BANK TRANSFER RATES.
ALL-ROUND REDUCTION.
FIVE SHILLINGS LESS.
Australian and N.Z. Cable Association. (Kecd. 3.5 p.m-) LONDON. Sept. 9. The Associated Australian and New Zealand banks have fixed the selling- rates on Australia and New Zealand for drafts and mail transfers at 10b, and'on cable transfers at 17s 6d premium. Tho rate of purchase of documentary bills on Australia and New Zealand has been reduced to 2 per cent, discount on sight bills, with an increase of one-half per cent, for every additional 30 days. All the alterations will commence on September 13.
It is pointed out by bank officials- that the new scale fixed by the Associated Australian and New Zealand banks represents a reduction of 5s on. the existing charges for such financisJ transactions. The object of the reductions is to stimulate the transfer of moneys held here and in Australia to London.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19220911.2.75
Bibliographic details
New Zealand Herald, Volume LIX, Issue 18192, 11 September 1922, Page 7
Word Count
145BANK TRANSFER RATES. New Zealand Herald, Volume LIX, Issue 18192, 11 September 1922, Page 7
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.