In 2016, a study conducted by Galaxy Research on behalf of OFX showed that 80% of Australians said they would transfer money internationally with their bank1. Despite this, people are increasingly turning to specialised services for their financial needs. Platforms like Canstar, considered a trusted and reputable point of call, can provide expert advice for people making the switch from traditional services like banks, as moving away from the familiar can be daunting.
Whether you’re sending money overseas to support family, for your destination wedding or even your retirement, it makes sense that you may assume that your bank is the best way to do this.
This assumption could be costing people millions of dollars a year. In fact, the Galaxy Research survey showed 52% of Australians 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’.1 At OFX, we agree. That’s why we keep our fees and exchange rate margins low and transparent, so customers can make an informed decision.