Banking

Banking in Vanuatu

Vanuatu has a functional banking system that serves both locals and the international community. The zero-tax environment means no complex tax reporting requirements.

Banks Operating in Vanuatu

Opening a Bank Account

Requirements for individuals:

• Valid passport
• Proof of address (lease, utility bill)
• Certificate of income source
• Proof of funds origin (for larger deposits)

For CBI citizens:

• Same requirements as above
• CBI certificate/passport
• May require additional due diligence

Process:

• Most banks require in-person visit
• ANZ offers remote account opening via mail
• Pacific Private Bank: 10 working days processing
• Account opening is generally straightforward

Account Types

Personal accounts:

• Current (checking) accounts
• Savings accounts
• Foreign currency accounts (USD, AUD, EUR available)
• Term deposits

Business accounts:

• Corporate accounts
• Trade finance
• Business loans

International Transfers

All banks offer SWIFT international transfers:

Alternative options:

• Wise (accepts Vanuatu citizens)
• Western Union (in country)

Online Banking

Most banks offer internet banking:

• Account balance checks
• Local transfers
• Bill payments
• International transfer requests
• Mobile apps available (Bred, ANZ)

Note: Online banking functionality is more limited than Western countries.

ATM Access

• ATMs available in Port Vila and Luganville
• ANZ and Bred have most ATMs
• International cards work at most ATMs
• Cash still preferred for many local transactions

Tax Benefits

No tax reporting requirements:

• No income declaration needed
• No capital gains to report
• No wealth tax filings
• Banking privacy maintained

International considerations:

• Your home country may still require reporting
• US citizens have FATCA obligations regardless
• Check your home country tax residency rules

Tips for Expat Banking

1. Keep foreign accounts - Maintain bank accounts in Australia/NZ/home country for flexibility
2. USD accounts are useful - Many international transactions in dollars
3. Carry cash - Many places don't accept cards, especially outer islands
4. ATM limits - Daily withdrawal limits typically lower than Western banks
5. Service speed - Expect slower processing than you're used to

For Digital Nomads

• Open a local account for daily expenses
• Keep international accounts (Wise, Revolut) for receiving payments
• Internet banking works but can be unreliable
• Mobile payments limited - cash is king

For CBI/High-Net-Worth Clients

• Pacific Private Bank offers private banking services
• Wealth management available
• Multi-currency accounts
• Higher service levels for substantial deposits