The men, accused of being part of an organised crime syndicate from Romania, allegedly installed card skimming devices in ATMs across Sydney to steal money and create fake bank cards.
Police allege the duo travelled to Australia for the sole purpose of cloning debit cards so they could withdraw funds from local bank accounts.
Detectives arrested the men, aged 40 and 43, after searching a property at Wolli Creek in Sydney's south on Wednesday.
Officers allegedly found an active skimming device in the process of embedding nearly 1500 blank credit cards that had the potential to hold more than $3.7 million in funds skimmed from ATMs.
Police also located a number of electronic devices allegedly containing a list of thousands of bank details with accompanying PINs believed to belong to legitimate banking customers.
A search at a second address in Wolli Creek revealed $50,000 in cash, electronics, passports, designer handbags, designer shoes and designer watches.
The younger man was charged with nine offences, including knowingly directing the activities of a criminal group, dealing with identity information to commit an indictable offence and knowingly dealing with the proceeds of crime.
The older man was charged with participating in a criminal group contributing to criminal activity among other offences.
Both were refused bail to appear in Sutherland Local Court on Thursday.
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