ESSENTIAL TIPS FOR USING VANUATU CURRENCY

What currency should I take to Vanuatu?

If you’re travelling to Vanuatu, you should consider exchanging your home-currency to Vatu, as most shops, cafés, and restaurants (including for tips) do not accept foreign “cash” currency. If you’re a tourist and taking a bus or taxi, cash is king, and absolutely necessary as they do not have card-machines, and they’re are no Uber car services in Vanuatu.

Note: If you are conducting business in Vanuatu, most medium-sized firms can invoice you, or you can invoice them, in various currencies, including USD, AUD, NZD, CNY, and JPY; however, ROX variables and services fees will apply so, one needs to take that additional costs into account.

Can I use my credit card (EFTPOS) in shops?

Yes, generally. There is a standard 3% transaction charge on credit card purchases, including at shops, cafés, and restaurants. Since there are no income taxes in Vanuatu, these charges help generate government revenue. However, be aware that exchange rate (ROX) variables can be quite expensive. For example, if you are Australian and withdraw cash from an ATM, the bank or institution owning the ATM will apply a currency conversion that you will only see on your bank statement later. Most ATMs charge a standard fee of 750 Vatu (approx. AUD$10). Using ATMs in Vanuatu is excessively expensive.

Note: In Port Vila and Luganville, there are many ATMs available in town and at international airports. However, outside these towns, finding an ATM can be difficult.

Is it better to convert currency in my home country or Vanuatu?

While there are advantages to converting currency in both your home country and Vanuatu, it is often more practical to do so in your home country. Converting currency at home gives you a clear idea of your available travel money, aiding in budgeting and planning. You can also access your funds immediately, which is helpful if you arrive in Vanuatu outside regular currency exchange hours. However, in some countries, it may be impossible to get Vanuatu currency in cash. There are multiple foreign exchange dealers throughout Vanuatu with variable exchange rates, so it pays to shop around.

Note: Another option is to send the amount you think you will need via Western Union. This way, you can take a small amount of Vatu in cash and then collect your cash from one of the many Western Union agents in Vanuatu without incurring multiple transaction fees.

How much money can I take to Vanuatu?

Any amount over VUV 1,000,000 (approx. USD 10,000) in local or foreign currency equivalent must be declared. If you plan on carrying a significant sum of money, you may need to go through additional procedures upon arrival or departure.

How Much Money Can I Send to Vanuatu?

You can send any amount of money to Vanuatu as there are no foreign exchange controls or limits on the amounts that can be transferred. However, large transactions will typically fall under the scrutiny of Vanuatu’s Financial Intelligence Unit (FIU). The FIU is a national agency responsible for the receipt, analysis, and assessment of financial transactions to counter money laundering, terrorism financing, and the handling of suspected proceeds of crime.

Is Vanuatu Currency Safe?

Vanuatu currency, like most currencies, is subject to considerable volatility, which can be influenced by both global and local events. While Vanuatu is relatively remote, its economy and currency can be affected by factors such as wars, global economic crises, and other significant events. The Reserve Bank of Vanuatu administers the country’s currency and has been a member of the World Bank since September 28, 1981, working to maintain stability and integrity in the financial system.

Investment and Currency Diversification in Vanuatu

If you are planning to make a significant investment in Vanuatu, such as purchasing property or a business, or if you are looking to diversify your currency holdings into Vanuatu currency, Strategic Corporate Services Limited can assist you. We specialize in determining the most effective methods of currency conversion to minimize exchange rate (ROX) fluctuations and bank transaction fees. Our expertise ensures that your financial transactions are handled efficiently and cost-effectively, allowing you to maximize the value of your investments and currency diversification in Vanuatu.

Initial Contact

In the first instance, all initial enquires should be made via our ‘secure contact portal’. Upon receipt, we shall promptly address a mutually convenient time for an initial consultation.

Initial Consultation: For convenience, we will typically conduct electronic face-to-face meeting, often via Skype or a similar platform. These initial meetings allow us to assess the scope and complexity of your needs, ensuring compliance with your objectives. Additionally, this serves as the first step in our Know Your Customer (KYC) obligations, which we strive to make as unintrusive as possible. Learn more …

For our High (and Ultra-High) Net-Worth clients and families, we go the extra mile by arranging one of our legal representatives to meet with you or your designated representative(s) at a mutually convenient location. This ensures that we can provide personalised and comprehensive services tailored to your specific needs and circumstances while maintaining complete confidentiality.