When it comes to sending money overseas, many Aussies aren’t shopping around for the best deal. Instead, they’re sticking with the big four banks to make International Money Transfers (IMT), wasting unnecessary dollars on a poor exchange rate.
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The ACCC has weighed in on the state of foreign currency conversion services, revealing that Australian consumers are losing out on hundreds of millions of dollars each year by not shopping around.
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For many Aussies, studying abroad is a dream come true - a way to broaden your horizons, see more of the world and perhaps even find a new place to call home.
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For Aussie businesses that import goods or pay staff and suppliers abroad on a regular basis, transferring money overseas is just regular practice. But if you’ve been relying on one of the big banks to make these transactions, chances are you’re spending a lot of unnecessary dollars to make up for a poor exchange rate.
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For Aussies holidaying, working or doing business in the United Kingdom, it’s time to prepare yourselves for Brexit - whether that’s avoiding bad exchange rates for international money transfers (IMT) or picking up a travel card for your upcoming trip to Britain.
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