In an effort to encourage these money flows into the Pacific, ANZ introduced a temporary waiver of its $7 international money transfer fee for online foreign currency payments made from Australia and New Zealand into ten Pacific countries.*
The results of the fee waiver have been encouraging.
In the first month since introduction of the fee waiver, ANZ customers made more than 8,000 transfers, totalling almost NZ$15m.
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.
“With the impacts of Covid-19 really starting to take effect, it’s important that we keep costs low to encourage money flows into the islands”, said ANZ Regional Executive for the Pacific, Tessa Price.
“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.”
In 2019, ANZ customers in Australia and New Zealand made over 40,000 online transfers to the Pacific in 2019, totaling more than NZD$85 million.