Update: 5:27PM THE Australia New Zealand Bank (ANZ) has announced the reduction in international money transfer fees from Australia to five Pacific countries.
“We have reduced the fees for these money transfers through our Australian branches and phone banking from $32 to $9, and through Internet banking from $18 to $9,” ANZ Group executive Australia Fred Ohlsson said in a statement issued today.
“Many families and businesses in these five nations rely on friends and relatives who are living and working in Australia to send them money,” Mr Ohlsson said.
“This new flat fee makes these money transfers more affordable for the people of these five nations, and the economies that need this financial activity,” Mr Ohlsson said.
The five nations include Fiji, Samoa, Vanuatu, Kiribati and Tonga.
The new fee reduction is effective immediately.
ANZ regional executive Pacific Islands Tessa Price said: “This initiative aligns with our commitment to help people and communities thrive in the Pacific where remittances remain an important source of household income to improve living standards.”
