ACCC reports Australians miss out on $200m annual savings in international money transfers due to market transformation and fintech competition.

The Australian Competition and Consumer Commission (ACCC) reports that while transparency has lowered costs for Australians sending money overseas, consumers are still missing out on $200m in potential savings annually. The market for international money transfers (IMTs) has significantly transformed, with the total value of online IMTs growing annually due to a shift from in-store methods to online transfers. The ACCC found that fintechs have expanded market share by offering lower prices and sometimes better service than big banks.

July 30, 2024
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