ANZ announced it has reduced International Money Transfer fees by more than 60 percent from New Zealand to Fiji, Solomon Islands, Cook Islands and Kiribati via Internet Banking.
It now costs NZ$7 (US$4), reduced from NZ$18 (US$12). This 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: “ANZ is supporting remittance payments to more Pacific nations as we know how important these flows are to local communities, and our customers’ friends and families.”
ANZ Regional Executive Pacific Tessa Price said: “This is great news for Pacific islanders overseas who send money back home on a regular basis, particularly over the festive season.”
Price added that 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,” Price said.
Price added that ANZ would also continue to deliver its flagship financial literacy programme, MoneyMinded, to departing seasonal workers. To date over 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 NZ$28(US$9) fee as well as overseas bank fees.
ANZ also reduced International Money Transfer fees in June this year from Australia to Fiji, Samoa, Vanuatu, Kiribati and Tonga through ANZ’s Australian branches and phone banking from AUD$32 (US$24) to AUD$9 (US$6), and through Internet Banking from AUD$18 (US$13( to AUD$9 (US$6) per transaction.