Consumer advice

Easier comparisons now available for foreign currency conversions

People who use foreign currency conversion (FX) services now have greater access to accurate online calculators to help compare prices, but the ACCC says greater transparency is still needed at a time when many Australians are sending money to family and friends overseas.

The ACCC’s Foreign currency exchange services inquiry report, released in September last year, found many Australian consumers were paying too much for FX services.

Changes needed to protect consumers using customer loyalty schemes

Improvements to customer loyalty schemes and broader legislative reforms are required to protect consumers using loyalty schemes, according to the ACCC’s final report into customer loyalty schemes released today.

The report recommends loyalty schemes, such as frequent flyer, supermarket and hotel operators, better inform consumers, improve their data practices and stop automatically linking members’ payment cards to their loyalty scheme profiles. It also calls for broader changes to consumer and privacy law.