This Member's bill amends the Financial Markets Conduct Act 2013 to require greater transparency for fees charged on international money transfer services. It is still before Parliament.
A member's bill that would require banks and money-transfer services to show the full cost of sending money overseas up front — including fees, commissions and the exchange-rate margin — rather than advertising "zero fees" while charging through a marked-up exchange rate. It amends the Financial Markets Conduct Act 2013. The idea is that the price you are quoted should be the price you actually pay.
Labour MP Arena Williams introduced the bill after a Commerce Commission market study flagged the cost of international transfers. It has drawn unusually broad backing — from NZ First, ACT, the Greens and Te Pāti Māori, and transfer firm Wise — with National the party opposed. Supporters say clearer pricing boosts competition and cuts hidden fees; National MPs argue it adds compliance costs without lowering transfer prices.
See the Parliament.nz ↗ site for the full bill.