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Australia's big four banks charge higher fees on foreign money transfers than fintechs, competition watchdog finds

By Saloni Sinha ( July 31, 2024, 07:21 GMT | Insight) -- A new report on international money transfers published this week, five years after the Australian competition watchdog’s inquiry into foreign-exchange services, found that the country’s big-four banks continued to charge higher fees than the financial-technology companies operating in the international money-transfer market. In its report, the Australian Competition & Consumer Commission said that fintechs continued to drive competition by offering cheaper prices, forcing Australia’s top-four banks to lower their prices. However, the report concluded that while the banks appear to have responded to competitive pressure, the fees they charged to move money abroad remained higher than those of many rivals, including fintechs.A new report on international money transfers published this week, five years after the Australian competition watchdog’s inquiry into foreign-exchange services, found that the country’s big-four banks continued to charge higher fees than the financial-technology companies operating in the international money-transfer market....

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