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: 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: Not 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: Not 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: Checked N/A |
| Used a credit or debit card to make overseas purchases 1-2 times Radio button: 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: Not 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: Not checked 6+ times | Used a credit or debit card to withdraw foreign cash from an ATM while overseas N/A Radio button: 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: Not checked N/A |
If other, please specify:
Exchanged foreign cash to Australian dollars
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: Checked Remittance provider (e.g Western Union) | Sent money overseas Other Checkbox: Not 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: Not 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: Not checked Other | Loaded a travel card N/A Checkbox: 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: Not 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: Not 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: 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: Checked Foreign cash kiosk | Other Remittance provider (e.g Western Union) Checkbox: Not checked Remittance provider (e.g Western Union) | Other Other Checkbox: Not checked Other | Other N/A Checkbox: Not checked N/A |
If other, please specify:
Exchanged foreign cash to Australian dollars
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:
Unticked
Yes
Radio button:
Ticked
No
If no, why not?
Most FX kiosks/shops have billboards stating the exchange rate BEFORE commission and fees
Did you find it easy to understand any additional fees you would need to pay for this service?
Please select one item
Radio button:
Unticked
Yes
Radio button:
Ticked
No
If no, why not?
Most shops have billboards stating the exchange rate BEFORE fees, and fees vary from shop to shop
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?
Credit 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?
Most shops have billboards stating the exchange rate BEFORE commission and fees, others after commission but before fees, others have no commission or fees
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?
I shopped around in the Melbourne CBD in May 2018. Although there are many shops to choose from (there appears to be competition in this market), the billboard pricing is not transparent and price comparison is not easy. It is likely the consumer will make a mistake given time constraints and will not make the best decision (i.e. choose the best price).
A better situation could be where every shop's billboard price will state, for example, "A$100 = Yen xxx, net of fees and commission". That is, the amount of foreign currency every A$100 can buy, net of fees and commission. The consumer's comparison shopping will then be easier. I have seen this type of price display in Tokyo Japan and we should have similar transparent pricing in Australia.
A better situation could be where every shop's billboard price will state, for example, "A$100 = Yen xxx, net of fees and commission". That is, the amount of foreign currency every A$100 can buy, net of fees and commission. The consumer's comparison shopping will then be easier. I have seen this type of price display in Tokyo Japan and we should have similar transparent pricing in Australia.
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:
See my previous comment about the lack of transparent pricing in the Melbourne CBD foreign exchange shops.
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?
The inquiry should make more consumers aware of alternatives such as online exchange services that appear to have better exchange rates and lower fees and commissions. More effective competition, plus regulation on price displays and information, could help bring down prices.