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
We’ve just finished Q3. It’s time for an update on how much closer we’ve got to making our mission of Money Without Borders a reality.
To the TransferWise community When my co-founder and I launched TransferWise 7 years ago, we set out to irreversibly fix how money doesn’t work across...
You have made TransferWise possible. You keep our lights on, so that we can make money move faster and cheaper for you. This is our Q2 report to you.
Money is information. Using, storing and moving money should be as cheap and instant as exchanging information. As cheap as sending an email. And certainly it...
TransferWise is on a lofty mission to reduce the cost of money movement to zero. I'm an investor, and I believe they can do it. Here's why.
You have made TransferWise possible. You keep our lights on, so that we can make money move faster and cheaper for you. This is our Q1 report to you.