In September last year, the Australian Competition & Consumer Commission (ACCC) found Australians could save $150 million per year if they shopped around for international money transfers, instead of using the big four banks - CBA, Westpac, ANZ and NAB.

The ACCC's report nine months ago cited World Bank research, concluding "the price of sending money from Australia is high by global standards".

Australians also engage in "substantially" larger IMT (international money transfer) transactions, on average, sending about $21 billion overseas each year.

Since that time, the competition watchdog found more than half of the 26 "prominent" online foreign exchange (FX) suppliers now have an online calculator on their website or have improved their existing calculator that breaks down fees.

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However, ACCC chairman Rod Sims yesterday said more needs to be done.

“It is even more important during the COVID-19 pandemic, and at a time of growing unemployment globally, that consumers are able to easily compare fees and other charges when converting currency and sending it to family or friends overseas," he said.

“We do want to see all foreign currency service providers, not just some, lift their game so that consumers can benefit from greater price transparency and ultimately competition.

“If we find that this industry is not adopting our best practice measures or even that businesses are moving away from them, we will work with the Government on further measures to ensure consumers have access to this important information."

The ACCC said IMTs are regularly used by potentially vulnerable groups such as migrants and temporary workers, and has released a guide to FX services.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$533
4 months
$0
$250,000
$0
$0
Featured
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$518
4 months
$0
$249,999
$0
$0
Featured
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Bonus rate of 5.50%
Rate varies on savings amount.
5.50% p.a.
$556
$0
$100,000
$0
$0
Featured *Rate varies on savings amount
  • Deposit $500 per month to get bonus interest
  • 5.50% p.a. available on total savings up to $100k.
  • 5.00% p.a. applies to savings between $100k-250K.
  • Tiered bonus rates apply. (TMDs at ubank.com.au)
2.85% p.a.
3.55% p.a.
Intro rate for 4 months
then 2.85% p.a.
$333
4 months
$0
$49,999
$0
$0
Featured
  • For deposit amounts $0 - $49,999
  • New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
  • Reverts to variable ongoing rate. T&Cs apply.
0.55% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.50% p.a.
$556
$0
$100,000
$1,000
$0
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
0.50% p.a.
Bonus rate of 4.85%
Rate varies on savings amount.
5.35% p.a.
$541
$1
$50,000
$500
$1
0.10% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.05% p.a.
$510
$1
$99,999,999
$5
$0
0.05% p.a.
Bonus rate of 4.95%
Rate varies on savings amount.
5.00% p.a.
$505
$0
$99,999,999
$0
$0
0.30% p.a.
Bonus rate of 4.70%
Rate varies on savings amount.
5.00% p.a.
$505
$0
$100,000
$$formattedMinMonthlyDep.format("%,d",$!{product.minimumMonthlyDeposit})
$1
1.00% p.a.
Bonus rate of 4.00%
Rate varies on savings amount.
5.00% p.a.
$505
$1
$99,999,999
$50
$1
0.01% p.a.
Bonus rate of 4.94%
Rate varies on savings amount.
4.95% p.a.
$500
$0
$1,000,000
$200
$0
4.90% p.a.
4.90% p.a.
$495
$0
$249,999
$0
$0
More savings accounts
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning

Big four banks on notice

The ACCC back in September found the big four banks' IMT margins are some of the highest in the world, with margins double that of banks in New Zealand.

In February 2019, the watchdog conducted a five-day test, with Commonwealth Bank and Westpac charging around AUD $10,500 to send a USD $7,000 IMT.

For reference, cheaper sites such as OFX charged about $10,100, while InstaRem and TransferWise charged less than $10,000.

At the time, the Australian Dollar bought about USD $0.73.

The ACCC also conducted the same test using Great British Pound Sterling and found similar.

It also found new players in the market changed the "competitive dynamic", as they tend to offer cheaper rates and better service features "than those of the big four banks".





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