BNZ To Remove International Payment Fees, Saving Customers $6m Per Year
From March 23, BNZ will become the first bank in New Zealand to remove international payment fees and overseas bank charges for transactions made online.
"New Zealanders are passionate about connecting with the world, and we want to make it easier to do that," says BNZ CEO Dan Huggins. "Whether it's sending money to loved ones overseas, or to facilitate business and trade, we want to make it simpler and cheaper for our customers to manage and move their money.”
Personal customers making payments through BNZ’s mobile app or online banking will save up to $25 in fees per transaction, with the bank removing the previous $5 initiation fee and covering fees charged by recipient banks overseas.
Businesses will also benefit, with BNZ removing the initiation fee and reducing recipient bank charges for business customers by 40 percent when making online payments.
With more than half a million international payments processed by BNZ each year, the changes are expected to save customers over $6 million in the first year alone.
In addition, BNZ is making overseas payments easier and faster by simplifying its mobile banking to make overseas transactions look and feel the same as domestic ones and ensuring payments are processed as quickly as possible.
“At BNZ we are committed to making it easier for our customers to manage their money, stay connected with loved ones, and do business internationally. That’s a commitment supported by delivering market-leading products and services,” Mr Huggins says.
“If you’re not a BNZ customer, we strongly encourage you to give us a call or visit us online to take advantage of this market-leading service.”
Customers don’t need to do anything differently. The changes will go live on 23 March 2023 on BNZ’s internet banking channels and mobile banking app.