LissyP

Hi


I know I'm asking some really dull questions today, but does anyone know if there is limit on the amount of cash you can take with you to Aus.

I don't mean huge wads of money but for example could you take £1,000 with you in cash - so we have money for rental etc until bank account is activated.

Perhaps travellers cheques would be safer - can they be cashed easily any day of the week?

I'll try and come up with something more exciting for the next question.

Cheers
Lis

Pookin

Hi Lissy

We took $2500 in cash each on the plane (money belts!) to tide us over. No-one asked us any questions. Wanted to avoid the charges on changing cash to traveller's cheques each way.

Larissa

Ask all you want Lis - we're here to help!
Larissa
I'd like to know the answer to your question for our own benefit too! You might not get many responses until the end of the weekend as the forum is quieter till then.

yafm

If you are worried about carrying large sums of cash use your UK credit card - having organised a standing order to pay the bill each month and this is acceptable everywhere.

markeh

Hi LissyP,

You can take what you like, but have to declare it to custons if over @ $10,000. This is in case you were money laundering.
I think moving to Oz permanantly is a good reasomn for having money on you.

Credit cards are good, as is setting up a bank account in Oz from the UK and transfering funds before you leave the UK.

Hope this helps.
It's only what I've read from different threads over time.

Bye
Markeh

tinaj

I believe you can take how ever much you like up to a year after you emigrate, if any later then you may be liable to tax on it.

gbarker

Keeping a UK credit card is a good idea - but keep an eye on the rate you get when the money is converted back to GBp. I've just booked some accommodation over the internet using my card, and the exchange rate conversion came out at 2.33 dollars to the pound, whereas the current rate for transactions using someone like XE.Com is currently at 2.41

debsy

Tina
do you know if that one year rule applies if you are validating? We are not intending to migrate straight away and I don't want to end up paying a lot of tax.

By the way - have you heard from Polly?

Debs

WBB

good question, would be interested to hear an answer as to when your year starts.

tinaj

Not sure! but I would imagine it would start from when you permanently leave otherwise it wouldn't make sense would It?


Polly is still in Italy so she doesn't have internet access at the moment. She comes back later this week before her big move on Friday.

WBB

you are probably right but this is something i will have to check on.

imagine there are problems with the sale of your house and you went over the 12 months, i think they tax you at 48%.

Gill and Rob

We carried over a £1000 in NZ cash when we came to NZ. we also use our credit card regularly, you must remember to tell your credit card company you are going abroad so they don't stop your card when they see a change in spending pattern. If that happened you would have to ring them in UK from abroad. We pay our credit card off monthly over the internet.

Just another thought, don't forget to inform the inland revenue you are coming away for the forseeable future, we were pleasently surprised by the size of the tax rebate we got.

Rob

NoodleSYD

You can bring in as much cash as you like, but if it's over AU$10,000 you MUST declare it.

This is the Austrac (money laundering) reporting threshold.

If you go over it is liable to be forfeited and you will be investigated.

Check out the Australian Customs website (http//:www.customs.gov.au) - this is the relevant line:

"You can take out or bring in to Australia as much cash as you want, but you must report amounts of $10,000 Australian or more in notes or coins or the equivalent in foreign currency or a combination of currencies.


This also applies if you are mailing or shipping currency in or out of Australia.


It is not necessary to report that you are carrying bank drafts, credit cards, travellers’ cheques or any other form of negotiable instrument."






"You can take out or bring in to Australia as much cash as you want, but you must report amounts of $10,000 Australian or more in notes or coins or the equivalent in foreign currency or a combination of currencies.


This also applies if you are mailing or shipping currency in or out of Australia.


It is not necessary to report that you are carrying bank drafts, credit cards, travellers’ cheques or any other form of negotiable instrument."

debsy

Thanks Tina.

Looking forward to hearing Polly's adventures.

yafm

On our travels two years ago we asked all the credit card companies whether they charged for the transfer back into sterling and Nationwide didn't so we always use them when abroad and never paid a transfer fee and their rate of exchnage has been good :lecture: