Calling for more action: The state of transparency in Australia
Remittances
Transparency
UN Sustainable Development Goal
ACCC
Australia
Australian consumers and businesses have lost billions in hidden fees over the past decade. This has to stop.
Sending money abroad is a big deal for many Australians. You might be supporting your family, planning your next adventure, or expanding your business. But two-thirds of Australians are still unaware of what they're actually paying to send, spend, or receive money internationally and only 15% of Australians bother to even shop around for the best deal.
The British public lost £5.6 billion in a single year when sending or spending money abroad.
CBPR2
UK
Remittances
Transparency
UN Sustainable Development Goal
The British public lost £5.6 billion in a single year when sending or spending money abroad. Even worse, they were totally unaware of it.
The problem is simple: banks and foreign exchange providers can currently bury hidden costs in the exchange rate offered to individuals and small businesses. They do this by offering their customers a significantly inferior exchange rate than the ‘real’ exchange rate at the time - the so-called ‘mid market rate’ - and pocketing the difference, all the while advertising their service as ‘no fee’ or ‘0% commission’.
