ANZ, Westpac, MoneyGram and Western Union are among those organisations which have cut or will cut the cost of sending money from Australia to the Pacific,
ABC reports.
Westpac will cut the telegraphic transfer fee that currently applies on remittances to A$10 from $30.
A report from the Pacific Islands Forum, released in January, showed that fees cost an average $21.70 of every $100 remitted, which is "significantly higher than global averages".
n 2008 islanders working in Australia, New Zealand and the US sent $470 million to relatives living at home.
These payments equal, on average,12 per cent of GDP across the Pacific nations in the forum study. They equal 36 per cent of the GDP of Tonga, 26 per cent of Samoa's GDP and 19 per cent of Tuvalu's.