Letter 6 of 6
What gets reported
Reporting rules and the $10,000 line
When you send money overseas through a bank or a registered money transfer business, the business reports the transfer to AUSTRAC, and you do not need to declare it yourself. Your own duty to declare applies when you physically move cash or bearer negotiable instruments worth A$10,000 or more into or out of Australia, whether you carry them or send them by mail, courier or freight. AUSTRAC’s own summary: when carrying money in and out of Australia, you must declare cash worth A$10,000 or more, or the foreign currency equivalent, and declare bearer negotiable instruments on request.
General information, not financial or legal advice. This guide is independent: it is not a bank or a remittance provider and names no provider. Check the current rules with ASIC’s Moneysmart and AUSTRAC.
This page describes the rules as AUSTRAC states them. It is not legal advice; AUSTRAC’s own guidance notes that the courts are ultimately responsible for interpreting these laws, and that your circumstances matter.
What gets reported, and by whom
Businesses regulated by AUSTRAC lodge several kinds of report. These are the ones a person sending money is most likely to meet.
| Report | Who lodges it | What triggers it | When |
|---|---|---|---|
| International funds transfer instruction (IFTI) | The bank or remittance provider | An instruction accepted in Australia for money or property to be made available in another country, or the reverse | Within 10 business days |
| Threshold transaction report | The business | A transfer of $10,000 or more in physical currency, such as notes or coins, or foreign currency of the same value | Within 10 business days of the transaction |
| Suspicious matter report | The business | A suspicion on reasonable grounds, for example that information may be relevant to a crime, or that a customer is not who they claim to be | Within 24 hours if it relates to terrorism financing; otherwise within 3 business days |
| Cross-border movement declaration | You | Moving cash or bearer negotiable instruments with a combined value of $10,000 or more into or out of Australia. AUSTRAC’s summary: declare cash of A$10,000 or more, and bearer negotiable instruments on request | Before you send it; within 5 business days of receiving it; before customs if you travel |
Reporting on international transfers is changing. AUSTRAC says transitional rules keep the existing IFTI reporting in place until each business moves to a new international value transfer service report, on a transition date on or after 31 March 2029.
The cash line, and what it covers
AUSTRAC’s page on moving money overseas sets out the personal rule.
- AUSTRAC sums it up this way: you must declare cash worth A$10,000 or more, or the foreign currency equivalent, and declare bearer negotiable instruments on request.
- It applies to cash and bearer negotiable instruments, and includes Australian and foreign currency where the combined value is $10,000 or more. Bearer negotiable instruments include traveller’s cheques, cheques, promissory notes, bearer bonds, money orders and postal orders, and bills of exchange.
- You only report one that is payable to anyone, often shown as “pay to the bearer”; one made out to a named person does not need reporting.
- You declare when you travel into or out of Australia with it, and when you send or receive it by mail, courier, air or sea freight.
- You do not need to declare money you transfer through a bank or money transfer business.
- You can carry money for someone else, but you must declare it, with both your details and theirs.
- Bullion and other precious metals are not declared to AUSTRAC; the Australian Border Force website has information on travelling with bullion.
Not declaring $10,000 or more when you enter or leave Australia, or when you send or receive money overseas, can lead to fines or imprisonment.
Splitting amounts is its own offence
AUSTRAC calls it structuring when money is broken up to avoid a reporting obligation, and says it is against the law. Its examples include a family sharing a reportable amount among travellers so that each carries less than $10,000, making several border crossings with smaller amounts, or getting someone else to do so. Penalties include fines and imprisonment.
The same idea applies at the counter. AUSTRAC’s guidance to businesses gives, as an example of when to lodge a suspicious matter report, a customer who tries to structure payments in amounts under $10,000 to avoid threshold transaction reporting.
Questions people ask
- Why was I asked for ID, or where my money came from?
- Regulated businesses must know you are who you claim to be, as part of customer due diligence. When a business identifies a higher risk, it must ask for more information, such as proof of your source of funds and source of wealth, and AUSTRAC says this includes long-term customers.
- What ID will they want?
- It depends on the business and the transaction, and the business will tell you what it accepts. AUSTRAC says that in some cases one form of photo ID, such as a driver’s licence showing your full name, residential address and date of birth, is enough, and that digital driver’s licences are acceptable.
- What happens to my information?
- AUSTRAC says the information you give these businesses is protected under the Privacy Act 1988. Information in a cross-border movement form is stored securely, is accessible only to AUSTRAC and some partner agencies including law enforcement, and is not provided to private companies.
- If a business stops dealing with me, will it tell me why?
- Not always. AUSTRAC’s guidance says that if a business stops providing services to a customer, it must not tell them this was because of suspicious activity, or reveal that it lodged a suspicious matter report. Sharing those details when it could prejudice an investigation is a criminal offence.
- Is there a limit on how much I can send?
- Providers set their own smallest and largest amounts, which Moneysmart lists among the things to compare. The $10,000 figures on this page are the points at which AUSTRAC’s rules require a report or a declaration.
- Where do I get a straight answer for my situation?
- AUSTRAC’s guidance is general information and not a substitute for legal advice. You can contact AUSTRAC through its enquiry form or on 1300 021 037, and a lawyer can advise on your own circumstances.