Sending money overseas, and buying foreign cash, will be the focus of a new ACCC inquiry into foreign currency conversion services.
“Whether you’re buying Euros from your bank for an upcoming trip, sending money to family in Indonesia, or you’re a small business trading with suppliers in New Zealand, foreign exchange services are used by Australians every day,” ACCC Chair Rod Sims said.
“The World Bank has reported that Australians sent around AU$8.8 billion overseas in 2016. Yet they also found that Australia is the third most expensive G20 country for consumers and small businesses to send money from.”