Travelling to and from countries can be quite intimidating, especially if you’re carrying a large sum of money. Not only is it unsafe for you as you can get mugged, but you could also be detained for carrying such an amount and come under suspicion for money laundering.
Much Money Can You Carry Out?
Now, this isn’t the case in all countries, and the amount you can take differs from place to place. Every country has its own laws about how much money you can take in and out of it. Thus, it is only natural that some countries have stricter laws than others. If you’re wondering about the nature of this law in Australia, it is not very strict.
We’ll be diving more into this, and looking at what laws Australia has when it comes to carrying money out of the country. Let’s get started.
What Is the Country’s Stance on Money Going Out of The Country?
Compared to foreign nations, Australia does not have a specific law on how much you can take out of the country.
This is great news for you. However, you should know that there is a specific clause to this. What this means is that if you happen to carry cash over the $10,000 limit, you must declare at the customs examination area that you are in possession of this lump sum.
If you’re wondering how to do this, it’s simply by filling out a form at the airport or seaport. If you want to declare that you are in possession of this sum of cash before you enter the airport, then you can visit the AUSTRAC website to fill out the required form.
What Are the Consequences of Carrying Money Out of Australia?
If you, for some reason, forget to fill out the form or decide against it, be prepared to face a hefty fine and even a jail sentence. You can pay this fine through your credit or debit card, or a bank draft.
Unfortunately, you may think you can bypass this issue as many people find filling out the form troublesome. Instead, some people prefer to carry close to $10,000 while their travelling companion carries another $10,000. However, you cannot split this sum. This is completely illegal and is a criminal offense known as ‘structuring’. If you do this, be prepared to face a hefty fine and even jail time. Many people try to get past the law with this method, however, it is always better to do the right thing.