ANZ customers in Australia and NZ transfer $4.6 million to Fiji

ANZ customers in Australia and NZ transfer $4.6 million to Fiji

By Dhanjay Deo
Thursday 19/11/2020

ANZ customers in Australia and New Zealand have transferred over $4.6 million to family and friends in Fiji after the bank introduced the temporary waiver of its $7 international money transfer fee for online foreign currency payments.

ANZ says in the month since the introduction of the fee waiver, customers made more than 8,000 transfers to 10 Pacific countries, totalling almost NZ$15million.

In the same month, the number of online money transfers from New Zealand to the Pacific increased by 86% and transfers from Australia increased by 77%, compared to the same period last year.

ANZ Regional Executive for the Pacific, Tessa Price says remittances is significant to many Pacific economies which can count for up to 25% of a household’s disposable income.

Price says with the islands grappling with the impacts of COVID-19, it’s important that they keep costs low to encourage money flows to where it’s needed.

ANZ Pacific Economist, Kishti Sen says 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.

In 2019, ANZ customers in Australia and New Zealand made more than 40,000 online transfers to the Pacific, totalling more than NZ$85 million.

Credit Corp Fiji Care
Credit Corp Fiji Care
WAF considers proposal to increase water tariff and have full corporatisation
The Water Authority of Fiji is considering full corporatisation and increasing water tariffs to make it more viable and to reflect the true cost of se...
54 minutes ago
UNESCO looks at curriculum development on drugs from early childhood to secondary education
The United Nations Educational, Scientific and Cultural organizations are working with the National Substance Abuse Advisory Council in looking at ...
1 hour ago

Injectable drugs contribute to 25% of HIV cases this year – Dr Devi
The Ministry of Health has noticed an increase in injectable drugs that contributes to almost 25 percent of HIV cases this year however this needs to ...
1 hour ago

Talking about drugs 5 years ago would be behind closed doors - Volatabu
Five years ago we could not have this kind of setting, it was behind closed doors, we would not talk about drugs in the church, Vanua, lomani-koro or ...
1 hour ago

Diddy tape puts renewed focus on the women in his life
The surveillance video of Sean “Diddy” Combs physically assaulting his then-girlfriend, Cassie Ventura, comes days after he paid tribute on ...
6 hours ago

Departure tax to fund tourism infrastructure in rural areas – Prof. Prasad
While discussing the upcoming 2024-2025 National Budget, Deputy Prime Minister and Minister for Finance, Professor Biman Prasad says they are looking ...
6 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Ministry of Home Affairs Talanoa Session on Illicit Drugs and Substance Use Disorders in Fiji
The pervasive threat of illicit drugs has emerged as a pressing concern, rapidly infiltrating and destabilizing our society therefore the Republic of ...
2 days ago

Bainimarama and Qiliho hearing in dismissal of 2 police officers case
Acting Director of Public Prosecutions John Rabuku says he wants the hearing of former Prime Minister Voreqe Bainimarama and suspended Police ...
2 days ago