Andrew Leigh

The lack of competition in the overseas remittance sector is a significant consumer issue that disproportionately affects our culturally and linguistically diverse communities.

I've been working with Tony Burke, Labor's spokesperson for Citizenship and Multicultural Australia, to ensure that Australians who send money overseas get a fair deal. 

On Thursday 23 November, my colleague Julian Hill and I will be hosting an event to hear how higher costs of sending money overseas are affecting the community.

If this is an issue that affects you, we want to hear your point of view. Please join us:

WHEN: Wednesday 22 November, 2.00 pm – 3.00 pm

WHERE: Hays International College, 15 Hay Street, Box Hill South

RSVP & Enquiries: [email protected]

Labor has been holding community consultations to learn how the lack of competition in the overseas remittance sector is affecting Australian communities.

We think the market can be fairer and it’s important that we hear from you about what’s at stake if people sending money to friends and family abroad can’t get a fair deal.

Hearing directly from people that make most use of remittance services will improve our chances of getting customers a better deal.

Please get in touch with any questions.

Andrew Leigh

Shadow Assistant Treasurer

Shadow Minister for Competition and Productivity

Shadow Minister for Charities and Not-for-Profits

Shadow Minister for Trade in Services

Member for Fenner

Tony Burke

Shadow Minister for Citizenship & Multicultural Australia

Shadow Minister for Environment and Water

Shadow Minister for the Arts

Manager of Opposition Business

Member for Watson

Background:

In the past years, fees have risen and competition has fallen off. For the large numbers of Australians who regularly support family overseas, it has become harder and more expensive to send money where it’s most needed.

Fewer competitors mean customers have little choice about which service to use, and unclear pricing structures mean customers are unable to judge a fair and competitive deal.

On average, someone who tries to send $1000 from Australia to a developing country will see $77 eaten up by transaction fees and exchange rate spreads.

People sending money overseas should be able to easily choose the best deal and avoid unfair fees and charges. We believe the market should be fairer.

Recent media:

http://www.andrewleigh.com/want_to_help_developing_countries_make_it_cheaper_to_send_them_money_business_spectator

http://www.theaustralian.com.au/business/financial-services/big-four-banks-reap-billions-in-hidden-foreign-exchange-fees/news-story/8a5119da897398c67b0626e3378763c2

Opposition assistant Treasury spokesman Andrew Leigh said Labor would consider forcing banks to state the total cost of any foreign exchange transactions in dollars to customers.

“Simpler fee structures will ­result in a fairer system and put downward pressure on the cost of transferring money overseas,” he said. “It would be similar to the comparison rates we already enjoy when shopping for car loans, mortgages and credit cards.”

http://www.andrewleigh.com/labor_leads_the_way_on_remittances_media_release