Tuesday, 7 December 2010
Remittance fees to Pacific countries higher than global averages says report
A new report says the average cost of remitting to the Pacific is significantly higher than global averages.
Fiji Live reports that according to the report called "Trends in Remittance Fees and Charges" prepared by Australia and New Zealand, this is a challenge to the Pacific’s primary remittances policy.
It says the average cost of sending remittances to Pacific Island Countries is 21.7 percent of the amount remitted when sent from Australia, and 15.2 per cent when sent from New Zealand.
It says it is estimated that remitters to the Pacific pay at least 90 million US dollars in remittance fees each year. Read more