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More ANZ customers have sent money to family and friends in the Pacific since ANZ introduced the temporary waiver of its $7(US$4.84) international money transfer fee for online foreign currency payments made from Australia and New Zealand into 10 Pacific countries.
In the month since the introduction of the fee waiver, ANZ customers made more than 8,000 transfers, totalling almost NZ$15million (US$35 million).
In that same month, the number of online money transfers from New Zealand to the Pacific increased by 86 percent and transfers from Australia increased by 77 percent, compared to the same period last year.
ANZ Regional Executive for the Pacific, Tessa Price, said money flows into the Pacific from family and friends abroad, also known as remittances, was significant to many Pacific economies.
“In the Pacific, remittances can count for up to 25 percent of a household’s disposable income,” she said.
“With the islands grappling with the impacts of Covid-19, it’s important that we keep costs low to encourage money flows to where it’s needed.
“ANZ’s online payment options provide a secure, cost-effective, quick and easy solution for our customers.
“I encourage our Pasifika customers in Australia and New Zealand to take advantage of the fee waiver which will run until the end of February 2021.”
ANZ Pacific Economist, Kishti Sen, said remittances are essential for the economic recovery of Pacific Island countries in the wake of Covid-19.
“Remittances don’t only support household budgets, they help pay for imports and, as a result, ease the pressure on a nation’s foreign reserves,” he said.
“These remittances are essential for the economic recovery of Pacific island countries so it’s encouraging to see our ANZ customers in New Zealand and Australia taking this opportunity to send money home.”
In 2019, ANZ customers in Australia and New Zealand made more than 40,000 online transfers to the Pacific in 2019, totalling more than NZ$85 million (US$58 million) .
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media