Carrying legal tender gold coins out of australia.

Discussion in 'Gold Coins' started by KangaBanga, Jun 18, 2020.

  1. KangaBanga

    KangaBanga Active Member

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    There is a requirement to declare amounts of currency when bringing into and out of Australia and most countries of $10k AUD or more.

    Question is, a 1oz gold coin(worth $2500 spot) from perth mint is only legal tender for $100 AUD. Of course no one will spend it at the shops for $30 face value.

    Does that mean we can carry up to 99 1oz gold coins (worth almost $250k spot but only $9900 as currency) in our bags , without making any declaration as they would be considered as only $9900 in terms of currency?

    Just wondering if anyone here has any idea or works in immigration knows the answer.
     
  2. silverhair

    silverhair Well-Known Member

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    You would need to declare, in your example, that you are carrying 99 gold coins.

    After they drag you into a private room for questioning, and they examine the coins they will ask you why you have not declared having more than 10K in money on you and you would respond because they have a legal tender face value of 9900 AUD.

    They will then go away and investigate this claim and after a while come back, and be forced to let you walk.

    They cant touch you as its legal tender :). Not in America or other advanced countries anyway. You would need to declare the coins though and not try and hide them.

    It would not work many other countries though.

    Gold bars are another matter all together. \yet you can wear a 2kg gold chain around your neck and they wont touch you.

    it would be easier to buy a Richard Mille watch and just wear it over the boarder and flip it at your destination. Serious currency in just about anywhere but full blown 3rd world countries. Much lighter and less chance of drawing attention.


    Strange I know.
     
    Last edited: Jun 18, 2020
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  3. KangaBanga

    KangaBanga Active Member

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  4. JulieW

    JulieW Well-Known Member Silver Stacker

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    And then having taken your legal tender away to another room to assess, they return, having replaced it with printed paper marked to the same value. How do you then argue that the paper value is not the same as the gold value?
     
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  5. JNS

    JNS Active Member Silver Stacker

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    Been travelling all over the world with coins and bullions.
    Not really caused any problem, depending of what country you are getting out or getting in.
    Do not do that on some countries like in India, Pakistan with bullion coins
    In Ukraine-Odessa, the customs are terrible in my last experience.

    In Asia, countries like HK and Singapore are the most tolerable on those items.
    China, Japan, Taipe, SKorea are all ok, but make sure it is in considerable amount.
    I always travel with not more than 10Kusd worth of coins and small bars.
    I always keep the purchase receipt just incase any questions.

    In Europe, like Germany, Greece, Spain, Italy, UK, Netherland, no problem after all.
    Turkey - no problem
    In USA-Canada, no problem as long as it is not in suspicious amount.
    Proof gold coins, they don't even like to care.

    Brasil, Chile, Panama, Costa Rica, Honduras, no problem as well.

    Dubai and Abu-Dhabi - you can even purchase in the airport gold bar and bullions.

    In Australia, i travelled without any problem, i bought in GS-Melbourne 2013.

    When going through X-ray, I separate my bullion coins & silver bars max 10-ozr size only. (leaving the country)
    I put it in separate tray.
    Normally, it will appear on the machine black for silver due to its density.
    They will ask you to open to check it, Please be courteous to avoid any further problem.

    I have not travelled more than 10Kusd worth of gold bullion.
    Lots of experiences also in connecting flights.
    You should know how to answer them straight forward with proper decorum.
    Max silver coins i travelled with is 100oz.

    I hope these help to some stacker/collector who travel with bullions.
     
    Last edited: Jun 20, 2020
  6. JNS

    JNS Active Member Silver Stacker

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    As experience, Immigration does not care with these stuff.

    You will be carrying 99 gold coins / 1oz size in your carry on hand bag about 3kgs....????

    Be aware of anti-terrorism laws of destination country, money laundering and local custom regulations?

    This is very annoying in every airport transfer and can give a problem.

    Different countries have various importation law regarding precious metal articles, they are looking of course the threshold value, many countries have prohibition as well.
    They can ask you to present for an importation permit etc and can create further issues like tax and confiscation due to non-declaration.

    IMHO, if i will be having a quarter million in my account right now, it is more likely practical to buy PM in destination country even in with a little bit higher premium.
     
    Last edited: Jun 20, 2020
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  7. Silverling

    Silverling Well-Known Member Silver Stacker

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    Just to add to JNS's post. I once bought a 1 baht gold bar in Thailand. (It's around 1/2 oz). I packed it in with my travel documents and passport travel wallet. When I left Thailand, no problem. At Kuala Lumpur airport I had to go through 2 security screenings to get to my gate. At both times the xray machine sent off and alert for my gold bar. I was pulled aside and the guy asked what I had in there. I showed him the gold bar and said I buy in Thailand to take home with me, he looked and said ok.

    Just pointing out that it is easily detectable, it stands out from normal coins.

    When I bought the bar I knew it had to be declared in Australia because it was 96% gold as opposed to 9999 but at that time the value of the bar was below $800 which is below the tax free threshold when bringing something in when returning.

    So no alarm bells going out of Thailand, 2 alarm bells in Malaysia and zero problems in Australia. No consequences from all 3.
     
    Last edited: Jun 19, 2020
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  8. bron.suchecki

    bron.suchecki Well-Known Member

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    My personal opinion I wouldn't try and get tricky witj face vs market value and would declare it if the market value exceeds whatever the cash declaration limit is for the country.
     
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  9. bubblebobble2

    bubblebobble2 Well-Known Member Silver Stacker

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    ANYTHING oncarry to the value > $1000AUD will need to be declared. Full stop. You can do 'cry-baby' if found & got confiscated.. but custom would still take them, regardless whether PR or BU

    Only cash >$10K will need to declare...
     
  10. Tin Can

    Tin Can Active Member

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