On 2 October 2018, the Treasurer, the Hon Josh Frydenberg MP, issued a notice approving the Australian Competition and Consumer Commission (ACCC) holding an inquiry into the supply of foreign currency conversion services to consumers and small businesses in Australia.

The inquiry commenced on 2 October 2018. The inquiry will have a particular focus on the purchase of foreign cash, and the transfer or remittance of money overseas. It will also consider other ways that consumers and small businesses perform foreign currency transactions, such as via credit, debit or pre-paid travel cards.

Through the inquiry, the ACCC will examine the pricing of these services and evaluate whether there are impediments to effective price competition.

The inquiry will involve broad consultation and stakeholder engagement, including seeking feedback in response to this issues paper, targeted consultation with industry participants, regulators and consumer groups, and requesting information from industry participants.

The ACCC is to submit its final report to the Treasurer by 31 May 2019.