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