Disruptors Challenging Australian Banks in Forex Price and Service: ACCC Report
Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.
Fintechs vs. Banks: Remittance War Rages On as FX Costs Slashed for Millions
For many currency routes, FX costs have been slashed in recent years by a number of industry-disrupting fintechs, allowing such firms to slice great chunks from the banking sector’s lucrative remittance markets. Banks are fighting back, though, by developing low-cost, digital offerings of their own.
Remittances Reach All-Time High
Remittances to low and middle-income countries reached a record high last year, the World Bank has said. Average transaction costs remain high, with an average of 7 percent paid to transfer $200 or equivalent.
TransferWise Announces PayNow Funding Option
TransferWise is now officially offering PayNow as a funding option for users in Singapore, the company has announced.
Banking Sector Fights Back Against Fintech Rivals
Citigroup’s announcement this week of plans to develop its own consumer-payments platform is the latest indication of a fightback by the banking establishment against fintech rivals that threaten its most lucrative markets.
WorldFirst Owners Target European Expansion
Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.