Australian money transfer companies take on the banks | Pacific Beat

Australian money transfer companies take on the banks

Australian money transfer companies take on the banks

Updated 12 December 2013, 18:21 AEDT

Small money transfer companies in Australia are forming an umbrella group to stop banks closing their accounts.

The account closures are particularly affecting people in migrant communities in Australia wanting to send money home to their relatives.

The money transfer companies offer a cheaper way of sending money home, but as we heard yesterday on Pacific Beat the banks say they are a money laundering risk.

Dianne Nguyen says the industry is no more of a money-laundering risk than the banks.

She says thousands of customers are being affected by the account closures.

Presenter: Jemima Garrett

Speaker: Dianne Nguyen, director of Haiha Money Transfer and the leading figure in the push to set up an industry association

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