Fair Play in Forex

Saturday, 24 November 2001


The Sydney Morning Herald


Individuals and small business customers are getting a raw deal on foreign exchange, according to foreign exchange service OzForex (www.ozforex.com.au). OzForex canvassed forex quotes from six major providers, five banks and one non-bank to buy GBP8,000 (AUD21,800) to send to the UK by telegraphic transfer.

The results showed the best provider on the day charged a margin on about 1.2pc on the underlying "interbank" rate, with the worst provider charging a margin of more than 2pc. Each 1pc of margin equates to about AUD230 of extra cost on the British pound purchase before additional transfer costs are paid. Managing director of OzForex, Matthew Gilmour, said that unlike the sharemarket, where investors big and small have access to the same price, foreign exchange was not a level playing field.

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