Amy Emerson

If I bring an Australian Dollar draft from my native country would I be able to produce this at an Australian bank when opening a bank account? The draft will be in my name. Just one more thing... any limitations in the value of such drafts? Help would be appreciated

Sally Simpson

I don't believe that there is any limitation on what you can transfer in.

spottydog

But if the draft is for $10,000 or more it will need declaring to customs on arrival in Australia

Sally Simpson

Oh sorry, I thought that only applied to cash.

roaringmouse

You're mixing up rules - the $10,000 is for "physical currency". There is a separate rule for "Bearer Negotiable Instruments" (there is no minimum threshold for BNIs unlike the $10,000 for currency).

Austrac - physical currency
Austrac - BNIs

As already said, there isn't a limit on the amount you can bring in however you need to be aware of reporting requirements.

Amy Emerson

Thanks all. I plan to carry about AUD 3,000/ in physical currency and AUD 8,000/ in bank draft. Looking at the links provided seems I will have to fill up 2 forms. Would love to hear from people who have done this... is it a form that is given in the inbound flight to Australia. Or is it a form I have to request for at the immigration counter at the Australian airport?

Thanks

caliburn

I guess you don't want to carry all cash due to the safety of your money. However, please note that it will take a while (4 to 12 weeks) for the draft to encash as your Australian bank will send the draft back to the issuing bank for collection. Also, you will have to pay the international cheque collection fees.

Btw, you can open a bank account in Australia before you arrive here and transfer your money electronically. I opened mine with Commonwealth Bank of Australia. The other option for quicker access to your money (yet safely) is to carry Traveller's Cheques instead of draft. Your bank may charge you 1% or $80 for travellers cheques which I guess will work out to be equal to the cost of issuing and encashing the draft or even less.