AUSTRALIA’S exchange rate regulator has made it easier for customers to exchange their domestic currencies.
The Australian Bureau of Statistics said the exchange rate agency BPI would now offer customers the option to exchange dollars at a lower rate than their local exchange rate provider.
The move comes after the BIS launched a new website to give people a more competitive alternative to foreign exchange.
It was the result of feedback from users and staff, who were told the BSI’s currency exchange rate website had a much lower rate compared to their local rate provider and could make it harder for them to access foreign currency.
“The Australian exchange rate market is very competitive and consumers will be able to see if their local rates are competitive and what their options are,” BIS deputy director of financial analysis and forecasting Mark Hickey said.
“We will also be working closely with BPI to ensure they have the appropriate processes in place for their customers.”ABS currency exchange services provider APC said it had worked closely with the BICS to make sure it was in compliance with the new rules.
“As we look to our customers and to ensure that they can access the appropriate exchange rate for their exchange, we will continue to ensure our processes are in place to allow customers to access the best rates,” the company said in a statement.
The BIS said the move would not affect APC’s existing services.
The new website has also been redesigned to ensure it provides more information to customers about the options available to them.