Treasurer slams foreign transaction charges as a “rip-off”


Treasurer Josh Frydenberg says Australians are still being ripped off by banks. He’s ordered an investigation into foreign currency fees.

Jack Jones reports.

TRANSCRIPT

The Treasurer says the Australian Competition and Consumer Commission will be asking banks to justify what they charge customers for foreign transaction charges.

Josh Frydenberg, Treasurer: “The banks are charging them too much so we want to stop the rip-off.”

Foreign transactions attract costs of up to 4%, and this costs Australians around two billion dollars per year.

Josh Frydenberg, Treasurer: “We want to ensure that Australian families get the best possible deals when they’re travelling overseas.”

Transferring $1000 abroad here costs an extra $80.

In the U.S., the fee is $60.

The ACCC says Australia is the third most expensive G20 country from which to transfer money overseas.

Meanwhile, Prime Minister Scott Morrison has moved to secure senior votes, announcing $100 million assistance to older Australians who wish to stay in their homes.

The funding boost will provide support for meals, transport and home maintenance.

Scott Morrison, Prime Minister: “You just want them to be able to age with dignity, and with choices.”

This follows the government’s recent announcement of a royal commission into aged care.

Jack Jones, QUT News.