Latest figures show the value and volume of transfers made by ANZ customers to the Pacific has increased substantially on the same period last year.
In February 2021 ANZ Australia and New Zealand customers sent a combined volume of 8,761 International Money Transfers worth AUD$12m (US$9.2 million) – a 95 percent increase in volume and 33 percent increase in value compared with the same period last year.
Money sent back to the Pacific from overseas, known as remittances, can make up a large part of a Pacific household's disposable income - up to 25 percent.
ANZ Regional Executive Pacific Tessa Price said the move will provide some relief for ANZ customers during a difficult period.
“With industries like tourism drying up due to Covid-19 restrictions, many families are still unable to generate the income they desperately need,” she said.
“It’s great to see many Pasifika families in New Zealand and Australia taking advantage of the fee waiver and sending more money home to help”.
ANZ Pacific Economist Kishti Sen said the biggest boost to household disposable income growth in recent years has come from private inward remittances.
"A combination of factors contributed - obviously, at the top of the list is the Pacific shared identity of 'stronger together' - sticking together when it matters most," he said.
“A huge part of Pacific culture is about taking care of each other.
"Ongoing employment in the essential service sectors like healthcare, construction and manufacturing of the developed world also helped, along with hefty government income support payments to households in remitting countries.
"More recently, a restart of the seasonal worker programme and a stronger Australian and New Zealand dollar has contributed also, as well as the lower cost of remittances,” said Sen
ANZ customers in Australia and New Zealand can send money electronically 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.
The waiver applies to any foreign currency international money transfer sent from Australia and New Zealand to the following Pacific countries: Cook Islands, Fiji, Kiribati, New Caledonia, Papua New Guinea, Samoa, Solomon Islands, Tonga, Timor Leste and Vanuatu. Usual foreign exchange rates and terms and conditions will still apply.
For certain currencies, a correspondent bank may charge a fee for processing the payment to the beneficiary bank and the beneficiary's bank may charge the beneficiary fee(s) for receipt of the payment. Additional fees may also apply when using an ANZ Credit Card.…