Monday, 12 October 2009

NEW ZEALAND: Taking your money for a ride

Sending money overseas is notoriously expensive but greater transparency, regulatory changes and some new competition mean the sky-high sums charged by operators are starting to drop, commentators say.

Transferring money to the Pacific Islands can cost up to 25 per cent extra in fees, according to an international study. In some cases, the one-off fee can be up to NZ$185 for a single transfer.

With more than half a million New Zealand citizens living across the Tasman, Australia is our biggest remittance market – although no records are kept of just how much money is sent to family and friends there.

Some bank customers say sending A$100 to Australia can cost an extra A$50 to cover all the fees and charges. Read more

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