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: Not checked 6+ times | Sent money overseas N/A Radio button: 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: Not checked 6+ times | Exchanged Australian dollars for foreign cash N/A Radio button: 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: 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: 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: 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: Not checked Other | Sent money overseas N/A Checkbox: 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: Not 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: 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: Not 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: Checked N/A |
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
3
Ease of access
2
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?
What service was this?
Please select one item
Radio button:
Unticked
Sent money overseas
Radio button:
Unticked
Exchanged Australian dollars for foreign cash
Radio button:
Unticked
Loaded a travel card
Radio button:
Ticked
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?
No information provided from bank
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?
Difficult to find out or work out rate
Did you shop around?
Please select one item
Radio button:
Unticked
Yes
Radio button:
Ticked
No
If no, why not?
Inconvenience
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?
Ofx.com.au
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?
Bank exchange rates and fees not easy to find or calculate
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?
Avoid using banks where possible because of excessive fees
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:
Bank exchange rates are not competitive and in addition one is charged a relatively high "foreign transaction fee"
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?
Banks should show difference between official (reserve bank) rates and their own - this would make comparisons easier, and allow consumers to understand the margin that the bank is charging. Foreign transaction fees should be banned (it's enough for the banks make a profit on the exchange rate difference)