Financial Markets (International Money Transfers) Amendment Bill
This bill is about making fees clearer when you send money overseas from New Zealand. Right now, banks and money transfer services can charge hidden fees — for example, by using a worse exchange rate than the real one. The bill would force these services to show you the full cost upfront, before you agree to the transfer. This matters especially for Pacific and migrant communities who regularly send money to family overseas.
What this affects
Tap a topic to see how this bill touches it — with the parts of the text it’s based on.
Banks and money transfer services will have to show you the full cost — including any exchange rate fees — before you send money overseas
consumers are provided with sufficient information to be able to determine the total cost of a transaction, inclusive of all fees and rates, prior to the transaction being initiated
the entire fee charged for international money transfer services is displayed in a prominent location at the time and in the place that the services are provided
how and where information about costs associated with international money transfer services must be displayed, including how fees and rates are specified
Progress through Parliament
Have your say
Submissions open once a bill reaches the select committee stage. In the meantime, you can write to your local MP about it.
Write to your MPBill text sourced from legislation.govt.nz (Parliamentary Counsel Office). Arapono’s summary and breakdown are drafted with AI grounded in that official text and reviewed by an Arapono editor for accuracy and neutrality before publishing. Arapono is non-partisan and takes no position on this bill.