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.
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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.
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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.
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According to new research from Capital Economics, moving money abroad is becoming unnecessarily expensive and Aussie’s don’t really understand all the costs.
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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.
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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.
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ANZ has today reduced international money transfer fees for customers sending funds to five different countries across the Asia Pacific region, in a bid to make certain types of transfers more affordable for the Aussie families who use them.
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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.
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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.
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Aussie travellers who fail to shop around for a suitable travel money card could easily wind up paying hundreds of dollars more, according to the latest Mozo research.
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