In September last year, the Australian Competition & Consumer Commission (ACCC) found Australians could save $150 million per year if they shopped around for international money transfers, instead of using the big four banks - CBA, Westpac, ANZ and NAB.

The ACCC's report nine months ago cited World Bank research, concluding "the price of sending money from Australia is high by global standards".

Australians also engage in "substantially" larger IMT (international money transfer) transactions, on average, sending about $21 billion overseas each year.

Since that time, the competition watchdog found more than half of the 26 "prominent" online foreign exchange (FX) suppliers now have an online calculator on their website or have improved their existing calculator that breaks down fees.

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However, ACCC chairman Rod Sims yesterday said more needs to be done.

“It is even more important during the COVID-19 pandemic, and at a time of growing unemployment globally, that consumers are able to easily compare fees and other charges when converting currency and sending it to family or friends overseas," he said.

“We do want to see all foreign currency service providers, not just some, lift their game so that consumers can benefit from greater price transparency and ultimately competition.

“If we find that this industry is not adopting our best practice measures or even that businesses are moving away from them, we will work with the Government on further measures to ensure consumers have access to this important information."

The ACCC said IMTs are regularly used by potentially vulnerable groups such as migrants and temporary workers, and has released a guide to FX services.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest

          Goal Saver

          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            Important Information and Comparison Rate Warning

                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 11, 2023. View disclaimer.

                            Big four banks on notice

                            The ACCC back in September found the big four banks' IMT margins are some of the highest in the world, with margins double that of banks in New Zealand.

                            In February 2019, the watchdog conducted a five-day test, with Commonwealth Bank and Westpac charging around AUD $10,500 to send a USD $7,000 IMT.

                            For reference, cheaper sites such as OFX charged about $10,100, while InstaRem and TransferWise charged less than $10,000.

                            At the time, the Australian Dollar bought about USD $0.73.

                            The ACCC also conducted the same test using Great British Pound Sterling and found similar.

                            It also found new players in the market changed the "competitive dynamic", as they tend to offer cheaper rates and better service features "than those of the big four banks".





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