A foreign currency exchange business may provide the following services to individuals:
- exchange money to or from a foreign currency
- arrange foreign currency debit cards
- arrange international money transfers
- arrange travel insurance.
The Retail Award covers a foreign currency exchange business that provides services to members of the public on a retail basis.
The Federal Court of Australia supported this view by ruling that employees of Unimoni, a foreign exchange business, are not covered by the Banking, Finance and Insurance Award. See Finance Sector Union of Australia v Unimoni Pty Ltd [2019] FCA 1128 (25 July 2019)
The Retail Award won’t cover a business that:
- is in the banking, finance and insurance industry, such as a bank, insurer, or superannuation fund, or
- provides foreign currency exchange services to, or on behalf of, businesses in the banking, finance and insurance industry, rather than to the public.
The Banking, Finance and Insurance Award covers these businesses.
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