Fiji Live News - 27 July 2011
New methods of sending money from Australia to Fiji are expected to make sending remittances home much easier.
ANZ Pacific CEO Michael Rowland said a new system of transferring money, the Pacific Money Transfer Card would be introduced in October.
He said the new system would allow customers ease of access to money being sent from Australia.
“This two-card solution is an effective option to reduce the costs of remittances because the system allows a person in Australia to upload funds to the card for immediate access for a small one off cost,” said Rowland.
“The nominated person in the Pacific can access the money as soon as the money is uploaded via our ATM network and through EFTPOS.”
He said the card would allow people in Australia to make regular small payments instead of sending lump sums of money.
He also said the system would be introduced first to Tonga, Samoa, Fiji and PNG as residents there received the highest volume of remittances.
The Pacific Money Transfer Card will be introduced across the Pacific in 2012.
Rowland said the overall cost for sending and receiving money through the new systems would go down from 20 per cent to around 6 percent.
Meanwhile, Australia's parliamentary secretary to the Treasurer, David Bradbury, this week told Pacific Forum Economic Ministers meeting in Apia that major companies involved in transferring cash, Western Union, Moneygram and the ANZ, are reducing their fees.
By Tevita Vuibau
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