Police in New South Wales have seized almost $300,000 in cash and drugs with a street value of more than $200,000 after pulling over a speeding car.

Highway Patrol officers stopped a Toyota Camry on the Pacific Highway at Glenugie, 15 kilometres south of Grafton, on Saturday night after detecting the car driving at 58 kilometres per hour above the 100kmph speed limit.

The 29-year-old male driver from Hong Kong was issued a speeding fine and officers searched the car.

They say they found about $300,000 in cash, as well as a drug thought to be methylamphetamine or ice.

Police estimate the drugs' potential street value is about $218,000.

The driver and his 27-year-old male passenger, also from Hong Kong, were taken to Grafton police station.

They were charged with supplying an indictable quantity of a prohibited drug, as well as knowingly dealing with the proceeds of crime.

The pair will appear in the Grafton Local Court on Monday.