Australian businesses say expanding is difficult due to inflexibility of local banks

A little over 80% of the Australian business leaders questioned told YouGov that they were banking with a major, but only a quarter of them felt they were getting ‘bang for their buck’.

Of the 81% whose businesses rely on big bank payment infrastructure, 39% said the costs associated with international banking forced them to bump plans for international expansion down the priority list.

Another 32% said fee structures were often confusing, and that they were often caught off-guard by surprise costs, while 27% said the major banks just aren’t nimble enough.

While more than three-quarters of the Australian business leaders surveyed by YouGov said they ‘understand’ their banking fee structures, only 23% were able to correctly identify them.