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A recent survey has found that almost half (44%) of Australians do not check fees or exchange rates before making international money transfers or buying foreign currency. This alarming figure shows that many Australians are not taking the time to research the best deals before making overseas transactions.

A global comparison service commissioned the survey, Money Transfer Comparison, which helps Australians find the best rates in international money transfers. The findings were derived from a survey of an independent panel of 1002 Australians.

Within the group of respondents who never or only occasionally check fees and rates before exchanging currency or making a money transfer, two-thirds (68%) said they did not think they could save money through other service providers, and 27% said they did not have the time to do their research.

In 2021, Australians sent US$3.8 billion in remittance, and with some services charging fees of up to $30, Australians may be paying more than they bargained for. This is a significant issue for a country with almost a third (30%) of its population born overseas.

The survey also found that older Australians were more likely to neglect to do their research to ensure they were getting the best deal on an international transfer or foreign currency purchase. Of those over 55, 46% never or occasionally checked fees and rates with other service providers, compared to 45% of those aged 35-54 and 41% of respondents aged 18-34.

The reason behind these findings is the assumption that savings cannot be made through other providers, with over three-quarters (78%) of those over-55s selecting this option. This was followed by 64% of 35-54s and 58% of 18-34s.

The survey also found that lack of time was a barrier to securing the best transfers and currency exchange deals. One-third (36%) of 18-34s lacked time to check other providers for the best deal, followed by 31% of 35-54s and only 16% of over-55s.

Queenslanders were the most time-poor, with 31% of respondents from this state choosing this option. This was followed by 30% of respondents from New South Wales, 25% from Victoria, 19% from South Australia, 16% from Western Australia, and 13% from the Australian Capital Territory.

Alon Rajic, Founder and Managing Director at Money Transfer Comparison, warns Aussies that neglecting their research could be costly. “This is a significant number of Australians that are naively accepting the first rate they come across and potentially spending more money than they need to, with some transfer services offering a foreign exchange rate markup of up to 4.81%,” he said. “It doesn’t take longer than two minutes to compare transfer providers through a comparison site such as moneytransfercomparison.com, and those two minutes could prove hugely valuable, especially for large-sum, or frequent, transfers.”

In conclusion, Australians need to take the time to research the best deals when making international money transfers or buying foreign currency. By doing so, they can save money and avoid unnecessary fees.