Bank waives online money transfer fees

Monday September 21, 2020 Written by ANZ Media Published in Economy
Bernadette Shaw. 19091131 Bernadette Shaw. 19091131

It will now be cheaper for families and friends in New Zealand and Australia to send money to their loved ones in the Cook Islands. Only if they are ANZ bank customers.

ANZ yesterday announced the temporary waiver of its $7 international money transfer fee for online foreign currency payments made from Australia and New Zealand to Cook Islands and nine other Pacific countries.

ANZ customers in Australia and New Zealand can now send money electronically to these Pacific countries with no ANZ transfer fee, using ANZ Internet Banking (from both Australia and New Zealand) and the ANZ GoMoney App (from New Zealand only), until the end of February 2021.

ANZ Cook Islands country head Bernadette Shaw says remittances will be important going forward. 

“Every little bit adds up and we hope that removing this fee will mean remittances keep flowing into the Cooks Islands to help people facing hard times due to Covid-19,” Shaw said.

ANZ customers in Australia and New Zealand made over 40,000 online transfers to the Pacific last year, totalling more than $90 million. Payments made to the Cook Islands over the same period amounted to more than $11 million.

ANZ regional executive for the Pacific, Tessa Price said removing the fee will help boost Pacific economies by encouraging people to go online and send money quickly and cheaply to their family and friends.

“Money sent home by family and friends is a stable source of household income for many Pacific families. In some cases, it can be up to 25 per cent of a household’s disposable income,” she said.

“So, it’s really important that we keep costs as low as possible, especially given the economic conditions here in the Pacific which are tough due to Covid-19 and the impact it has had on tourism.”

2 comments

  • Comment Link Thomas Monday, 21 September 2020 19:41 posted by Thomas

    You should do like it is in European Union. The transfer cost are always zero today.

    Text from EU
    Your bank must charge you the same rate for payments in euro across the EU as it does for equivalent national transactions.

    This includes any:

    transfers between bank accounts in different EU countries
    withdrawals from cash machines/ATMs in EU countries
    payments by debit or credit card across the EU
    direct debit transactions
    Banks based in EU countries outside the euro area must also apply this rule, and may not charge more for a payment in euros to/within another EU country than they do for a domestic payment in the national currency.

  • Comment Link Uana mitchell Monday, 21 September 2020 14:08 posted by Uana mitchell

    Way too go ANZ bank

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