Australian Competition: Currency Conversions and Transaction Fees

australian competition: The Australian Competition and Consumer Commission will look at excessive charges for currency conversions and overseas credit cards use, according to Nine News Australia. Treasurer Josh Frydenberg said millions of Australians were paying too much to the banks and shelling out 2 billion a year in foreign transaction fees. To improve your experience update it here News National Watchdog looks at foreign transaction fees11 49am Oct 2, holidays could become cheaper if a consumer watchdog inquiry into exorbitant foreign transaction fees is successful. We want to stop the rip-off, Mr Frydenberg said in Sydney. A customer of an Australian bank who travels overseas and spends 5000 on their credit card incurs about 140 in foreign exchange transaction fees. The ACCC will also look at charges for transferring money overseas and on prepaid travel cards. (news.financializer.com). As reported in the news.