Labor to announce remittance fee crackdown

Transferring money overseas will be cheaper under a Bill Shorten government, Labor says.

The federal opposition says Australians are being overcharged millions for sending money overseas due to confusing fees and exchange rate mark-ups.

If elected, Labor would require banks and money transfer companies to disclose the full cost of overseas transfers so customers can compare deals.

Labor frontbenchers Tony Burke and Andrew Leigh will announce the election promise in Sydney on Wednesday.

Under the plan the Australian Competition and Consumer Commission will also be tasked to investigate whether existing laws are enough to prevent companies using "no fees or charges" in their advertising, if it's not the case.

Workers sending money overseas to their families in developing countries were losing nearly $80 from a $1000 transfer, leading some to travel with cash in their suitcases, Labor says.