Most feel ripped off sending money abroad

Most people believe they are being ripped off when they transfer money abroad, a survey shows.

Some 88 per cent of respondents believe the flat fees charged by banks per transaction of $30 or more are too steep, the survey conducted by Galaxy Research found.

It also found more than 6.5 million Australians had transferred money aboard in the past 12 months, either through regular payments or one-off transactions.

Online foreign exchange marketplace CurrencyFair said with one in four Australians born overseas, more people were transferring money back to their place of birth.

"With the economic differences between Europe and Australia we are seeing quite an increase in people ... who are working here and sending money back," director of Australian operations Sean Barrett told AAP.

The survey also found 91 per cent of people were prepared to seek cheaper alternatives online for their next cross-border transaction.

"People have come around to the idea that the safety and security is there," Mr Barratt said.

CurrencyFair, which charges a transaction fee of 0.15 per cent of the total amount, has reported a 130 per cent increase in Australian business in the past 12 months.

It hopes to be completing $5 million of transfers per day by this time next year, up from $1 million now.

The research conducted by Galaxy was done on behalf of CurrencyFair.

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.