australian competition: The treasurer, Josh Frydenberg, said millions of Australians were paying too much to the banks and shelling out 2bn a year in foreign transaction fees, according to The Guardian. We want to stop the rip-off, Frydenberg said in Sydney. The Australian Competition and Consumer Commission will look at excessive charges for currency conversions and overseas use of credit cards. The ACCC will also look at charges for transferring money overseas and on prepaid travel cards. If a customer was to transfer 1,000 overseas, it would cost an Australian on average about 80 in fees and exchange rate mark-ups, compared with about 60 for someone in the United States. A customer of an Australian bank who travels overseas and spends 5,000 on their credit card incurs about 140 in foreign exchange transaction fees.
(news.financializer.com). As
reported in the news.
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