Query: Transferring large amount money to Australia

Discussion in 'Currencies' started by dinduboy14, Oct 31, 2017.

  1. dinduboy14

    dinduboy14 Active Member

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    Hi All,

    Just wanted to find out if any of you have experience in bring in large amount of money to Australia from overseas/
    Let say AUD100,000 for the example.


    I know the law requires you to declare if over AUD 10,000 is taken in to the country. However what happens if you declare this AUD100,000. i don't think they are going to confiscate it.
    Hence is it used for tracking tax purposes?

    Is BTC a reliable mean to transfer money from overseas to Oz without these issues?

    Ta !
     
  2. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    I have sent much more out and brought more in to Australia add 0 to your number. So as long as it’s legal money, no one cares, if done via financial institutions. It’s about as much work as buying travelers cheque and showing ID.

    In fact I doubt they even read inflows unless it’s from restricted country or in cash etc

    If it is already in BTC and you are savy with digital exchange than someone might chime in, I only have limited experiences with btc. But if you’re new to digital currency than doubt that is serious option.

    Cheapest would be to convert direct from your domestic currency to Aud,
     
  3. Altima

    Altima Well-Known Member Silver Stacker

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    I would only go via Bitcoin if you're able to find a broker who deals in those large amounts.

    You can find them on localbitcoins
     

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