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Banks to come under scrutiny for excessive foreign currency fees

Banks that charge excessive fees for foreign purchases and converting currencies will come under scrutiny from the consumer watchdog.

Analysis shows Australians are paying more than $2 billion a year in extra charges.

ACCC Chairman Rod Sims tells Ross Greenwood consumers are paying too much.

“We’ve got a lot of people from other countries who send money to families overseas.

“That’s hard earned money going to very needy people and you really just don’t want to see them paying the excessive charges.

“We’re going try and understand why Australians pay more when they get access to foreign exchanges than countries do overseas.

“Why is the competition not giving us sensible rates?”

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