mvlm Posted May 10, 2022 Share Posted May 10, 2022 Family is coming to Australia and they are struggling to get cash. Trying to find out whether there could be tax implications if they transfer the money to my bank account here in Australia and I withdraw the cash for them. ATO website mentions gifts from family and donations but naturally, it won't cover this scenario since they should be declaring any money they are bringing to Australia. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted May 10, 2022 Share Posted May 10, 2022 Why do they need cash? They can use their cards here just as easily and also withdraw cash from Australian ATMs. Are they with a bank that charges high international fees? Get a travel card instead then Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted May 10, 2022 Share Posted May 10, 2022 16 minutes ago, mvlm said: Family is coming to Australia and they are struggling to get cash. Trying to find out whether there could be tax implications if they transfer the money to my bank account here in Australia and I withdraw the cash for them. ATO website mentions gifts from family and donations but naturally, it won't cover this scenario since they should be declaring any money they are bringing to Australia. I think it would be pretty easy to prove the transaction - they send to you = digital trace - you withdraw and they give you a receipt. In the unlikely event you get a tax audit. Quote Link to comment Share on other sites More sharing options...
mvlm Posted May 10, 2022 Author Share Posted May 10, 2022 Just now, Marisawright said: Why do they need cash? They can use their cards here just as easily and also withdraw cash from Australian ATMs. Are they with a bank that charges high international fees? Get a travel card instead then Correct, if they get a travel card, they pay an extra 7% every time they load money into it. If they use their own overseas credit card, they pay the same 7% plus whatever exchange rate the bank uses. They're just trying to save some money. Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted May 11, 2022 Share Posted May 11, 2022 6 minutes ago, mvlm said: Correct, if they get a travel card, they pay an extra 7% every time they load money into it. If they use their own overseas credit card, they pay the same 7% plus whatever exchange rate the bank uses. They're just trying to save some money. Have rates gone mad? That is insanely high. Major banks used to be max 3%. Quote Link to comment Share on other sites More sharing options...
mvlm Posted May 11, 2022 Author Share Posted May 11, 2022 1 hour ago, Jon the Hat said: Have rates gone mad? That is insanely high. Major banks used to be max 3%. That rate is pretty standard in their country unfortunately. Quote Link to comment Share on other sites More sharing options...
rammygirl Posted May 11, 2022 Share Posted May 11, 2022 Look at a Wise travel card. Quote Link to comment Share on other sites More sharing options...
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