Australians overseas could have more money in their pockets, with the consumer watchdog set to put exorbitant foreign transaction fees under the microscope.
Treasurer Josh Frydenberg has directed the Australian Competition and Consumer Commission to look at excessive amounts charged for currency conversion and using credit cards overseas.
"Given how widely foreign currency conversion services are used by consumers and businesses, reform in this area could make a real difference and put more money in the pockets of Australians," Mr Frydenberg said in a statement.
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