Methods of Payment 

Fiji maintains a stable financial and banking system. To determine the most suitable payment method for a specific transaction, businesses should consult the international services division of a U.S. or Fijian bank.

Payment options include:
•    Telegraphic Transfers
•    Cash in Advance
•    Commercial Bills of Exchange
•    An Open Account
•    Letters of Credit
Businesses often use letters of credit as a reliable payment method when dealing with new or unfamiliar clients who pose a higher risk of non-payment.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

Banking Systems 

The Reserve Bank of Fiji regulates the country’s well-established banking system and oversees its monetary and banking framework. It issues currency, administers exchange controls, and manages Fiji’s international reserves. The Reserve Bank also regulates commercial bank liquidity through monetary policy and supervises the broader credit environment, including foreign exchange controls.

Six licensed commercial banks operate in Fiji, including ANZ Banking Group, Bank of Baroda, Bank of South Pacific (BSP), Bred Bank, HFC Bank, and Westpac Banking Corporation. These banks provide a range of services such as loans, overdraft facilities, trade finance, foreign exchange services, credit cards, and money transfers.

Several non-bank financial institutions, including the Fiji Development Bank, FNPF, Housing Authority, Credit Corporation, Merchant Finance and Fiji Investment Corporation Ltd., and various insurance companies, also serve businesses and individuals. Key credit institutions include BSP Finance (Fiji), Credit Corporation, Merchant Finance, and Kontiki Finance.

Fiji’s foreign currency policies regulate banks’ exposure by setting limits on net foreign positions and gross forward contracts relative to their local capital levels. Banks and NBFIs offer services such as leasing finance, personal loans, travelers’ checks, foreign-currency accounts, letters of credit, and documentary collections. 

For more information on the banking system please read the section “Capital Markets and Portfolio Investment” of the Investment Climate Statement.

Foreign Exchange Controls 

The Exchange Control Act and associated regulations govern exchange controls in Fiji, and the Reserve Bank of Fiji oversees their enforcement. These controls regulate various foreign exchange-related activities, including transactions in foreign currencies, currency movement into and out of Fiji, property and securities transfers abroad, and import-export financial transactions. The controls also apply to foreign entities investing in Fiji through equity or loan-based investments.

Commercial banks and some non-bank financial institutions act as agents of the Reserve Bank for exchange control matters. While the Reserve Bank delegates limited authority to these institutions for routine transactions, it maintains oversight of non-resident borrowing and other significant financial flows. Authorized dealers can access detailed exchange control policies, guidelines, and limits on the Reserve Bank of Fiji’s official website.

Local Correspondent Banks and Their U.S. Affiliations:

Please see below for a list of local correspondent banks and their affiliation with U.S. Banks.

    ANZ:
•    Full New York branch, regulated by the Office of the Comptroller of the Currency. 
•    ANZ maintains strong reciprocal relationships with major U.S. banks, including JP Morgan, Wells Fargo, Goldman Sachs, Morgan Stanley, and Bank of America.
•    Bank of Baroda (Fiji):
•    Uses its New York branch as the U.S. correspondent
•    BRED Bank (Fiji):
•    Wells Fargo – for drafts, check negotiation, and outward telegraphic transfers
•    BSP Fiji:
•    Bank of America, San Francisco, CA – primary U.S. correspondent
•    Westpac Banking Corporation (Fiji):
•    Bank of America, San Francisco, CA – primary U.S. correspondent