The big banks are being challenged in the international money transfer sphere by new IMT services that are popping up left, right and centre. On a mission to take down the big banks, these new IMT providers are entering the market armed with low prices and super competitive service features.
Some of the latest to join the Australian IMT market include OFX, CurrencyFair, InstaReM and TransferWise, all of which offer predominantly online-based IMT services.
According to the ACCC’s Foreign Currency Conversion Services Inquiry Final Report from July^ this year, several big banks have already dropped IMT prices and upped their service offerings to include online international money transfers, in a bid to keep up with these up and coming competitors.
The report revealed that even some of the big four banks have described these new IMT specialists as “more competitive than Banks in IMT” and “disruptively priced below the major banks”.
Customers who responded to the report’s survey seemed to agree that these new emerging IMT providers are offering better deals than the big banks.
"One questionnaire respondent noted that one new entrant offered ‘the fairest conversion rate by FAR’ [original emphasis]. Another questionnaire respondent noted that a newer entrant ‘had the best rates’."
So, if you regularly send money overseas and want a more competitive IMT deal, then here are a few newer IMT providers that are changing the game with their hard to beat prices and top-notch features: