The new survey commissioned by comparison platform Money Transfer Australia revealed the top banks for international transactions for small-to-medium businesses.
The survey ranked Commonwealth Bank (CommBank) as the primary bank of choice for international transactions, with 35 per cent of businesses doing their international money transfers with the bank.
ANZ is in second place at only 18 per cent, followed by Westpac at 13 per cent and NAB at 10 per cent.
However, when it comes to customer satisfaction, ANZ and Westpac take the lead at 46 per cent and 45 per cent, respectively.
While CommBank has the lowest level of dissatisfaction (at six per cent), 54 per cent said that they are only ‘somewhat satisfied’, suggesting there is still room for service improvements.
Although all banks rated closely across all levels of satisfaction, NAB bears the highest rate of dissatisfaction among respondents at 23 per cent.
Currenlty, CommBank and NAB charge $30 per transfer in AUD and $0 for transfers in foreign currency. Meanwhile, Westpac charges $20 for online international transfers in AUD and $0 for transfers in foreign currency, plus a $32 charge for any international transfers made in a branch. ANZ transfer fees vary the most depending on the country and amount of money being transferred, but for most countries, there is a $9 charge for online transfers sent in foreign currency and $18 if sent in AUD. Exchange rates also differ between banks due to margins on rates.
Money Transfer Australia founder Alon Rajic commented, “All four of Australia’s big banks are among the top 50 largest in the world by market value. CommBank sits as high as number thirteen. People will trust what is visible and stable, especially when it comes to their business and livelihood, but the findings do suggest some complacency among customers and room for banks to improve their money transfer service.
“Many businesses may not understand that some non-bank money transfer specialists, such as TORFX and OFX, have been in business for as long as 20-25 years. They are ASIC-authorised, well-established and reputable, and they don’t charge extra fees or high mark-ups on exchange rates. Businesses would benefit from shopping around and getting to know what other options are out there for their international transactions,” Rajic added.
