The Australian Competition and Consumer Commission (ACCC) stated on Tuesday, October 2, it had opened an inquiry into foreign exchange services in the country, reported The Financial Times.
The regulator announced in a statement that it would examine price competition among suppliers of foreign currency conversion services and consider how easily potential entrants to the market could compete.
“Complaints have been made about a number of suppliers, including the big four banks, a number of online transfer companies, Travelex, Western Union and PayPal,” the regulator stated.
The assessment will focus on the purchase of foreign cash, the transfer of money overseas, and whether there are “impediments to effective price competition,” such as barriers to entry for service providers.
Full Content: Financial Times
