background – why sendmoneypacific? in 2008 remittance costs from australia and new zealand to the...
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Background – Why SendMoneyPacific?
• In 2008 remittance costs from Australia and New Zealand to the Pacific were amongst the highest in the world– overall average costs in some corridors as high as 25%
• The SendMoneyPacific (SMP) website launched
• Initiative from Australian and New Zealand Governments - funded
• Compare costs when you send money from Australia, New Zealand or US to Fiji, Kiribati, PNG, Samoa, Solomon Islands, Tonga, Tuvalu or Vanuatu
• Allows you to compare the fees and exchange rates
• Independent of any money transfer operator
• SendMoneyPacific has been certified by the World Bank
The savings you could make sending 500NZD$ to Samoa*:
• With best priced company on the website, the receiver gets WST888.90
• With most expensive company receiver gets WST728.94
• Receiver could get an extra WST159.96 per NZ$500 sent
• If sending NZ$10,000 home per season, this could add up to a difference of around WST3,199
*Based on SMP information June 2015
The savings you could make sending 500NZD$ to Tonga*:
• With best priced company on the website the receiver gets TOP$669.55
• With worst priced company receiver gets TOP$590.57
• Receiver could get an extra TOP108.98
• If sending NZ$10,000 home per season, this could add up to a difference of around TOP2,179.60
*Based on SMP information June 2015
New Zealand to Pacific
Receive Country
Remittances 2014 (US$ million), source Bilateral Remittance Matrix World Bank
Kiribati 4Fiji 52Samoa 63Tonga 43Tuvalu 2Papua New Guinea n/aSolomon Islands n/aVanuatu n/a
Source: The World Bank - Bilateral Remittance Matrix and data.worldbank.org (2014)
0.00%2.00%4.00%6.00%8.00%
10.00%12.00%14.00%16.00%18.00%
Fiji Samoa Tonga
Jan-
09
Jan-
09
Jan-
09
Nov
-14
Nov
-14
Nov
-14
Aver
age
Tota
l cos
t %Average total cost % for sending $200 from NZ by
MTO to Fiji, Samoa and Tonga
Why use SendMoneyPacific? • Draws attention to the differences in fee and costs of
foreign exchange
• Demonstrates the number of different options available
• Encourages people to ‘shop around’ to find the most suitable service according to their needs
• All options listed are legal and registered with financial authorities
