Fees on Eftpos, Internet Banking, Bill Payments Dropped by ANZ
THIS WILL COME INTO EFFECT ON DECEMBER 1, 2018
From December 1, Australia New Zealand Bank will remove EFTPOS, Internet Banking and Bill Payment fees for retail customers in Fiji.
This is in a bid to promote a cashless economy and provide better, more affordable access to digital services.
While making this announcement yesterday, ANZ Fiji Country Head, Saud Minam, said this is in line with Government’s big push towards financial inclusion, making electronic transactions easier and more affordable for Fijians and their businesses.
The Attorney-General and Minister for Economy Aiyaz SayedKhaiyum had highlighted during the 2018-2019 National budget announcement that the electronic transactions will no longer carry any fees as of January 1, 2019. Because in a digital era, Mr SayedKhaiyum said no Fijian should have to think twice about the cost of swiping their credit or debit card.
“Now we can all carry less cash, we can make payments more quickly, and we can all benefit from more efficiency and accountability in our shops and businesses.
“We know a EFTPOS machine can be a big cost for a small operator, so we’ll also be paying 50 per cent of the cost to purchase EFTPOS machines for small businesses in Fiji. “We want more Fijian businesses to offer electronic transactions to more Fijians, as that is a foundational part of creating a more financially inclusive society,” Mr Sayed-Khaiyum said.
Mr Minam said: “All ANZ Fiji customers with transaction and savings accounts will benefit from unlimited free EFTPOS transactions and for those who use digital payments, they will also be able to make internet banking, ANZ Pacific App or Bill Pay transactions for no charge.
“We support the proposals in the 2018 Fiji Budget to drive a cashless and paperless economy and we are pleased to take an industry leadership position by bringing in these changes before 1 January.
“As a market leader, ANZ Fiji will continue to drive our digital transformation agenda for the benefit of our customers.”
ANZ fee changes:
EFTPOS fees (fees charged for making point-of-sale purchases with an ANZ Access card or ANZ Visa debit card ) on all accounts.
transfer fees (fees charged for making transfers to other bank accounts via ANZ Internet banking or the ANZ Pacific App) on all accounts.
Bill Pay fees (fees charged for paying a person or a bill via ANZ Internet Banking) on all accounts.
Building a savings culture in Fiji
Mr Minam also announced that the bank was term deposit rates for 12-18 month terms, as a step towards helping to build a strong savings culture across the Pacific. He said this was the strategy by ANZ to help Fijians save money. “We recognise that we need to take a lead role in helping Fijians get ahead in life and become more financially confident,” he said.
“There’s healthy competition for deposits here in Fiji and we want to ensure we can give our Retail customers reliable growth over the long term.
“Even if it’s a small amount, start saving as early as you can, keep track of everything you’re spending and only borrow what you know you can afford to pay back,” said Mr Minam.
ANZ customers can enjoy the certainty of locking in a three per cent interest rate for 12-18 months with an ANZ Term Deposit for deposits over $500.
ANZ head of retail banking, Fiji Joanne Stewart said: “It is really important for people to have a savings culture for our children to learn the value of saving.
“We really want to help people in communities to thrive and learning to save is one of those things. “Having a term deposit is great way for people to save for the things that they want in the future. With term deposit and earn three per cent per annum.
“We also want people to embrace digital to use EFTPOS as opposed to cash enables people to keep track of their money and its easy and convenient,” Ms Stewart said.