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Aussies being ripped off when exchanging money

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An ACCC report has found that Australians are being overcharged millions when exchanging dollars to foreign currency.

The report found consumers are paying higher fees than those in other countries, in some instances, as high as 30 per cent more than those in the United States.

They revealed people were relying heavily on exchanging money through the big four banks, despite the availability of cheaper alternatives.

ACCC Chairman Rod Sims tells John Stanley Australians need to shop around.

“Individual consumers who use the big four banks, just for US dollars and British pounds, they could have saved about $150 million dollars if they’d instead used one of the online, low-priced, international monetary providers.

“Don’t just stick to your bank.”

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