Transferring Money From Australia
EFFECT OF NEW ZEALAND EXCHANGE. United Press Association—By Electric Telegrapli—Copyright. SYDNEY, Jan. 31. Owing to the unprecedented demand i'or transfers of money fx'om Australia the banks have restricted their dealings in New Zealand exchange. Telegraphic transfer for £IOO for Now Zealand could have been bought in Sydney on Saturday for £IOO 10s. Yesterday tlio selling rate quoted was irregular, though no alteration had been made in the buying rate. The same conditions applied to Fiji exchange. The bankers estimate that several millions have been held in Australia by New Zealand interests awaiting a favourable alteration in the exchange fate. Now that Australian and New Zealand currencies are virtually on a par there has been a rush to transfer funds, and therefore the banks have been forced to curtail dealing in transfers to New Zealand. Bankers here point out that an announcement that the New Zealand Gov. ouimcnt would buy up all money offered by peoplo washing to repatriate funds W'ould relieve the position considerably. This would mean in effect, that people would pay such money into Nc.w Zealand Government accounts in .Sydney and London, and the Government would attend to corresponding payments in New Zealand.
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Bibliographic details
Manawatu Times, Volume LVI, Issue 7071, 2 February 1933, Page 9
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199Transferring Money From Australia Manawatu Times, Volume LVI, Issue 7071, 2 February 1933, Page 9
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