Banks lose foreign exchange customers

Australian boutique foreign exchange companies have announced record profits and increased customer bases, as their market share of small-to-medium businesses increases at the expense of banks. Independent foreign exchange risk management company, HiFX said that banks are losing customers because of a lack of personal service. HiFX's managing director, Brett Finnigan, said that in a business year HiFX's customer base increased by 600 to 800. “Banks don't offer the quality of information or level of service required. Foreign exchange is all we do and we can change rapidly with the market. It's not about replacing banks but delivering what customers need, and banks can't do it all.” Another provider OzForex had seen a revenue increase of 182 per cent in 2005/06. Government migration figures have shown that up to $200 million a year is potentially lost through poor foreign exchange rates and bank charges.