You must follow certain rules and reporting standards when bringing money in or out of Australia.
We’ll talk about those rules as well as these three major points:
- how much cash can I bring to Australia?
- how much cash can you leave Australia with?
- sending money from Australia
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Some of the facts might change from the time of writing, and nothing written here is formal advice.
For updated guidance, please contact me.
Can I bring cash into Australia?
Yes, definitely.
But there are particular rules that you have to abide by when it comes to reporting and declaration.
How much cash can I bring to Australia?
You are allowed to bring as much cash as you like into the country, but must declare to customs any amounts totaling 10,000 Australian dollars or up (or currency equivalent). You’ll have to fill out a Cross-Border Movement reporting form.
Non-cash financial instruments like checks and money orders are also subject to this requirement.
This declaration can be made online prior to going through customs.
If customs officers ask you to reveal any Bearer Negotiable Instruments you are in possession of, you must do so regardless of how much they are worth. There is no minimum amount required to declare them.
How much cash can you leave Australia with?
There’s also no limit imposed for taking cash out of Australia and the same declaration regulations apply.
Although it’s acceptable to carry cash, it’s a good idea to think about the safety hazards involved with carrying big sums. It might be safer to conduct transactions or transfers using electronic means.
Verify the cash limit and declaration requirements in advance to prevent problems when you arrive in each country.
Sending money from Australia
There are several options for money transfers from Australia and each has pros and cons of its own. Using money transfer services is one of the most widely adopted options.
Bank transfers are another alternative, but they are typically more costly and slower. Typical processing times take some business days.
Whichever approach you decide on, it’s essential to always compare costs and exchange rates.
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