What happens if you bring more than $10,000 into Australia?｜There is no limit to the amount of physical currency that may be brought into or taken out of Australia. However, travelers entering and departing Australia must report any currency they are carrying of $10,000 or more in Australian dollars, or the foreign currency equivalent.

What exactly happens if an individual brings an amount exceeding $10,000 into Australia? I've heard there's no cap on the physical currency that can be imported or exported, but there's a reporting requirement for sums of $10,000 AUD or its foreign currency equivalent. Could you elaborate on the consequences of failing to declare such sums? Are there any penalties or specific procedures one should be aware of? It would be helpful to understand the intricacies of this regulation.