Australian Immigration Daily News

A report published by the Australian Competition & Consumer Commission (ACCC) has revealed shocking evidence that the average Australian consumer is paying far too much for their currency transfers.

During 2017-2018, consumers who used the four big banks for their international money transfers (IMT) could have collectively saved around AUD150 million if they had used a more competitively priced service.

Consumers and small businesses are defaulting to their bank or using airport currency providers for last minute currency transfers, but these are far from being the cheapest option.

A grossly under-marketed service in Australia, money transfers suffer from widely confusing and complex pricing, a lack of robust competition and suppliers failing to disclose hidden fees up front, leaving consumers struggling to find money-saving alternatives.

Migration Alliance are addressing this countrywide problem by partnering with the multi-award winning foreign exchange (FX) broker, TorFX. Together we aim to give your clients access to faster, more efficient services and help them make big savings on their international money transfers.

Huge savings, simple service

While you may be unaware that an alternative to the four big banks even exists, huge savings are just waiting to be made.

• By using a currency supplier over the most expensive of the big four banks, you could save a couple of cents per dollar.
• Findings by the World Bank revealed the cost of sending money overseas from Australia using traditional banking services was 11% higher than the global average, 13% higher than the UK and a staggering 14% higher than the US.
• Foreign cash is more expensive at airport locations where IMT providers rely on convenience and last-minute shoppers to turn a hefty profit. The ACCC report revealed that consumers could save up to AUD40 when buying USD200 if they avoid point-of-travel transfers and use a specialist currency transfer service instead. 

Money transfers are a significant outlay for Australians with an estimated (and breath-taking) AUD21 billion in personal IMTs sent from Australia each year, making IMT a highly actionable market.

Partnering with TorFX

Our partnership with TorFX isn’t just beneficial for your clients, there are significant benefits for you as well:

• Legal Training Australia – For every successful referral, TorFX will contribute $70 towards paying migration agents’ 10 CPD points.
• A new stream of revenue – TorFX pays an extra 20% profit share on every transfer that a referred client makes.
• Huge benefits for your clientele – Read on to see how clients can benefit too!

Your clients will love TorFX

• Account access anytime, anywhere – Option to make transfers over the phone with your account manager or 24/7 using TorFX’s online platform.
• Bank-beating exchange rates – with regular and informed updates designed to help your clients read the markets and make even more money on their transfers.
• No transfer fees – no hidden fees or complex price structures.
• Specialist services – TorFX offers convenient options like freezing exchange rates for up to two years ahead of making a transfer.
• First-class customer service – Every customer is assigned an account manager who can offer expert support and guidance.

Want to find out more? Just contact TorFX at This email address is being protected from spambots. You need JavaScript enabled to view it. and they’ll be happy to help. If you already like what you’re hearing and would like to begin setting up a partnership to benefit both you and your clients, click here to get started.