Bank reduces transfer fees
ANZ has further reduced international money transfer fees from Australia to 12 Pacific Island Countries, according to a press release issued by the bank yesterday.
It will now cost $A7 ($F11) to send money from Australia to Fiji, Samoa, Vanuatu, Kiribati, Tonga, Solomon Islands, Cook Islands, Timor-Leste, French Polynesia, Guam, New Caledonia and Papua New Guinea. Previously, the fee was $A9 ($F14).
ANZ regional executive for Pacific Tessa Price said: “We know that Pacific economies rely heavily on funds being remitted from Australia and New Zealand. We’re committed to making remittances more affordable for people of the Pacific, including seasonal workers who make a significant contribution to Pacific economies.
“We’re always looking at ways of making banking simpler and more convenient for our customers. We also promote and encourage financial literacy across the Pacific, through our MoneyMinded program, to help build a savings culture and reduce the need for these remittances.”
According to ANZ, since it had first lowered the cost of international money transfers from Australia to the Pacific in 2017, payment volumes from ANZ Australia to the Pacific Islands had grown by 12 per cent.
ANZ New Zealand charges $NZ7 ($F10) to customers sending money to Samoa, Cook Islands, Tonga, Vanuatu, Fiji, Kiribati and Solomon Islands.