This assumption could be costing Aussies millions of dollars a year. In fact, research conducted by Galaxy Research on behalf of OFX showed that an alarming 52% of Aussies were unaware of the hidden cost of exchange rate margins charged by most banks. When they were informed of the costs, 75% of Australians considered the costs ‘very high’ or ‘a bank rip-off’.* At OFX, we agree. That’s why we keep our fees and margins low and transparent, so customers can make an informed decision.
When CANSTAR compared transfers of AU$100,000 across multiple currency corridors, the cash-in-hand difference between the highest quoted rate and the lowest quoted rate was often above AU$3,000. Wow. In evaluating 9 popular currency pairs, CANSTAR weighted pricing at 80% of the total score while services and features made up the remaining 20%.