Bank monopoly hurts money transfers to Niue
Niue is missing out on millions of dollars a year in remittances from New Zealand because Westpac Bank on the island has a monopoly on money transfers.
ALOFI, Niue (PINA Nius) — Niue is missing out on millions of dollars a year in remittances from New Zealand because Westpac Bank on the island has a monopoly on money transfers.
Efforts by several worldwide money transfer companies to engage in Niue business have been blocked because of government protection for the bank.
Niueans living in New Zealand no longer want to search for Westpac branches to use to send money home to their families, reports the Niue Economic Review, as money transfer services now are readily available at post shops and agencies in most areas.
