With the drop in the Fiji dollar by another 20% now is the best time to send money home to family in Fiji. We also need to become EXCHANGE RATE SAVVY!!!
For families in Australia and New Zealand - the ANZ bank and Westpac banks are your direct bank links with Fiji. You can get your daily Fiji exchange rates online via your ANZ or Westpac banks in your country. The most economical way to send money to families is to have a bank account set up in Australia at ANZ or WESTPAC to take full advantage of the Australian currency exchange. For Australian families - The usual AUD to FJD rates use to be around FJD$1.18 but last week went to an all time high of FJD$1.59 to the Australian dollar.
From Kiribati you have a direct link with Westpac. Kiribati Westpac bank will be on the same as Australian dollar so big saving from Kiribati now.
New Zealand currency usually was very similar to the Fiji dollar but with this latest 20% drop there should be now be at least a 20% savings from New Zealand end.
Other more expensive options for sending money is via Western Union which is the handiest way for people back on Rabi to get money quickly via the Post Office. Nearest banks to Rabi are at Savuasavu and Taveuni. But as we all know most of our families are regularly travelling to these towns to do shopping.
So make sure you are checking the daily rates over the next few weeks if you are sending money home try and take full advantage of the big drop in the Fiji dollar.
On the downside we know that everyone back home in Fiji will be paying a lot more for imported goods especially rice, so now is the time for our Fiji families to buy as much local foods and produce as they can and save money. Sounds like the ideas for trying to get Rabi to grow rice could not be more timely.
So please be aware of the daily currency flucations especially during this world financial crisis and try and take avantage of the savings when ever you are sending money back home - become EXCHANGE RATE SAVVY!!!