October 2, 2018 / 1:25 AM / 2 months ago

Australia's competition regulator starts inquiry into forex services

Oct 2 (Reuters) - The Australian Competition and Consumer Commission (ACCC) said on Tuesday it had opened an inquiry into foreign exchange services in the country.

The regulator said in a statement that it would examine price competition amongst suppliers of foreign currency conversion services and consider how easily potential entrants to the market could compete.

“We will be examining why major companies in Australia, including the big four banks, seem to be able to consistently charge high prices,” ACCC Chair Rod Sims said. (Reporting by Ambar Warrick in Bengaluru Editing by Eric Meijer)

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