Australia and New Zealand Banking Group (ANZ) has unveiled plans to lower fees for international money transfer from Australia to foreign countries.

The new rates, effective immediately, will cover all currencies offered by the bank such as US dollars, euros, New Zealand dollars, Great Britain pounds, Hong Kong dollars, Japanese yen, Philippine pesos and Indian rupees.

Internet banking users will not be charged any fee for international remittances sent from Australia in a foreign currency above AUD10,000 ($7665.10). However, the fee has been decreased to $12 from $18 in case of money transfers below this figure.

ANZ group executive of Australia Fred Ohlsson said: “This decision to reduce fees and rates is great news particularly for those who regularly send money to their home countries. We’re pleased to be making these payments more affordable for our customers.”

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