So why don’t more Australians take advantage of this?
There are 2 big reasons: first, most Australians (over 50% in OFX’s last consumer survey of 1,000 Australians nationwide2) did not know there was a better value alternative. Secondly, there is a concern amongst consumers and small businesses, understandably, about whether they could trust an alternative to the major banks.This is despite the fact that only 52% (of those we surveyed) believed they would get the best rate from their bank when transferring money overseas, with half believing the approximate bank charges on their transfer were a ‘rip-off’. Only 3% believed their bank transfer fees were a ‘fair exchange for the transaction’.