What the FX? Small business lobby calls on ACCC to “act now” on money transfer reform

It should be far easier for small businesses to determine whether their international money transfer service offers a good deal, the Council of Small Business Organisations of Australia (COSBOA) says, after the competition watchdog found SMEs could lose hundreds of dollars each time they use costly providers.

Household consumers largely use international money transfer (IMT) services to send money to family and friends overseas, but Australian small businesses contribute a significant portion of outgoing funds — and pay for the privilege.

In July, the Australian Competition and Consumer Commission (ACCC) published its review of the best practice guidelines provided to IMT providers, which show banks and fintechs how to best display their services and foreign exchange (FX) fees to users.