Comm Bank & St George now adding 3% fee on OS transactions

Discussion in 'Current Affairs' started by SpacePete, Aug 30, 2016.

  1. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    Just saw this posted on reddit:

     
  2. SpacePete

    SpacePete Well-Known Member Silver Stacker

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  3. KiwiGreg

    KiwiGreg Member

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    We use these guys:
    https://www.currencyfair.com/

    Also, refer my previous post about Blockchains to see how this works and why it is so important
     
  4. Au-mageddon

    Au-mageddon Active Member

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    Surely using paypal would alleviate this problem. Or not ?
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    Does this include credit cards?

    Their currency conversion rates are already atrocious (READ - they already make a lot of money from overseas transaction), so this is a kick in the nuts.
     
  6. SpacePete

    SpacePete Well-Known Member Silver Stacker

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    I just looked at the Commonwealth Bank transaction fee page (I am with Comm Bank):

     
  7. yennus

    yennus Well-Known Member Silver Stacker

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    Classic technique... use regulation and/or fear to close down the legal remittance channels in 2014 (mention terrorism somewhere in there). Now the banks have a monopoly on the remittance sector.

    "As concerns about the financing of Islamic State reached fever pitch in late 2014, many remittance companies were "de-banked" by the big banks. Westpac, which had been the biggest banker of the sector, took the most aggressive approach by imposing a blanket ban for all accounts."

    http://www.smh.com.au/business/bank...emittance-business-again-20160523-gp1jof.html
     
  8. danman49

    danman49 Active Member Silver Stacker

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    The above seems to refer to card transaction not international money transfers. At least with COMBANK. I just sent some AUD to a bank in Thailand and was charged $22 at this end. The COMBANK FAQ states:

    Fees are subject to change to at the Bank's discretion and will vary depending on how the transfer is sent:

    Sending an IMT via NetBank or the CommBank app $22 per transfer (the fee is disclosed before completing the IMT)
    Sending an IMT in a branch - $30 per transfer
    Receiving an IMT - up to $11 per transfer
    Tracing an IMT - $25 per request
    Changing details on an IMT $25 per request
    Cancelling an IMT - $25 per request
     
  9. Au-mageddon

    Au-mageddon Active Member

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    I sent some money a few years ago to help out a friend from New Zealand via Western Union.

    The rates were a lot cheaper than that ...
     
  10. matt_kcd

    matt_kcd Member

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    Funny! I got a letter from St George today saying they will be refunding me a bunch of incorrectly charged foreign transaction fees from my credit card.
     

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