Source: New Zealand Labour Party
Two Labour bills drawn from the Member’s Ballot today would require greater transparency of international money transfers, and bring more public accountability and transparency to port companies.
“Too many families are losing money to hidden fees when they send remittances overseas. That’s not fair, especially with the cost of living rising,” Arena Williams said.
“My Financial Markets (International Money Transfers) Amendment Bill will require banks and other money transfer services to be upfront about their fees, exchange rates, and commissions. Consumers should know exactly what they’re paying, before they send a cent.
“New Zealanders pay more for international money transfers than people in Australia and other countries. My Bill is especially important for Pacific, Filipino, Indian and other migrant communities who regularly use remittance services to support loved ones abroad.
“Banks and finance companies charge for these services in a way most consumers won’t understand. It’s not clear, it’s not fair, and it hits working families hardest.
“This Bill is about making banking fairer for everyone, whether you’re sending money home to support family or making a purchase online in a foreign currency. Labour is on the side of consumers, not the banks.”
The Bill would:
- Require full disclosure of all fees, commissions, and exchange rates before a transfer is made
- Ensure the total cost of a transfer is clearly displayed, including markups
- Stop banks and providers from hiding charges in fine print
“This is an important step in bringing down everyday costs for families – starting with banking. Everyone deserves to know what they’re paying,” Arena Williams said.
Lemauga Lydia Sosene’s Local Government (Port Companies Accountability) Amendment Bill would bring more public accountability and transparency to publicly-owned port companies.
“Currently, publicly-owned port companies are immune to Local Government Official Information and Meetings Act requests which limits their public accountability. This Bill would change that and give local communities greater transparency around decisions that could affect their lives,” Lemauga Lydia Sosene said.
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