Transfer fees fall

Bank helps island communities

JUST a month before New Zealand imposed drastic limitations on remittances and money transfers, its largest bank announced it was slashing transaction fees to move cash to Samoa, Vanuatu and Tonga. The fee for an International Money transfer to the three Pacific countries is now just $7 for payments initiated by Internet Banking.

Payments will not be subject to deductions of intermediary or inward fees by ANZ. Payments initiated through an ANZ branch or by phone will still incur the usual fee of $28. “Many families and businesses in Samoa, Vanuatu and Tonga rely on money sent from friends and relatives living and working in New Zealand,” said John Body, Managing Director Retail & Business Banking & Wealth at ANZ. “ANZ’s new flat $7 fee supports the remittance payments that are so important to the people and the economies of Samoa, Vanuatu and Tonga.”

At this stage it is unclear how money transfers will be affected by global regulations on remittances. New Zealand has already started to implement changes which could affect the large Pacific communities which live and work there. Finance Minister Bill English said NZ was importing quite high levels of regulation around financial transactions with FATF [the Financial Action Task Force international governing entity] and AML, and it is bringing high compliance costs into his country’s system. “This is all part of maintaining reputation. There’s not a lot of scope for variation on the international model, without creating holes in the system.” Tube visitors can access the latest hentai videos in 720 and 1080HD quality hentai online 3d porn biz, watch now.

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