In response to the coronavirus-led economic downturn, the ANZ Bank has announced a temporary waiver of its $7 online international money transfer fee for 10 Pacific countries including Samoa.

The waiver was publicised on Monday in a press statement from the bank.

ANZ’s Regional Executive for the Pacific, Tessa Price, said removing the fee will help boost Pacific economies by encouraging people to go online and send money quickly and cheaply to their family and friends, according to the statement.

“Money sent home by family and friends is a stable source of household income for many Pacific families. In some cases it can be up to 25 percent of a household’s disposable income,” Price said.

“So it’s really important that we keep costs as low as possible, especially given the economic conditions here in the Pacific which are tough due to Covid-19 and the impact it has had on tourism.”

The waiver of the $7 international money transfer fee applies to online foreign currency payments made from Australia and New Zealand to recipients in 10 Pacific countries: Cook Islands, Fiji, Kiribati, New Caledonia, Papua New Guinea, Solomon Islands, Tonga, Timor Leste and Vanuatu and Samoa.

ANZ customers in Australia and New Zealand made over 40,000 online transfers to the Pacific in 2019, totalling more than NZD$90 million, the statement says.

Payments made to Samoa over the same period amounted to more than $14 million.

ANZ Samoa Country Head, Bernard Poort, says remittances will be important to the country’s economy going forward.

“Every little bit adds up and we hope that removing this fee will mean remittances keep flowing into Samoa to help people facing hard times due to COVID-19”.

ANZ customers in Australia and New Zealand can send money electronically with no ANZ transfer fee, using ANZ Internet Banking (from both Australia and New Zealand) and the ANZ GoMoney App (from New Zealand only), from 21 September until the end of February 2021.

Usual foreign exchange rates and terms and conditions will still apply, the bank advises.

For certain currencies, a correspondent bank may charge a fee for processing the payment while the beneficiary’s bank may process a fee for receiving the payment.

Additional fees may also apply when using an ANZ Credit Card.