Methods of Payment
Fiji has a stable financial and banking system, but the international services division of a U.S. or Fiji bank should be consulted for recommendations regarding the best method for a given transaction.
Options for payment include:
- Telegraphic Transfers
- Cash in Advance
- Commercial Bills of Exchange
- An Open Account
- Letters of Credit
A letter of credit is a very secure form of payment and is used frequently for new or unknown clients perceived to offer relatively more risk of nonpayment.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.
Fiji has a developed banking system controlled by the Fiji Government through the Reserve Bank of Fiji (RBF). The Reserve Bank regulates the Fijian monetary and banking system, manages note issues, administers exchange controls, and provides banking and other services to the government. It provides and regulates trading-bank liquidity via the government’s monetary policy. In addition to managing the credit environment, the RBF has responsibility for foreign exchange controls and management of Fiji’s international reserves.
There are six commercial banks licensed by the Reserve Bank of Fiji with established operations in Fiji. There are also non-bank financial institutions (NBFI) providing financial assistance and borrowing facilities to the commercial community and to consumers. The non-bank institutions are the Fiji Development Bank, the Fiji National Provident Fund (FNPF), the Housing Authority, the Credit Corporation, the Merchant Finance & Investment Company Ltd., and several insurance companies.
The commercial banks are:
- ANZ Banking Group Limited, P.O. Box 179, Suva, Phone: (679)-321-3000; Fax: (679) 321-3756
- Bank of Baroda, P.O. Box 47, Suva, Phone: (679)-331-1402, Fax: (679)- 330-2510
- Bank of South Pacific (BSP), Private Mail Bag, Suva, Phone: (679) 331-4400; Fax: (679)-330-3448
- Bred Bank, Private Mail Bag, Suva, Phone: (679)-310-0222; Fax: (679) 310-0555
- HFC Bank, P.O. Box 161, Suva, Phone: (679)-331-655
- Westpac Banking Corporation, P.O. Box 238, Suva, Phone: (679)-330-0666; Fax: (679)-330-1838
Principal credit financial institutions are:
- Credit Corporation, Credit House, 10 Gorrie Street, Suva, Phone: (679)-330-5744; Fax: (679)-330-5747
- Merchant Finance and Investment Co. Ltd, 91 Gordon Street, Suva, Phone: (679)-331-4955; Fax: (679)-330-0026
- Fiji Development Bank, 369 Victoria Parade, Suva, Phone: (679)-331-4866; Fax: (679)-331-4886
- Kontiki Finance, Level 5, Tappoo City Building, Thompson Street, Suva, Phone: (679)-330-3400; Fax: (679) 330-3401
Services provided by the banks include lending, overdraft facilities, full-drawn advances, housing loans, leasing finance, personal loans, bankers’ opinion, credit card facilities, money transfers/remittances, trade finance, trade enquiries, letters of credit, documentary collections, travelers’ checks, foreign-currency accounts, forward exchange (restricted to trade), and foreign currency loans (residential and trade).
The assets of all commercial banks in Fiji as of 30 June 2021 totaled $5.3 billion (FJ$11.6 billion). Fiji’s foreign currency exposure policy places limits on banks’ net, foreign and open positions, and gross forward, foreign-exchange, and sales contracts, in relation to an individual bank’s level of capital in Fiji.
Foreign Exchange Controls
Exchange control is administered by the Reserve Bank of Fiji through the Exchange Control Act and subsidiary legislation. Areas affected by exchange control include transactions in foreign currency, transfer of currency into and out of Fiji, transfer of property and securities out of Fiji, export and import transactions, and issue of shares or capital in locally registered companies to foreign investors. Investments from outside Fiji, overseas equity, loan investment into Fiji, and the flow of funds arising from commercial and private transactions into and out of Fiji are subject to exchange controls.
All commercial banks operating in Fiji, along with non-bank financial institutions, act as agents of the Reserve Bank in matters affected by the Exchange Control Act. Limited authority has been delegated to the commercial banks. The Reserve Bank maintains tight exchange controls on non-resident borrowing. The exchange control policy guidelines and delegated limits for authorized dealers can be found on the Reserve Bank of Fiji’s website.
U.S. Banks and Local Correspondent Banks:
- Australia and New Zealand Banking Group Limited (ANZ) - with Citibank, New York, for drafts; ANZ Bank, New York, for outward telegraph transfers; and Bank of America, San Francisco, for negotiation of checks.
- Bank of Baroda, New York branch
- BRED Bank (Fiji) – with Wells Fargo, for drafts, negotiation of checks, outward telegraph transfers.
- BSP Fiji – with Bank of America, San Francisco, CA
- Westpac Banking Corporation – with Bank of America, San Francisco, CA.