This week in banking - Household income, default offers and the latest IMT innovations

In this week’s banking recap, we take a look at the state of the average Australian’s finances, check out the latest international money transfer news and revisit the energy default market offer.

Aussie finances hit hard

Stagnant wages, increasing financial insecurity and a tougher than usual job market were the main themes in ME Bank’s latest Household Financial Comfort Report

Even with lower interest rates and a number of tax cuts, many Australians are still finding it difficult to keep their heads above water. According to the report, 40% of households surveyed said they spend all their income by the end of the month, while one in five doubted they could raise $3,000 in case of an emergency. 

TransferWise reveal ‘bank-beating’ debit card

Australians are losing $2.14 billion a year to poor currency exchange rates and fees - at least, that’s according to research commissioned by international money transfer specialist, TransferWise. 

It’s perhaps little surprise then that Transferwise launched a new debit card this week - the Platinum Debit Mastercard - which it claims is 11 times cheaper than its competitors. So how’s it stack up? Find out for yourself with our news of the announcement.  

Aussies losing an average of $12,000 to scams

According to Westpac’s Scam Research Report, one in ten Aussies have fallen prey to scams in the last 12 months, with the average case resulting in a loss of $12,000. And according to Ben Young, Head of Fraud at Westpac, the damage done extends well beyond our bank accounts.

“While we’re seeing record levels of financial loss to scams, it’s not just our wallets that are suffering. Our data shows that scammers are taxing our time, creating stress and taking a toll on our relationships,” he said.

How the default market offer can rescue your energy bill

You might have heard about the default market offer (DMO) - the energy market’s answer to the growing problem of high energy prices. But what exactly is it, and how will it help you save and which Australians are affected by the changes? 

Our Default market offer (DMO) guide has the answers to these questions and much more. 

IMT alternatives for business owners

Business owners who regularly make overseas money transfers could be shooting themselves in the foot by using the major banks, whose exchange rates often pale in comparison to those of international money transfer (IMT) specialists.

In fact, Mozo research revealed that the rates offered by IMT specialists are 4.04% better than those you’ll get from the big four banks. That means if you’re exchanging $10,000 AUD, you could save $271.75 USD by switching to a specialist provider.

As Ian Cragg, co-founder of SendFX, puts it: “Even a small amount of funds transferred weekly or monthly could add up over a 12-month period and really prove to be significant cost savings to your business.”

So if you’re looking for an alternative for your international money transfer needs visit our IMT comparison page for a more in-depth look, or if you're about to head abroad check out some of the handy travel money cards below.  

Compare Travel Debit Cards - last updated February 27, 2021

Search promoted travel debit cards below. Advertiser disclosure.
  • Everyday Global Account

    overseas atm fee
    overseas purchase fee
    foreign exchange fee
    $0.00
    $0.00
    0%

    No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)

    Details
  • Global Currency Account

    overseas atm fee
    overseas purchase fee
    foreign exchange fee
    $0.00
    $0.00
    0%

    Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.

  • Featured Product
    Orange Everyday

    overseas atm fee
    overseas purchase fee
    foreign exchange fee
    $0.00
    $0.00
    0%

    Fee-free ATM use anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2020 for Exceptional Everyday Account.^

  • USpend Transaction Account

    overseas atm fee
    overseas purchase fee
    foreign exchange fee
    $0.00
    $0.00
    0%

    This account works hand in hand with the USave account. Receive a generous ongoing bonus rate when you deposit at least $200 into either account each month. No international fees.

  • Classic Banking Account

    with Platinum Visa Debit Card

    overseas atm fee
    overseas purchase fee
    foreign exchange fee
    $5.00
    $0.00
    0%

    $10 cashback when you spend $1000 on contactless purchases, no foreign fee and complimentary travel insurance.

^See information about the Mozo Experts Choice Travel Debit Cards Awards

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