Sending money home to the Pacific more often

In July 2021, ANZ customers in Australia and New Zealand sent 11,668 International Money Transfers to family and friends in the Pacific, worth AUD$ $13.1m (US$9.6 million), a 21 percent increase in volume when compared to the same period last year.

“In the Pacific, international money transfers - also known as remittances - are about more than money: they are about family, safety, culture, and community,” ANZ Regional Executive, Pacific, Tessa Price said.

South Pacific Central Bank Governors' committed to cost effective remittances

A key focus has been their collective effort to develop a regional ‘Know Your Customer’ (KYC) facility. The central banks, with support from the International Monetary Fund and other international agencies, have successfully completed an initial phase of work on a KYC facility for the South Pacific region.

Vanuatu joins global call to action on remittances during COVID-19

It has been estimated that the pandemic will cause a 20% decline in the amount of remittances sent by migrants back home to low- and middle-income countries. This is due to loss of wages and employment by migrants alongside restrictions placed on remittances providers during lockdown.