Foreign exchange - Consumer & small business questionnaire - Australian Competition and Consumer Commission

Response 213058081

Foreign currency conversion services 1/3

Have you used a currency conversion service in the last two years?

Please select one item

Yes

Foreign currency conversion services 2/3

How often did you use the following services in the last two years?

	1-2 times	3-5 times	6+ times	N/A
Sent money overseas Please select one item	1-2 times	3-5 times	Ticked 6+ times	N/A
Exchanged Australian dollars for foreign cash Please select one item	1-2 times	3-5 times	Ticked 6+ times	N/A
Loaded a travel card Please select one item	1-2 times	3-5 times	6+ times	Ticked N/A
Used a credit or debit card to make overseas purchases Please select one item	1-2 times	3-5 times	Ticked 6+ times	N/A
Used a credit or debit card to withdraw foreign cash from an ATM while overseas Please select one item	1-2 times	3-5 times	Ticked 6+ times	N/A
Other Please select one item	1-2 times	3-5 times	6+ times	Ticked N/A

Which suppliers did you use in the last two years? (please select all that apply)

	Bank	Credit union/building society	Australia Post	Foreign cash kiosk	Remittance provider (e.g Western Union)	Other	N/A
Sent money overseas Please select all that apply	Bank Ticked Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Ticked Other	N/A N/A
Exchanged Australian dollars for foreign cash Please select all that apply	Bank Ticked Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Ticked Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Ticked Other	N/A N/A
Loaded a travel card Please select all that apply	Bank Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Other	N/A Ticked N/A
Used a credit or debit card to make overseas purchases Please select all that apply	Bank Ticked Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Ticked Other	N/A N/A
Used a credit or debit card to withdraw foreign cash from an ATM while overseas Please select all that apply	Bank Ticked Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Other	N/A N/A
Other Please select all that apply	Bank Bank	Credit union/building society Credit union/building society	Australia Post Australia Post	Foreign cash kiosk Foreign cash kiosk	Remittance provider (e.g Western Union) Remittance provider (e.g Western Union)	Other Other	N/A Ticked N/A

Tick the box if any of these suppliers are also your main financial institution?

What are the top 3 priorities you look for when choosing a supplier? (1 = Most important)

Please rank these from 1 to 3

Price

Brand

Ease of access

Range of services they offer (e.g. offering cash and travel cards)

Reliability and speed of service

Ability to interact face-to-face

Ability to interact online

Reviews

Other

Foreign currency conversion services 3/3

What was the last currency conversion service you used?

Please select one item

Sent money overseas

Exchanged Australian dollars for foreign cash

Loaded a travel card

Used a credit or debit card to make overseas purchases

Used a credit or debit card to withdraw foreign cash from an ATM while overseas

Other

Did you find it easy to understand the currency conversion rate for this service?

Please select one item

Yes

Did you find it easy to understand any additional fees you would need to pay for this service?

Please select one item

Yes

Did you shop around?

Please select one item

Yes

If no, why not?

I've already found the cheapest option and best FX rate.

Did you consider other options for converting currency? (i.e instead of buying foreign cash, did you consider using a travel card or a credit or debit card?)

Please select one item

Yes

Did you find it easy to compare prices between different currency conversion services?

Please select one item

Yes

General comment

Have you ever had any negative experiences when using currency conversion services?

Please select one item

Yes

Not applicable

If yes, please specify:

Extra unexpectex fees charged on foreign transfer from overseas (i.e. receiving money into my Australian bank).

Fees charged for using my CC for overseas payments - I had never had those when I lived in Europe and think it's simply rude to charge them, amongst all other bank fees already imposed for having a credit card.

Please include any general comments or other feedback you would like to make in relation to the foreign currency conversion services inquiry:

Australian banks and exchange rate agencies/travel agencies are shocking with their fees for any FX transactions. Glad someone is finally taking an action to look into it as we're about 20 years behind the rest of the civilised world in that respect.