Tuesday 26 August 2008

Pacific Islands: Relief from High Remittance Costs – Here Now!

Tuesday, 26 August 2008, 3:18 pm
Press Release: PanPac

Relief from High Remittance Costs – Here Now!

Prime Minister Helen Clark’s announcement at the Pacific Islands Forum, that regulatory changes were being considered to help lower the cost of remit fees to the Pacific Islands, has been met with interest by specialist fund transfer operator Pan Pacific Transfers Ltd.

The Government, in line with World Bank wishes, are aiming to reduce costs for migrant workers in NZ sending money back to the Islands.

In a statement issued by PanPac, GM Nick Lissette says they have “been there, done that” and already smashed the target set by the Government of 5 -7% fee per send by 2009. “We have already lowered the cost of remittances to Samoa by over 60% since entry into the market and are currently charging a NZ$9 transfer fee.” PanPac have also offered more competitive exchange rates than banks and, importantly, improved service delivery. [Read more]

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