Welcome to the FlashFX blog — a must-read for anyone sending money abroad. Find out how to save on international money transfers & manage your money across borders.
Moving Funds from China to Purchase Property in Australia
Although Australia may seem remote and inaccessible to many, hundreds of thousands of migrants from around the world arrive in the continent every year. Moving to Australia offers the promise of economic stability, a high standard of living and a pleasant climate and natural beauty. One of the most active
Why do Australians buy Property Overseas ?
Home prices in Australia are skyrocketing, faced with an extremely competitive real estate market, many Australians have given up the dream of buying a home or put it off indefinitely while continuing to save for a deposit. But some resourceful cashed up real estate seekers have found a surprising way
Australia & the US / China Tariff War
As the US and China engage in a tit-for-tat trade war Australia remains caught in the middle. The two countries have implemented sweeping and crippling tariffs on vast swaths of inter-country trade. What does a trade war mean for Australia? The Importance of China and the US to Australia Both the...
5 Ways to Stretch Your Overseas Easter Holiday Dollars
Are you one of the lucky Aussies that has planned a trip overseas for the upcoming Easter holiday break? Whilst you probably have already paid for the larger items, such as transport and accommodation, you still want to make sure that all other expenses yet to come are as cost
Moving to Australia? Our Top Tips for Settling Down Under
With Australia Day over and kids across the country back at school, 2018 is well and truly underway! As a nation of migrants, for many the start of the year also marks the beginning of a new life in Australia. Migrating to a new country can be an overwhelming experience,
How much cash have you got in your wallet?
Let me guess — your wallet is empty, or it recently was. Ten years ago, anyone who had no cash in their pocket would’ve whispered it. Broke til payday or just broke. Having no cash was a source of shame. But suddenly cashless is the new normal. The percentage of
Banks to ditch sales incentives to ‘restore trust’
THE toxic sales culture in Australian banks that sees customers saddled with inappropriate financial products may finally be coming to an end. Maybe. All four big banks have committed to winding back the “deep-seated” culture of product-based incentive payments after an independent review into the practice. Stephen Sedgwick AO, the
Embracing Blockchain for Payments
Payments are one area where banks should completely embrace blockchain to compete with fintech challengers and to expand their market share. The existing payments infrastructure used by banks faces multiple challenges relating to security, speed and cost. No wonder, Santander Group executive chairman, Ana Botín believes that her bank’s
ASIC enforcement taskforce recommends tightening bank rules to protect customers
Banks, financial services houses and credit companies will face public naming and shaming over bad behaviour in a suite of major reforms being considered by the Turnbull government. However, the reforms put forward by the Australian Securities and Investments Commission enforcement review task force do not include naming the executives
Bank executive takes over as new chief of the Digital Transformation Agency
Gavin Slater, former NAB executive, will be the new chief executive of the Australian government’s Digital Transformation Agency. In a statement the Assistant Minister for Digital Transformation Angus Taylor said Slater had a proven track record in driving transformation change to respond to digital disruption, and his experience would
Fintech all talk no action in bank competition race
Australia's banking sector is one of the most highly concentrated in the world and the much-hyped arrival of digital disruption has hardly shifted the dial. More competition is not the solution to the housing affordability crisis, but there is no doubt it would benefit consumers. Australian Competition and Consumer Commission
ASIC’s Greg Medcraft lashes bank ‘oligopoly’
Chairman of the corporate watchdog Greg Medcraft lashed out at the banking “oligopoly” for chipping away at customer trust with sector-wide interest rate hikes out-of-cycle with the Reserve Bank of Australia. “I think every time you do an out-of-cycle increase you chip away that trust,” Mr Medcraft said. “It’s
The quiet engine powering Australia’s innovation boom
Not that long ago, building a global company was reserved for large incumbents and heavily capitalised start-ups. But that’s changing. Instead of needing millions in the bank or being based in the heart of Silicon Valley, the internet — and the tools it enables — are empowering a new generation of
When it comes to foreign exchange, don’t pick your own bank by default
In this ever-changing world, Australian retail clients remain creatures of habit. While most of us know that banks like to charge a fee at every turn, we still don’t challenge them. This is extremely evident when sending money overseas, where bank fees are not only exorbitant (in excess of
5 tips for Australians buying property in Canada
With excessively high real estate prices at home, have you considered purchasing property abroad, say in Canada? Canada welcomes home buyers from all countries, and there are no restrictions on the amount or kind of real estate you can buy. For Australians looking to buy a home abroad, here are
New Payment Platform in Australia
Australia is due to release a near real-time domestic payments platform. The New Payments Platform (NPP) will allow for near real-time funds transfer between bank accounts, regardless of who a user banks with. It’s due to launch later in 2017. The NPP has been developed between the RBA and