This week in banking - Household income, default offers and the latest IMT innovations
Friday 16 August 2019
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.