Aussie bank to offer free money transfer to customers in crisis
News..com, Australia, Finance, bank, money transfer, free, money, money transfers, transfer source News Online title Australia’s new ‘Money Transfer’ service for customers in a crisis article Bank of Australia says it will provide free money transfers to customers caught in a financial crisis.
The bank’s latest announcement comes as the world faces a “catastrophic” global financial crisis, and has been met with widespread criticism from customers and some economists.
The company says it is in the process of expanding the service to customers living in Australia, New Zealand and the United Kingdom.
In the UK, it will offer up to $20,000, up from $10,000 currently.
In the UK the new service will be available to customers who live in a state with a bank branch that is in a city where banks operate.
Customers who want to send money to a family member who is in crisis, for example, can use a mobile phone number, or a bank account number.
The new service is designed to help customers who have lost money in a banking crisis.
Bank of Australia chief executive officer Alan Joyce said it was a “first step” towards the company expanding the scheme nationwide.
“It’s important to understand how we’re working with the UK to offer the same free, unlimited service in the UK and that the US is also on board with that as well,” he said.
He said the new bank will launch the scheme in the coming months.
Read more: Australian bank plans to offer money transfer service to more customers in UK and US crisis