Foreign currency conversion services 1/3
Have you used a currency conversion service in the last two years?
Please select one item
Radio button:
Ticked
Yes
Radio button:
Unticked
No
Foreign currency conversion services 2/3
How often did you use the following services in the last two years?
| Sent money overseas 1-2 times Radio button: Not checked 1-2 times | Sent money overseas 3-5 times Radio button: Not checked 3-5 times | Sent money overseas 6+ times Radio button: Checked 6+ times | Sent money overseas N/A Radio button: Not checked N/A |
| Exchanged Australian dollars for foreign cash 1-2 times Radio button: Not checked 1-2 times | Exchanged Australian dollars for foreign cash 3-5 times Radio button: Not checked 3-5 times | Exchanged Australian dollars for foreign cash 6+ times Radio button: Checked 6+ times | Exchanged Australian dollars for foreign cash N/A Radio button: Not checked N/A |
| Loaded a travel card 1-2 times Radio button: Checked 1-2 times | Loaded a travel card 3-5 times Radio button: Not checked 3-5 times | Loaded a travel card 6+ times Radio button: Not checked 6+ times | Loaded a travel card N/A Radio button: Not checked N/A |
| Used a credit or debit card to make overseas purchases 1-2 times Radio button: Not checked 1-2 times | Used a credit or debit card to make overseas purchases 3-5 times Radio button: Not checked 3-5 times | Used a credit or debit card to make overseas purchases 6+ times Radio button: Checked 6+ times | Used a credit or debit card to make overseas purchases N/A Radio button: Not checked N/A |
| Used a credit or debit card to withdraw foreign cash from an ATM while overseas 1-2 times Radio button: Not checked 1-2 times | Used a credit or debit card to withdraw foreign cash from an ATM while overseas 3-5 times Radio button: Not checked 3-5 times | Used a credit or debit card to withdraw foreign cash from an ATM while overseas 6+ times Radio button: Checked 6+ times | Used a credit or debit card to withdraw foreign cash from an ATM while overseas N/A Radio button: Not checked N/A |
| Other 1-2 times Radio button: Not checked 1-2 times | Other 3-5 times Radio button: Not checked 3-5 times | Other 6+ times Radio button: Not checked 6+ times | Other N/A Radio button: Checked N/A |
Which suppliers did you use in the last two years? (please select all that apply)
| Sent money overseas Bank Checkbox: Not checked Bank | Sent money overseas Credit union/building society Checkbox: Not checked Credit union/building society | Sent money overseas Australia Post Checkbox: Not checked Australia Post | Sent money overseas Foreign cash kiosk Checkbox: Not checked Foreign cash kiosk | Sent money overseas Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Sent money overseas Other Checkbox: Checked Other | Sent money overseas N/A Checkbox: Not checked N/A |
| Exchanged Australian dollars for foreign cash Bank Checkbox: Not checked Bank | Exchanged Australian dollars for foreign cash Credit union/building society Checkbox: Not checked Credit union/building society | Exchanged Australian dollars for foreign cash Australia Post Checkbox: Not checked Australia Post | Exchanged Australian dollars for foreign cash Foreign cash kiosk Checkbox: Checked Foreign cash kiosk | Exchanged Australian dollars for foreign cash Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Exchanged Australian dollars for foreign cash Other Checkbox: Not checked Other | Exchanged Australian dollars for foreign cash N/A Checkbox: Not checked N/A |
| Loaded a travel card Bank Checkbox: Not checked Bank | Loaded a travel card Credit union/building society Checkbox: Not checked Credit union/building society | Loaded a travel card Australia Post Checkbox: Not checked Australia Post | Loaded a travel card Foreign cash kiosk Checkbox: Checked Foreign cash kiosk | Loaded a travel card Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Loaded a travel card Other Checkbox: Checked Other | Loaded a travel card N/A Checkbox: Not checked N/A |
| Used a credit or debit card to make overseas purchases Bank Checkbox: Checked Bank | Used a credit or debit card to make overseas purchases Credit union/building society Checkbox: Not checked Credit union/building society | Used a credit or debit card to make overseas purchases Australia Post Checkbox: Not checked Australia Post | Used a credit or debit card to make overseas purchases Foreign cash kiosk Checkbox: Checked Foreign cash kiosk | Used a credit or debit card to make overseas purchases Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Used a credit or debit card to make overseas purchases Other Checkbox: Not checked Other | Used a credit or debit card to make overseas purchases N/A Checkbox: Not checked N/A |
| Used a credit or debit card to withdraw foreign cash from an ATM while overseas Bank Checkbox: Checked Bank | Used a credit or debit card to withdraw foreign cash from an ATM while overseas Credit union/building society Checkbox: Not checked Credit union/building society | Used a credit or debit card to withdraw foreign cash from an ATM while overseas Australia Post Checkbox: Not checked Australia Post | Used a credit or debit card to withdraw foreign cash from an ATM while overseas Foreign cash kiosk Checkbox: Not checked Foreign cash kiosk | Used a credit or debit card to withdraw foreign cash from an ATM while overseas Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Used a credit or debit card to withdraw foreign cash from an ATM while overseas Other Checkbox: Not checked Other | Used a credit or debit card to withdraw foreign cash from an ATM while overseas N/A Checkbox: Not checked N/A |
| Other Bank Checkbox: Not checked Bank | Other Credit union/building society Checkbox: Not checked Credit union/building society | Other Australia Post Checkbox: Not checked Australia Post | Other Foreign cash kiosk Checkbox: Not checked Foreign cash kiosk | Other Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Other Other Checkbox: Checked Other | Other N/A Checkbox: Not checked N/A |
If other, please specify:
OFX business payments
Checkbox:
Ticked
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
1
Brand
Ease of access
3
Range of services they offer (e.g. offering cash and travel cards)
Reliability and speed of service
2
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?
