Big banks are still ripping off international money transfer customers with exchange rate markups says Transferwise
Although CommBank recently announced it was slashing upfront fees on Transferwise.
CommBank slashes International Money Transfer fees by 70%
The Commonwealth Bank has been on a fee-slashing spree lately, doing away with foreign ATM fees, cutting account fees and scrapping bank account transaction limits and more recently, dropping the monthly account fee on its Equity Unlock For Seniors reverse mortgage.
Fair exchange: Transferwise launches ‘Borderless’ international money account for Australian businesses
Aussie businesses that rely on international money for importing and exporting goods and services are getting whacked with over a billion dollars in exchange rate markups and other fees, a new study has found.
The Aussie dollar may be about to dive, so it could be time to lock your travel cash in
With summer just around the corner many Aussies will already be in the midst of planning their overseas vacations, but a falling Australian dollar could mean that now is the time to exchange travel money before rates drop any lower.
Aussies losing out on currency exchange
According to new research from Capital Economics, moving money abroad is becoming unnecessarily expensive and Aussie’s don’t really understand all the costs.
Aussie universities spend one week per month processing international fee payments
Australian universities are losing almost an entire working week each month to processing international payments, according to research from global payment service Western Union and the University of Sydney.
Westpac latest bank to test out “real time” global money transfers
Westpac, along with 21 other financial institutions around the world have recently agreed to form a “validation group”, where they will test out a blockchain proof of concept (PoC) technology. If successful, the project could eventually lead to providers such as Westpac offering real time international money transfers to its customers.
ANZ slashes money transfer fees to five Asia Pacific countries
ANZ has today reduced TorFX instead (offering the highest exchange rate on Mozo’s database) will give your beneficiary $341 more, or a total of $7,674 USD.
Aussie dollar on the way down: travellers urged to lock in exchange rate
If you’re planning to travel this year, you might want to exchange your spending money sooner rather than later, as the Aussie dollar is set to drop, according to experts.
Could instant global money transfers be just around the corner?
If you regularly transfer money overseas, whether it’s to a loved one back home or for business purposes, you may be frustrated with the amount of time it currently takes to hit the recipient’s bank account.