Do you understand the exchange rate? Research shows 91% of Aussies don't

Despite the Australian affection for travel, it seems that Aussies are a little bit confused when it comes to the ins and outs of the impact of the exchange rate on their lives. 

A survey commissioned by Money Transfer Comparison shows that when faced with true or false statements about the Australian dollar, 9 in 10 Australians were unable to correctly answer.

What’s so confusing about the exchange rate?

Though travel is on the 2023 agenda for many, it seems that we clam up when it comes to the more intricate workings of the movement of the Aussie dollar. This could be impeding on our ability to spot a good deal at the exchange counter, or lead to us transferring money internationally at a weaker rate. 

Notably, nearly 60% of respondents thought that a drop in the value of the AUD against the USD meant products purchased from the US by Australians would be cheaper. This is the total opposite of reality: a drop in the value of the Aussie dollar means your American products will cost more than before.

Some 65% of those surveyed also incorrectly identified the exchange rate as a fee charged by banks on every overseas purchase or overseas money transferred. While banks do often charge an international transaction fee, the exchange rate itself refers to the difference in value between currencies. 

Why do I need to know about the exchange rate?

The difference between getting a good rate or losing out on your international money transfer or currency exchange could be spotting which providers are sticking closest to the exchange rate, while also delivering the features you need.

Compare international money transfer providers below to see which option suits you.

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