Migrants’ money at risk in foreign exchange transactions
New migrants to Australia potentially wasted hundreds of millions of dollars during the past year in poor foreign exchange transactions and bank charges incurred through transferring assets from their home country, according to foreign exchange risk management company HiFX.
Because many migrants are unaware of fluctuating exchange rates, currency market volatility or the risks associated with currency exchange, HiFX Australia director Spencer Wilcox said: “Effectively, there is a right time and a wrong time to transact a currency exchange, and your future wealth will be affected by the exchange rate you receive when you conduct a significant foreign exchange transaction.”
He said many people are unaware of the risk associated with changing money, and unfamiliar with the range of alternative service providers that exist to help with such matters.
One HiFX offering is called the Regular Payment Abroad (RPA) service, which enables migrants to manage regular income streams such as pension payments or other receivable from home countries. This eliminates bank charges and protects against currency fluctuations.
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