Source: Radio New Zealand
The member’s bill would require transparency about fees, and require banks to have fair conduct policies. RNZ / Rebekah Parsons-King
Legislation that aims to make transferring money overseas cheaper has passed its first reading, with support from all parties other than National.
New Zealanders currently pay more for transfers than those in Australia, the UK and the United States, with banks charging more in hidden fees.
The member’s bill from Labour’s Arena Williams would require transparency about fees, and require banks to have fair conduct policies.
The National Party said there is no need for the bill, because other reforms are making progress on opening up the financial system.
The bill passed with the support of all other parties, and goes to select committee.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
