The discovery was made after a lorry was stopped on the Portadown Road on Wednesday night.
More money and four high value watches were found after follow up searches at a house in the city.
The pair aged 30 and 32 will appear before Craigavon Magistrates court this morning.
£215,000 and €225,000, was found in holdall, and backpack in the lorry’s cab.
Another follow up search lead to the discovery of four high Value watches and other luxury items.
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