Banks and money transfer agents offer relief to customers after Gita
Tuesday, February 27, 2018 - 17:35
In the wake of Cyclone Gita, some banks and financial institutions in Tonga are making it easier for the flow of remittances coming into Tonga, and to obtain housing loans, to help people get their lives back to normal.
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It is so nice to hear how ANZ
It is so nice to hear how ANZ New Zealand is supporting the transfer of funds to Tonga via Internet Banking. Actually, their kind offer isn’t kind at all !!
1. a. Request ANZ NZ, e- banking transfer of TOP 1000.00 to Tonga.
b. Cost is NZD686/.686=TOP1000 without the normal NZ$7 fee.
c. TOP 1000 will be transferred to ANZ Tonga account.
2. a. Request e-banking transfer of NZD 686.00 to Tonga.
b. Not possible. Request must be made by telephone. Fee NZD 23.00
c. ANZ Tonga will credit NZD(686-23)/.65120 = TOP1018.12 to account.
d. ANZ Tonga deducts TOP15.00 which leaves TOP1003.12 for a transfer of NZD686 after deducting their NZ$23 fee.
e. ANZ Tonga has a much better exchange rate than ANZ NZ but ANZ makes sure that customers can’t use this better rate by charging exorbitant fees;NZD23 in New Zealand and TOP15 in Tonga.
3. a. If ANZ NZ permitted e-banking transfer of NZD to Tonga with NZD fee, then NZD(686-7) =NZD 679 would be transferred to ANZ Tonga.
b. ANZ Tonga would convert NZD679/.65120 = TOP 1042.69.
c. Tongan recipient would be credited TOP(1042.69-15)=TOP 1027.69. That is TOP27.69 more than ANZ NZ is giving with their petty NZ7 fee exemption.
In fact, for every NZD1000 e banking transfer made to Tonga, ANZ NZ makes TOP35 more than if they allowed e-banking transfers of NZD to Tonga, even with the hefty ANZ Tonga fee.
You have to love the grandiose claims made by our banks who are actually “laughing all the way to the bank.”
- Peter Goldstern