A REGIONAL bank has reduced its international money transfer fees via internet banking by more than 60 per cent from New Zealand to Fiji.
ANZ Bank yesterday announced it had reduced its international money transfer fees in a bid to boost remittances to Fiji and the Pacific.
It now costs $NZ7 ($F10.12), reduced from the previous $NZ18 ($F26.02).
This also applies to the Solomon Islands, Cook Islands and Kiribati.
The change comes after a successful trial of a NZ$7 fee to send money to Samoa, Vanuatu and Tonga since May 2016, which will also continue.
ANZ managing director institutional NZ Paul Goodwin said this was ANZ’s way of supporting remittance payments to more Pacific nations.
“We know how important these flows are to local communities, and our customers’ friends and families,” he said in an ANZ statement issued yesterday.
ANZ regional executive Pacific Tessa Price said it was great news for Pacific Islanders overseas who send money back home on a regular basis, particularly over the festive season.
She said the lower fees also provided a more affordable option for Pacific seasonal workers to send money back home.
“We are continuously looking at ways of making banking simpler and more convenient for our customers and remain committed to making remittances more affordable for people of the Pacific, including seasonal workers who make a significant contribution to Pacific economies,” Ms Price said.
Ms Price said ANZ would also continue to deliver its flagship financial literacy program, MoneyMinded, to departing seasonal workers.
So far, more than 400 seasonal workers have participated in MoneyMinded, which is delivered free of charge in advance of their travels to New Zealand and Australia. Payments will also not be subject to deductions of intermediary or inward fees by ANZ on selected currencies.
If a transaction takes place at a branch or by phone, it will incur a $NZ28 ($F40.48) fee as well as overseas bank fees.
ANZ also reduced international money ttransfer fees in June this year from Australia to Fiji, Samoa, Vanuatu, Kiribati and Tonga through ANZ’s Australian branches and phone banking.
