other side. So yes the big cylindrical machine can spot cash straight away.

Pele.