Remote Banking in Fiji

## Comprehensive Banking Guide for Fiji

Fiji is a beautiful island country in the South Pacific, attracting tourists and expatriates from all over the world. If you are planning to visit or move to Fiji, it is essential to have a good understanding of the banking system in the country. This comprehensive guide will provide you with all the necessary information you need to know about banking in Fiji.

### Banks Accepting Foreigners

Most major banks in Fiji accept foreigners as customers. Some of the prominent banks that cater to foreigners include:

1. ANZ Bank Fiji: ANZ is one of the largest banking institutions in Fiji and has branches across the country. They offer a range of banking services to both residents and non-residents.

2. Westpac Bank Fiji: Westpac is another popular bank in Fiji that accepts foreigners as customers. They provide various banking products and services tailored to the needs of expatriates.

3. Bank of Baroda Fiji: Bank of Baroda is an international bank with a presence in Fiji that also caters to foreign customers.

### Know Your Customer (KYC) Requirements

When opening a bank account in Fiji, you will have to comply with the Know Your Customer (KYC) requirements. This involves providing the following documents:

- Valid passport - Proof of address (utility bill or tenancy agreement) - Work permit or residency permit (if applicable) - References from your existing bank

### Wise/Revolut Availability

Wise (formerly TransferWise) and Revolut are popular digital banking platforms that offer international money transfer services. While these services are not available as physical banks in Fiji, you can still use them to transfer money to and from your Fijian bank account.

You can link your Fijian bank account to your Wise or Revolut account and use their services to send and receive money at competitive exchange rates.

### ATM Fees

ATM fees in Fiji can vary depending on the bank and the type of card you are using. It is advisable to check with your bank regarding any fees or charges that may apply when using ATMs in Fiji. Some banks may have partnerships with international ATM networks, which could help reduce withdrawal fees.

### Multi-Currency Options

Most banks in Fiji offer multi-currency accounts, allowing you to hold and transact in different currencies. This can be beneficial if you frequently deal with foreign currencies or travel internationally. Check with your bank to see if they offer multi-currency account options and the associated fees.

### Opening Process

To open a bank account in Fiji as a foreigner, you will need to visit a branch of the bank of your choice with the required documents mentioned earlier. The bank staff will guide you through the account opening process and help you choose the most suitable account type for your needs.

### Currency Exchange Tips

When exchanging currency in Fiji, it is advisable to compare rates across different exchange bureaus to get the best deal. Additionally, consider exchanging larger amounts at once to minimise transaction fees. It is also recommended to avoid exchanging currency at airports or hotels, as they typically offer less favourable rates.

### Tax Residency Clarification

If you are planning to stay in Fiji for an extended period, you may become liable for local taxes. It is essential to clarify your tax residency status with the Fiji Revenue and Customs Service (FRCS) to ensure compliance with local tax laws. Seek professional advice if needed to understand your tax obligations in Fiji.

In conclusion, banking in Fiji is relatively straightforward for foreigners, with major banks offering a range of services to meet your financial needs. By understanding the banking landscape, complying with KYC requirements, utilising digital banking services, and being aware of currency exchange tips and tax implications, you can effectively manage your finances while in Fiji. Make sure to choose a reputable bank that aligns with your needs and enjoy your time in this tropical paradise with peace of mind regarding your financial affairs.