BNZ says it's to become the first New Zealand bank to stop charging international payment fees and overseas bank charges for online transactions.
The bank says customers making payments through its mobile app or online banking will save up to $25 in fees per transaction, with the $5 initiation fee and covering fees charged by recipient banks overseas being removed.
For business customers BNZ says it's removing the initiation fee and reducing recipient bank charges by 40% when they make 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," BNZ says.
"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."
BNZ says the changes will "go live" on 23 March on its internet banking channels and mobile banking app.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.