ACCC Announces Improved Price Transparency across Money Remittance Sector

Fazzaco learned that the Australian Competition & Consumer Commission (ACCC) has reported improved price transparency among the country's major FX remitters after issuing a review saying that lack of pricing transparency forced consumers to rely on the more expensive big four banks for FX conversion and international money transfers.

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In September 2019, the ACCC issued practice guidance asking money remitters and related financial service firms providing international currency transfers to make reliable online price calculators available to consumers and that they clearly disclose their prices, including all relevant fees.

The ACCC then conducted an assessment to ascertain compliance and implementation of its practice guidance. In a report published in June 2020, the ACCC said it found that "numerous remitters lagging best practice" although it found improved price transparency on FX conversions.

However, ACCC noted that in its latest review, 12 out of the 15 prominent remitters were either adhering to best practice price disclosure or needed to make only minor improvements to achieve best practice.

"We were pleased to see the improvement in price transparency across the money remittance sector that has occurred following the release of our 2019 report," said ACCC Chair Rod Sims. "We want to see all money remitters lift their game so that consumers can benefit from greater price transparency and ultimately, competition."