It’s time for banks to stop ripping Aussies off.
Recent research found Australians paid $3.1 billion in 2016 in hidden fees such as exchange rate mark-ups and card spending charges applied by banks and currency brokers to international transactions. That’s $167 a year per Australian adult just last year.
Most banks tell their customers they only pay a small upfront fee for international payments. But, in reality, customers pay much more. Huge hidden charges are taken in the form of the terrible exchange rates, often without the customer realising.
By hiding their charges in fake exchange rates, banks are able to make claims they offer “low fees” or “no commission”.
These practices aren’t transparent and hide important decision-making information from customers.
Australians deserve a fair go and should get the real exchange rate when making an international money transfer. Banks and brokers should end their deceptive practices by using the real exchange rate and transparently tell customers the real cost of transferring money abroad. The Australian Government should make sure banks don’t continue to rip off customers.
Join us in telling your bank and the Government it’s to act and ban fake exchange rates. Visit
banfakerates.com to take a stand today.
Co-founder and Chairman, TransferWise