You will need a GPS receiver, be out of doors with a clear view of the sky, and an Arduino running some code that reads the GPS receiver, then compares the current coordinates with the coordinates of the boundary.
That depends on your expectations. Hollywood films present a rather unrealistic picture. Geofencing using GPS devices provide an accuracy of about +/- 5m if you have a clear view of the complete sky in the whole area.
So geofencing an Australian farm is feasible while geofencing a 200m2 garden won't work.