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Sydney Morning Herald

National Agenda

International money, foreign exchange, costing Australians dearly

The ACCC is urging consumers to shop around for foreign exchange services after a detailed review found shoppers were getting a raw deal from the big banks. 

  • The dominant big four banks consistently charged more than some rivals for international money transfers or foreign cash 
  • A failure by consumers to use cheaper options is costing Australians millions 
  • Complex fee structures make it hard for consumers to make comparisons, so people often use their bank by default  

Takeout

Brands need to be cautious that they reward (rather than penalise) loyalty by giving loyal customers a competitive price for a product or service, or else risk losing that trust. Customers are increasingly looking to save money during a period of economic uncertainty, and will likely be lured away by industry disruptors promising a better deal. 

Source: Sydney Morning Herald - Consumers overpay millions on foreign money, says ACCC