New Zealand University Study Claims High Cost of Remittances to Pacific Islands

A project by New Zealand's Waikato University, named Tongan Transfer, undertaken by its students, claims that Pacific Islander migrants to the country lose millions of dollars when they transfer money back to their home country. The results of the research by Waikato University economist John Gibson, released on June 28, 2007, indicate that the international remittances to these countries were around $600 million annually. He said the study suggested that $60 million could be saved if cheaper transfer methods would be available, due to the extremely high cost (20% in some cases) of transfer.