Financial regulations

I want to bring some Australian cash with me when I enter Australia in October and open an Australian bank account.

The reason being to avoid credit card charges of 2.75% on foreign transactions charged by British credit card companies on overseas use.

I have fired off emails to australian embassy; no replies
Commonwealth Bank of australia, no reply.

Dose anyone know the maximum amount of Australian cash that can be brought in by a Pomme?


Can a non resident opn a bank account?

Or does anyone know of a website with this info?

You can bring in $10,000 in cash without declaring it. See:

http://www.customs.gov.au/site/page.cfm?u=4724

Cheers

Greg

The "Border Security" program on Australian Channel 7 said you can bring in as much cash as you like - but you need to declare it if it is over the equilivent of AU$10,000. If you don't declare it, apparently you can lose the lot.:eek:

Bring in heaps - we can use it!

Find either an Australian bank in England or an English bank that has a branch out here or a reciprocal arrangement with an Aussie bank. Tell them what you want to do, far safer than carrying loads of cash.
This is the sort of arrangement I was able to set up between Australia and the Philippines nearly thirty years ago, so I'm sure things are even better now.

Whne I lived in the uK the best bank to deal with for this sort of thing was Clydesdale or Yorkshire - they are both owned by National Australia Bank.

Jow,

Have you spoken to your bank about the use of ATM cards in Australia, you might find we use a couple of the same systems as in the UK or that they are linked in some way. You'll still pay fees but not likely to be 2.75%. If you have a trusted friend in Oz you can electronically transfer the money directly into thier bank account in increments of no more than $10,000 to avoid customs and they can withdraw cash when you arrive, alternatively they can setup an ATM only account in thier name and give you the card and pin number when you arrive, you can then transfer money electronically into this account. I say ATM only as this protects them from you racking up a huge bill on credit although I'm sure you're too honest for that.:D :D

HH.

Thanks to all for those answers I needed in less than 55 minuites.
Thats the power of ubeaut and the internet.


Now how about me getting an unsecured loan of around $20000? :D :rolleyes: ;) :D

Quote:

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Originally Posted by jmk89

Whne I lived in the uK the best bank to deal with for this sort of thing was Clydesdale or Yorkshire - they are both owned by National Australia Bank.

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Didn't the NAb get out of those a year or two back?

Quote:

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Originally Posted by jow104

Now how about me getting an unsecured loan of around $20000? :D :rolleyes: ;) :D

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No worrys ol son, just send $30000 in unused note to me and Ill see what I can do.

Al :p

John,


There is no limit on the amount of actual cash you can bring in with you but if over $10K you must declare it. No problems if you do, but the details of the cash brought in are advised to the ATO and Federal police in case you are involved with illegal activities. BTW all cash deposits or cash withdrawels of $ 10K from banks are also advised to the ATO and the Federal police for that same purpose. Failure to properly declare could mean confiscation, but usually means a hefty fine and the excess confiscated.


Whilst the idea of sending the money to a trusted friend sounds good, it would be better for you to send same to a bank for payment to you, upon appropriate identification, when you arrive or for the bank to open an account in your name.

For you to have an account you will require to satisfy ATO regulations regarding identity, namely prove your ID to the value of 100 points. Usually this involves drivers licence (or passport) together with a letter of bank introduction or other photo id. Even current bills with your address adds to the score.

Having worked in a bank in their overseas department many, many years ago I would recommend that you open your Aussie bank account through your own bank. They can arrange it all, open the account, transfer the money meaning no risk carrying large amounts and issue a letter of introduction for you.


Peter.

Thanks Peter, I will have to check with my English bank (Lloydstsb) the last time I spoke to them they said they did not have an Australian banking service. That is why I put the question up. Fortunately there is plenty of time to make other arrangements if necessary.

Quote:

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Originally Posted by jow104

Thanks Peter, I will have to check with my English bank (Lloydstsb) the last time I spoke to them they said they did not have an Australian banking service. That is why I put the question up. Fortunately there is plenty of time to make other arrangements if necessary.

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John,

They don't have an Australian banking service BUT they will have correspondent/agency arrangement with most of the major Australian banks. If your banks are the same as ours ( overcharging with fees and understaffing with knowledgeable employees) you may have to talk to someone higher than your local branch staff. Maybe an area manager or their overseas expert.

When I was working in the bank, I worked for 2 years in the Melbourne Overseas departments and in fact was a signing officer for signing documents to our overseas correspondents.

We had arrangements with over 10,000 banks all over the world, ranging from such minute places on earth as the little island nations in the pacific to the UK. We could do what you want with any country in the world, even those beyond the iron or bamboo curtain, so surely in this day and age your English banks can do it too.:confused:

However if they can't I'll let you use my account.:D

Peter.

Again the very friendly offers are appreciated.

I suspect any interbank arrangement with England will involve a commission charge which comes back to the credit card people who want that 2.75%.

So might pursue an Australian bank account.

Quote:

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Originally Posted by Auld Bassoon

Didn't the NAb get out of those a year or two back?

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No that was northern ireland and anither one from that direction, Clydesdale and yorkshire are still owned by NAB.

I should know.

Back on topic. If you have a friend here. Deposit in their account. You could try travellers cheques. Your could also open an AUD account with a bank that has branches in Australia, I wont make any actual suggestion due to a financial interest and legal complications (I work for one, you guess which). Just check out the fees on each option, also have a talk with you local branch about options, if you get a good teller they should know all the tricks (Try and get an older one, they tend to prefer to find ways of beating the fees, they dont like them either)

Good luck

Quote:

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Originally Posted by jow104

I suspect any interbank arrangement with England will involve a commission charge which comes back to the credit card people who want that 2.75%.

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The transfer of funds to an Australian bank will involve a small commission but if the amount is say in the range of $10K nowhere near a 2.75 % of the amount transferred.

Another aspect to consider is the exchange rate at which you can buy actual Australian currency notes from your bank. This is normally the worst rate that you can get for your bank will have to purchase the actual notes from other clients or the financial market, then hold it in reserve for the time it is sold to you and pay the costs of transferring these notes to your branch. All these costs are reflected in the exchange rate. Rather then actual notes a better way would be to buy traveller cheques.

Peter.