What service was this?
Please select one item
Radio button:
Unticked
Sent money overseas
Radio button:
Ticked
Exchanged Australian dollars for foreign cash
Radio button:
Unticked
Loaded a travel card
Radio button:
Unticked
Used a credit or debit card to make overseas purchases
Radio button:
Unticked
Used a credit or debit card to withdraw foreign cash from an ATM while overseas
Radio button:
Unticked
Other
Did you find it easy to understand the currency conversion rate for this service?
Please select one item
Radio button:
Ticked
Yes
Radio button:
Unticked
No
Did you find it easy to understand any additional fees you would need to pay for this service?
Please select one item
Radio button:
Ticked
Yes
Radio button:
Unticked
No
Did you shop around?
Please select one item
Radio button:
Ticked
Yes
Radio button:
Unticked
No
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
Radio button:
Ticked
Yes
Radio button:
Unticked
No
If yes, what options did you consider?
travel money card
Did you find it easy to compare prices between different currency conversion services?
Please select one item
Radio button:
Unticked
Yes
Radio button:
Ticked
No
If no, why not?
The industry does not provide transparent rates of exchange
Do you have any other comments about the last time you used a currency conversion service?
Do you have any other comments about the last time you used a currency conversion service?
Some businesses flagrantly attempt to mislead consumers (a prime example is Change Group money change) regarding fees and margin mark ups on cash conversion.
Travelex used to do the same with their travel money card however are more transparent now given the competition.
This is the reason that I shop around.
Travelex used to do the same with their travel money card however are more transparent now given the competition.
This is the reason that I shop around.
General comment
Have you ever had any negative experiences when using currency conversion services?
Please select one item
Radio button:
Ticked
Yes
Radio button:
Unticked
No
Radio button:
Unticked
Not applicable
If yes, please specify:
Went to Change Group to exchange money and was quoted a rate however when I went to transact they then included a hidden 'margin'. I found their behaviour treacherous however I then found this practice also occurs at all major Australian Airports!
Travel Money Cards are sold on a price/rate conversion basis however there have been numerous times when I've transacted overseas and then been slugged a further 3%. The seller of the cards claims this is out of their control however on review of the various retailers pricing policies I've found this to be an outright lie.
Travel Money Cards are sold on a price/rate conversion basis however there have been numerous times when I've transacted overseas and then been slugged a further 3%. The seller of the cards claims this is out of their control however on review of the various retailers pricing policies I've found this to be an outright lie.
Please include any general comments or other feedback you would like to make in relation to the foreign currency conversion services inquiry:
If any, what other issues or comments would you like to raise in relation to the Foreign currency conversion services inquiry?
AIRPORTS
What is not well known by consumers is that Foreign Exchange currency conversion is the second or third largest source of revenue for Australian Airports (behind Landing Fees and Duty Free). Consumers are routinely mislead into believing that they are being offered a competitive price with a convenient service however this is patently untrue. Airports charge up to a 6% transaction mark up though this is not disclosed to the consumer, rather it is hidden in the margin mark up. I find this behaviour on the part of the Airports and FX companies duplicitous, misleading and disgraceful - this would not be tolerated in other industries!
What is not well known by consumers is that Foreign Exchange currency conversion is the second or third largest source of revenue for Australian Airports (behind Landing Fees and Duty Free). Consumers are routinely mislead into believing that they are being offered a competitive price with a convenient service however this is patently untrue. Airports charge up to a 6% transaction mark up though this is not disclosed to the consumer, rather it is hidden in the margin mark up. I find this behaviour on the part of the Airports and FX companies duplicitous, misleading and disgraceful - this would not be tolerated in other industries!