NZAid and AusAID have created an online solution which they say will reduce the cost of transferring funds by around 20 per cent.
According to the World Bank, the most recent survey shows that remittances to Pacific Island countries were around $500 million in 2006.
Kerry Burridge, from NZAid, said the savings would be considerable for those Pacific Islanders who work away from home
“Australia and New Zealand have actually had the highest cost in remittances in the world for the Pacific, which is not helpful for Pacific Island people,” she said.
“What we were seeing previously was a cost of 15 to 30 per cent, and what we are seeing now is the World Bank, NZAid and AusAid have tried to get the cost as lows as 5 percent.”
