naufil

Hello if i want to bring large amount of Cash what are the options you guys suggest . and what international banks there are preferrably like Standard chartered Bank.


Secondy if i want to apply for loans as newly arrived immigrant- what options i have .

thanks in advance

best regards,

naufil

newjersey

can't help with Pakistani banks, but I think you will find it hard to get any kind of loan, being fresh to the country, having no assets for collateral and no Australian credit history to fall back on.

vsuccess

Naufil,

You can carry upto AUD 10,000 including the value of goods you bring to Australia without declaration. However, if want to carry more cash, you should declare it on the Arrival card which is usually given in the plane or you will get it when you will arrive to Australian airport. On the other hand you can bring a travellers cheque and cash it when you arrive.

Western union could be another option, if you have any relatives in Australia.

spottydog

You would need to declare travellers cheques over $10k too as it is cash or equivalent.

The safest way would be via the banking system. If you transfer over $10k using the banks they will complete the required declarations on your behalf.

To apply for a loan you will most likely need proof of a job to show you can repay the loan before you will be considered. The more employment history in Australia you have the greater your chance of getting a loan accepted.

spottydog

Not sure why you want an international bank but probably the biggest international bank here is HSBC. The big Aussie banks are generally highly rated on international scales with, I think, all the big 4 having AA rating when there is only about 10 banks worldwide that have that rating.

naufil

ok.. so can you give me an official link in DIAC for further info i can get related to my queries. The reason i m asking for the international bank in sydney so that i can use my current accounts that i have here in pakistan. i have an account in Standard Chartered bank it has world wide branches , so if it doesnt exist in sydney i have to open an account in HSBC in pakistan to operate between pakistan and sydney.

whats the basic purpose of this declaration.

further more if i am unable to declare 10,000 dollars, what consequences i can face. and if i declare 10,000 dollars would they deduct any tax on that ?

since me and my wife are travelling at the same time, can we divide the amounts like instead of showing 15000 on one person i declare 7000 on myself and 8000 to my wife possession.

thanks in advance

spottydog

There is no tax on the money even if it is declared, the purpose is to identify money laundering and other criminal activities, hence if you don't declare you would face a lot of questions compared to the number if you declare as coming in you would have to make a false declaration which won't go down well in customs eyes.

Just because you have an accoun with a bank don't expect to be able to access your account from a branch in another country, most banks treat each country as a separate sub division and often (for example due to privacy & data protection laws) are not allowed to share data between countries. I'm pretty sure that those with a UK HSBC account can't get an Aussie branch to access their account, but someone here with a UK HSBC account will be able to confirm. You may be able to get information about Standard Chartered branches in Aus from your local branch and they would also be able to advise the options.

naufil

thanks for your valuable information.. i really appreciate the gesture. i understand that i have to have a bank account in sydney. i only asked for the banks which are in both the countries is just because to send money back and forth from pakistan to sydney, and having same banks in both the countries makes it easier and hastle free

so what is the procedure of declaring money . and what do you suggest should i carry hard cash or carry traveller cheques. i have few other questions also but i will ask one at a time so you dont feel irritated .

thanks and best regards,

naufil

vsuccess

As far as HSBC is concerned, they have their branches in Sydney and I am sure that you can operate the accounts in branches in different countries. They also allow transfering the money in the currency of the country where you have an account. You can also check www.sydneyforex.com.au a money exchange for transferring money from Sydney. There exchange rates are quite reasonable as I have personally used it, however I am unsure if they allow transferring money to Australia. As said earlier by someone, there is no harm declaring money so you are safe bringing it through proper channel. I personally brought Euros worth of above $10,000 to sydney last year and declared it and they asked few simple questions at customs and then allowed me to enter. If you are interested to transfer through bank, here in Australia banks like Commonwealth Bank use swift code for international transfer.

ABCDiamond

I have both UK and Australian HSBC accounts, and the bank do not link them together.

To move money from one to the other is an international transfer.

Due to Internet banking these days, I have only needed to visit the Brisbane HSBC branch once in the last 7 years, so the very small number of branches in each state hasn't been too important to me.

ABCDiamond

The website for the Standard Chartered bank in Australia is http://www.standardchartered.com/au/index.html

Dorothy

You declare amounts over $10000 on your incoming passenger card which will be given to you on the plane.

Do NOT, I repeat do NOT carry large sums of cash with you. Or even traveller's cheques, money orders, etc. Bring a modest amount of cash, enough for a few days (maybe $500 AUD) and either transfer your money via someplace like Ozforex or open a bank account at someplace like ING or HSBC where you can access it from here. If you have a credit card it is much safer than carrying cash. If it's lost or stolen you can cancel it and get a new one. If your cash is lost or stolen it's gone.

naufil

thanks dorothy but dont you think thats quite a small amount to carry considering the fact i plan to move to here permanently, and secondly you emphasized so much of not carrying cash or traveller cheques , we have western union here would they be of any help ?

other option could be too use my ATM card of my local bank of Pakistan since its linked with mastero, cirrus. although i will be loosing some amount during the currency conversion on each transaction but i think if all else fails this could be the most viable option

What kind of questions they normally ask in customs during my arrival after i declare the money - i mean should i carry my bank statement or they would acknowledge the fact that im coming there as an immigrant afer looking at my passport and visa.

cheers..

naufil

Bermudashorts

Isn't it always a bad idea to carry large amounts of cash in case you lose it? It is possible to wire money from any bank to any other bank so just do that. If you can get an Aussie bank set up before you get there great, if not use your cards as you would if you were on holiday for a few days until you get a bank account.

Don't know what questions they ask, but does it matter? Just answer what comes up. If you have nothing to hide you don't need to prepare yourself for every question life throws at you.

naufil

its quite true.. to carry less cash during travel. and since i dont have a bank account ur probably right to use my credit card. i hope american express does work there. .

as for the questions , i just asked generally .. to avoid any surprises .. ofcourse life itself is a big question mark. just working on better safe than sorry approach ...

cheers..

naufil