The cost of sending money from Australia to the Pacific has been dramatically reduced thanks to Westpac which today announced that for a flat fee of AUD$10 customers in Australia can send up to AUD$500 from any Westpac branch to family and friends in the Pacific.
The new lower fee represents a significant saving from the previous charge of AUD$30 per transaction. An additional benefit is that recipients will no longer pay an inward fee on receipt of the funds if they hold their account with Westpac.
The low AUD$10 fee applies to all personal transactions for AUD$500 and below sent by a customer, over the counter from a Westpac branch in Australia, to a personal account in Tonga, Samoa, Vanuatu, Fiji, Solomon Islands, Papua New Guinea and the Cook Islands.
“We understand the importance of remittances to the Pacific, both as a source of income and crucial role they play in the country’s GDP and are delighted to provide a fee model which does not erode people’s hard earned cash for lower value transactions,” said Greg Pawson, General Manager, Westpac Pacific Banking.
“This is a more cost effective way of sending money from Australia to the Pacific island countries in which we operate and will encourage people to send remittances via the safety of a bank account, as opposed to sending as cash with relatives and friends. If Pacific Islanders do not have a bank account with Westpac, now is a great time to open one.”
“I invite people to compare Westpac’s fee to those on sendmoneypacific.org, which allows individuals to consider money transfer options in terms of cost, speed and convenience,” added Greg.
The lower fee reflects the support Westpac already provides to The Pacific Seasonal Worker Pilot Scheme, whose participants want to be able to send funds home as cost effectively as possible.
At this stage the lower fee applies to money transfers from a Westpac branch rather than Online Banking.