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Money transfer cost reductions in pipeline

Wednesday January 03, 2018 Written by Published in Local

A reduction in the cost of transferring money to the Cook Islands has been introduced to ANZ banks in New Zealand and Australia, and may be in the pipeline for Rarotonga.

 

ANZ Rarotonga collections officer Flora Tearapioio says currently people can send money overseas from one account to another through internet banking for $15 and manually for $27.

Not here yet, the goMoney mobile phone application will allow people to pay bills and send money overseas for a transfer fee of just $9. ANZ account holders will be able to pay bills and personalise their banking by storing receipts etc. on their device.

A number of other recently developed money transfer systems which are starting to pressure change and cost reductions.

One is TransferWise which replaces one international transfer with two local transfers where different currencies are converted. This saves exchange rate fees.

KlickEx is a Polynesian money exchange system used when making transactions overseas to a low value. Again you can avoid paying bank fees by exchanging with other people.

Bank of the Cook Isalnds manager Ronald Patia says their own fees are very competitive and they are always looking for ways to reduce their cost pricing strategies. To transfer funds to New Zealand costs $15 and it’s $35 to the rest of the world, with inbound transactions costing $7.50.

BSP charges $25 to transfer funds to New Zealand and $35 elsewhere in the world, while it costs $10 to receive funds.

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