MEDIA RELEASE
Released By:
Member for Kingston, Ms Amanda Rishworth
Pacific Islanders working in Australia and sending money home to their families will now be able to compare methods and costs, thanks to a new website launched today by Ms Amanda Rishworth MP, Chair of Australian Pacific Parliamentary Friendship Group.
The new website, www.sendmoneypacific.org, is designed to help workers find the most effective way of sending money from Australia and New Zealand to Pacific island countries.
The website is cofunded by the Australian and New Zealand Governments and developed in close consultation with Pacific Islander communities in both countries. It is managed by Developing Markets Associates Ltd.
"This is an important tool to help Pacific island workers make informed choices about ways to send money home, and ensure they maximise the value of the remittances they earn while in Australia," Ms Rishworth said.
Compared to other regions around the world, the cost of sending money home to the Pacific is much higher. The website allows individuals to compare money transfer services in terms of cost, speed and convenience.
"It will improve transparency and promote competition in the money transfer service sector, all of which will help drive down the cost of sending money to the Pacific," Ms Rishworth said.
"Remittances in some Pacific island countries provide a significant consumption smoothing effect in difficult times, such as those we are experiencing now with the global economic crisis. Initiatives such as this help to maximise the money that gets to those that need it."
The global average money transfer fee is approximately ten per cent, whilst in the Australia–Pacific Island region the cost is between 13–30 per cent of the amount remitted. This means it costs someone sending $200 up to $60 to send money to the Pacific compared to $10 in other parts of the world. These costs include transaction fees, foreign exchange commissions, messaging fees and pick-up charges.
The website provides details and transparent information on the fees and services for key money transfer service providers and the speed to transfer funds. It also uses a "secret shopper" to spot check the validity of information provided on the website.
Information on conducting money transfers to Fiji, Kiribati, Papua New Guinea, Solomon Islands, Samoa, Tonga, Tuvalu and Vanuatu is included on the website.
In addition to the cost comparison service, the website will provide Pacific Islander communities within Australia and New Zealand with a news service, financial information and notice boards. Information from the website will be made available in hard copy for distribution to community groups.