Currently, pricing for international payments is fundamentally unfair.

When we buy something we should know what we’re paying for it - foreign exchange should be no different.

We need to know the cost so that when we shop around we spend our money more...wisely.

The current rules for pricing the costs of international money transfers in Australia are so loose that the banks can get away with hiding their fees in poor retail exchange rates which a customer only sees if they conduct a complex calculation multiplying the bank’s exchange rate with the amount they’re transferring, adding fees, and then repeat the same exercise using the real exchange rate on Google.

It shouldn’t take this much effort for people to know what they’re paying to make a simple international payment.

As a matter of fairness, banks and international money transfer providers need to show the full cost of international payments.

That means disclosing the hidden fees in their retail exchange rates.

People sending money to friends and family back home, students paying for overseas student loans, pensioners receiving their monthly payments and many many more - all are paying hidden fees which can be stamped out only if the government were to act.

The costs of sending or spending money overseas in Australia is on average still in excess of 5% per transaction.

This is money which could be better spent by consumers, businesses and remitters whether it's by reducing the cost of living, growing their business or giving more to their families.

We need your help to convince the Australian government to change the regulations and require providers of international payments to disclose the real costs of international transactions.