On 2 October, the ACCC announced that it will commence a new inquiry into foreign currency conversion services, in particular services that enable the sending of money overseas and purchasing of foreign currency.

The ACCC will examine price competition amongst suppliers of foreign currency conversion services and consider how easily potential entrants to the market can compete. The ACCC’s inquiry is initiated under Part VIIA of the Competition and Consumer Act (2010) (Cth) and will afford the ACCC with compulsory information gathering powers.

The ACCC has released an issues paper, Inquiry into foreign currency conversion services: Issues Paper, and encourages all parties to provide their views and experiences to the inquiry by 22 October.