“To prove that Aussie banks are criminals, I’m going to walk into a random Indonesian bank and see how hard it is to get out A$30,000 in cash,” Matt Cameron said.
Property developer Matt Cameron claimed everyday Australians face an astronomical scam when attempting to access their own money from major financial institutions, news.com.au reported.
Mr Cameron, 48, walked into a bank in Jakarta and withdrew A$30,000 within 15 minutes by signing a single document, according to news.com.au. The Sydney-born developer now lives in Bali after moving his life offshore in 2023.
The developer stated that Australian banks make it progressively harder for customers to withdraw their own funds. He contrasted his fast Jakarta transaction with experiences at home, where customers face strict withdrawal limits and questioning.
Mr Cameron told news.com.au that the Indonesian bank held more Australian cash in its branch than major lenders do domestically. He described the experience of accessing funds in Australia as frustrating and restrictive.
Before leaving his home country, Mr Cameron attempted to withdraw $5,000 to tip local workers doing renovations during COVID. The bank questioned him extensively and told him to return the following day due to a lack of physical cash.
“The bank grilled me,” Mr Cameron told news.com.au. “They didn’t have the money and told me I’d have to come back the next day. Why are they making it so progressively harder to get my own cash?”
Major Australian banks limit ATM withdrawals to between $2,000 and $2,500 daily. Customers generally must provide at least 24 hours notice for branch withdrawals exceeding $5,000.
Federal legislation requires banks to report cash transactions of $10,000 or more to the Australian Transaction Reports and Analysis Centre. These regulations began in 2011 to combat money laundering and terrorism financing.
Mr Cameron argued that digital balances amount to a fallacy while physical cash remains restricted. “They’re trading your dollar while they don’t even have it,” he told news.com.au.
Mr Cameron runs Kiss Developments in Bali, where he employs hundreds of staff. His latest property release sold out in under six hours to 28 Australian buyers seeking relief from domestic taxes.
“Bali welcomed us with open arms,” Mr Cameron told news.com.au. “We employ hundreds of people in Bali now and we’re profitable. We couldn’t make our money in Australia due to the volume of rules, red tape, the taxes and the fees.”
Major lenders enforce strict withdrawal limits and ID checks to comply with anti-money laundering laws and to protect customers from potential scams. Tellers are trained to ask questions when large sums are requested.
Banks must report any cash transaction of $10,000 or more to the Australian Transaction Reports and Analysis Centre under legislation introduced in 2011.
Most large Australian banks restrict ATM cash withdrawals to between $2,000 and $2,500 per day depending on the specific account type and financial institution.
Customers typically must provide at least 24 hours notice to withdraw amounts exceeding $5,000 in physical cash from a standard bank branch.
Did you know?
The Australian Transaction Reports and Analysis Centre collects data on international funds transfer instructions alongside domestic cash transactions over $10,000.
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