New Westpac card is to help sending money

Westpac's Express Visa Prepaid card will help New Zealand-based Pacific Islanders to pay less while sending money home to the Islands. It is promised that users will be charged around 3 percent to send money overseas compared to the 25 per cent of transaction value fee imposed by providers for telegraphic transfers. It is aiming to attract Pacific Islanders living in New Zealand. This new prepared Visa card will allows stopping to the colossal fees service providers charge their customers to send money home to nominated family members. 

So it is promised to become the magic service that the Ministry of Pacific Island Affairs has been working on closely with the World Bank and Reserve Bank of New Zealand. They worked on new technology since 2007. And it was planned to set in place changes that will assist in reducing the cost of remittances to between 5 per cent and 7 per cent. And it seems Westpac card will realize those plans. 

According to the general manager of products David Cunningham, Westpac card will provide some benefits for the New Zealanders. It will also provide a boon for those in the Islands as a much greater percentage of the remittance will end up in the hands of the beneficiary.
As NZ-Pacific Remittance project manager Kim Hailwood mentioned Westpac card is profitable and convenient for both customers and for the island nations.

According to the World Bank, remittances, or transfers of money by foreign workers to their home countries in the Pacific Islands have tripled over the past decade to reach US$425 million every year unrecorded transfers could add a further 50 per cent to the official estimate.

However, new ask for some requirements. For example, the balance of the card must not exceed $ 9,999. Also only funds loaded on the card are available for use with a minimum $ 50 deposit required. 

However, Westpac card will be close to monitor card.