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If I want to withdraw $50,000 out of my bank. I know i'll be met with some suspicion at the bank and that they'll have to file reports.

What are the symptoms of doing this in Australia. Will I enter any watch-lists, would I be disallowed from flying?

  • I'll answer as a comment because I do not have sufficient evidence, especially for Australia. In the US and in Canada, any transfers over 10,000 USD / 10,000 CAD are flagged for Anti Money Laundering (AML) and other checks (e.g. terrorism financing). For Canada, this would be supervised by FINTRAC. For Australia, it seems to be AUSTRAC and the threshold seems to be around 10,000 AUD as well. austrac.gov.au/threshold-transaction-reports-ttrs – ApplePie Apr 6 '17 at 11:34
  • Actually, to answer more directly, you would normally not suffer any consequences but your transaction has to be reported to authorities (here, AUSTRAC and probably the revenue agency of Australia). This does not necessarily bear any negative connotation but your transaction will get more attention. Your bank may call you to understand the motives of the transaction (here I am speculating, this is based on my understanding). – ApplePie Apr 6 '17 at 11:37
  • Are you transferring the money to another bank, or walking out with cash? – mhoran_psprep Apr 6 '17 at 11:44
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    If you are flying out of the country, you will need to declare it. – Peter K. Apr 6 '17 at 15:10
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    If you are elderly, you will likely be questioned by the bank manager and possibly the police as well since large cash withdrawals are often because the account holder is being scammed out of money. Other possibilities why the police might get involved is that the kidnapper (on an unreported kidnapping) is being paid off. – Dilip Sarwate Apr 6 '17 at 16:01
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It will be reported to the Australian Transaction Reports and Analysis Centre (AUSTRAC), but this won't prevent you from flying, assuming the money was earned legally and you aren't doing anything illegal with the withdrawal.

Under current Federal legislation, all Australian banks are required to report cash transactions of $10,000 or more (or foreign equivalent), including details of the relevant account holders, to the regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC). From 1 October 2011, new rules are introduced that require banks to collect information, record and report on the identity of anyone performing a cash transaction of $10,000 or more to AUSTRAC.

Also, depending on the size of the bank, you may have to call ahead to make sure that they have enough cash onhand.

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