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Discussion Starter · #1 ·
Hi everyone. I couldn't find any thread on this item. Lets say I want to bring in inherited cash from family from overseas into Australia which amounts to more than 10k, what should I do? Is it only declaration or will I be taxed? Since I did not earn that money in Australia. Pls advise.
 

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what i did was opened an account with westpac bank from overseas and i will deposit the majority of my funds through a wire transfer before i leave. the rest i will take in cash..perhaps you can do the same
 
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what i did was opened an account with westpac bank from overseas and i will deposit the majority of my funds through a wire transfer before i leave. the rest i will take in cash..perhaps you can do the same
How much Aus dollar can an individual carry in the form of cash while migrating to Australia?
 

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sghosh said:
How much Aus dollar can an individual carry in the form of cash while migrating to Australia?
You can carry any amount but currency in excess of $10k needs to be declared. As has already been said, you might find it safer to carry enough cash to cover about 2 weeks' expenses and transfer the rest electronically.
 

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You can carry any amount but currency in excess of $10k needs to be declared. As has already been said, you might find it safer to carry enough cash to cover about 2 weeks' expenses and transfer the rest electronically.
Hello Maz25,

In many countries , like Bangladesh, it is not possible to transfer the money electronically. Here, there are strict laws of central bank to transfer money abroad.

What do you suggest then?
Regards,
Mithu
 

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Hello Maz25,

In many countries , like Bangladesh, it is not possible to transfer the money electronically. Here, there are strict laws of central bank to transfer money abroad.

What do you suggest then?
Regards,
Mithu
What I am doing is I am carrying some cash and the rest amount converting them in to traveller's cheque. Most private banks can provide you with you with travellers cheque which can be encashed and deposited to an australian account of your self.
 

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What I am doing is I am carrying some cash and the rest amount converting them in to traveller's cheque. Most private banks can provide you with you with travellers cheque which can be encashed and deposited to an australian account of your self.
still need to declare:

Currency
There is no limit to the amount of currency you can bring in or out of Australia. However, you must declare amounts of A$10,000 or more in Australian currency or foreign equivalent. You must disclose any promissory notes, travellers’ cheques, personal cheques, money orders, postal orders or other bearer negotiable instruments, regardless of value, if requested by a Customs and Border Protection officer or police officer.
arriving travellers
 

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I got 10k with me when I landed. but not cash.

cash is only allowed upto 3k including travellers cheques. I got a traveller card loaded with 9800aud and got it. it seems traveller cards are not travellers cheques so you can get them. on the other hand, you can open a NAB account when you are overseas and then transefer all the money into that. when you arrive and submit your passport and identify yourself, it will take 5 working days to get your debit card.

if you dont want to loose a lot of money as transaction fee ($1.5 per transaction with 2k max per transaction). just open a nab account and transfer the money in a single transaction.
 

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Discussion Starter · #10 ·
I got 10k with me when I landed. but not cash.

cash is only allowed upto 3k including travellers cheques. I got a traveller card loaded with 9800aud and got it. it seems traveller cards are not travellers cheques so you can get them. on the other hand, you can open a NAB account when you are overseas and then transefer all the money into that. when you arrive and submit your passport and identify yourself, it will take 5 working days to get your debit card.

if you dont want to loose a lot of money as transaction fee ($1.5 per transaction with 2k max per transaction). just open a nab account and transfer the money in a single transaction.
Thanks for the info. What about Westpac. Is it a good bank to do transfer of cash?
 

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Discussion Starter · #11 ·
I have opened a Westpac account which is based in Sydney. But now I am moving to Melbourne. I can only deposit cash into the account now. Until I verify my identity at any of their branches I cannot do withdrawal. Will there be any cost implications later if my home branch is not in the same state where I reside?
 

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I have opened a Westpac account which is based in Sydney. But now I am moving to Melbourne. I can only deposit cash into the account now. Until I verify my identity at any of their branches I cannot do withdrawal. Will there be any cost implications later if my home branch is not in the same state where I reside?
Nope. None. Just walk in to a Westpac branch in Melbourne, provide the account details and they can transfer the branch from Syd to Mel branch at no additional cost. Alternately, you may write to westpac person (who would have sent you the account details) about the same. I am 100% sure though.
 

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Discussion Starter · #13 ·
Nope. None. Just walk in to a Westpac branch in Melbourne, provide the account details and they can transfer the branch from Syd to Mel branch at no additional cost. Alternately, you may write to westpac person (who would have sent you the account details) about the same. I am 100% sure though.
Thanks!
 

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Discussion Starter · #14 ·
Nope. None. Just walk in to a Westpac branch in Melbourne, provide the account details and they can transfer the branch from Syd to Mel branch at no additional cost. Alternately, you may write to westpac person (who would have sent you the account details) about the same. I am 100% sure though.
What are the documents needed for identity check to activate the westpac account I opened overseas. I heard only passport is enough. Is this true.
 
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