All the banks in Vanuatu are under control of the Central Bank of Vanuatu, or the Reserve Bank of Vanuatu.
By default, bank accounts in Vanuatu are opened in vatu, the national currency of Vanuatu. Vatu is referred to as Vt or VUV and has no subdivisions. In some banks one can open foreign currency accounts in US dollars, euros and Australian dollars.
At the beginning of 2022, $1 = Vt 112,425, therefore 1,000 vatu is nearly 9 US dollars.
The banks of Vanuatu
- National Bank of Vanuatu
- Wanfuteng Bank Limited
- Bred Bank Vanuatu, subsidiary of a French bank
- BSP Financial Group Limited Vanuatu, subsidiary of a Papua New Guinearnbank
- ANZ bank Vanuatu, or The Australia and New Zealand Banking Group Limited, — subsidiary of an Australian and New Zealand banking group
All the banks offer similar services: in-branch service, cash withdrawals from ATMs in Vanuatu, access to internet banking free of charge. In addition, some banks have also designed mobile applications for customers.
International transfers are available at every bank. The commission fee is Vt 1,000—1,500 for an incoming transfer and Vt 2,500—15,000 for an outgoing one.
Necessary documents for opening a bank account in Vanuatu
Individuals provide:
- A completed application form for opening an account.
- Valid identification e.g. passport, drivers license, etc. Some banks demand two such documents.
- Certificate of income and origin of funds.
- Contact information: residential address and phone number.
- Letter of recommendation from another bank upon request.
Companies provide:
- The company constitution.
- The certificate of incorporation.
- The current business license.
- Registered trading name.
- Minutes of a meeting of the company directors authorising the account to be opened with the bank.
- Contact information: address of principal place of business, address of registered office and name and address of registered agent if applicable.
- A declaration of who the beneficial owners of the company are. These individuals must then also be identified as per the bank’s requirements for identifying individuals.
- A completed application for opening an account and Customer Due Diligence form.
The procedure of opening a bank account in Vanuatu
It is necessary to visit one of the branches to open an account in most banks of Vanuatu. Only the ANZ Vanuatu bank provides the opportunity to open an account remotely — by sending notarized documents to the bank by mail.
Banks follow different policies regarding cooperation with foreign clients. The National Bank of Vanuatu and The Bred Bank Vanuatu are likely to open accounts for citizens of other countries, while other banks may refuse.
Comparison of online services in reliable banks of Vanuatu
| National Bank of Vanuatu, or NBV | Bred Bank Vanuatu | Wanfuteng Bank Limited | BSP Vanuatu |
| Internet banking Mobile banking for Android | Internet banking Mobile banking for iOS and Android | Internet banking | Internet banking Mobile banking for iOS and Android |
Comparison of service fee in reliable banks of Vanuatu
| National Bank of Vanuatu, or NBV | Bred Bank Vanuatu | Wanfuteng Bank Limited | BSP Vanuatu |
| Vt 500 per month for the chequing account of individuals Vt 750 per month for the chequing account of companies Vt 350 per month (Vt 4,200 per year) for debit cards | Vt 400 per month for the chequing account of individuals and companies Vt 6,000 per year (Vt 500 per month) for debit cards Vt 350 per month for savings account Vt 800 per month for foreign currency account | Vt 250 per month for the chequing account of individuals and companies | Vt 425 per month for the chequing account of individuals |
Comparison of amount to activate an account in reliable banks of Vanuatu
| National Bank of Vanuatu, or NBV | Bred Bank Vanuatu | Wanfuteng Bank Limited | BSP Vanuatu |
| Vt 50,000 for the chequing account of individuals and companies Vt 1,000+ for savings account Vt 50,000 for time deposit Vt 1,000 for debit cards | Vt 500 for the chequing account of individuals and companies, for savings account and foreign currency account | Vt 5,000 for the chequing account of individuals, companies, savings account Vt 100,000 for time deposit | Vt 100 for the chequing account of individuals Vt 100,000 for the chequing account of companies Vt 100 for savings account |
Comparison of commission in reliable banks of Vanuatu
| National Bank of Vanuatu, or NBV | Bred Bank Vanuatu | Wanfuteng Bank Limited | BSP Vanuatu |
| Vt 1,000 for incoming international transfer in vatu Vt 1,500 for incoming international transfer in foreign currency Vt 3,000 for outgoing international transfer Vt 1000 for transfer to an account in another bank Vt 30 for cash withdrawals from ATMs of NBV Vt 5000 for foreign currency account opening | Vt 2,500 for outgoing international transfer Vt 300 + 2,5% for cash withdrawals from ATMs of other banks, both in Vanuatu and abroad | Vt 1,000 for incoming international transfer in vatu Vt 1,500 for incoming international transfer in foreign currency Vt 3,000 to 15,000 for outgoing international transfer Vt 800 for transfer to an account in another Vanuatu bank | Vt 1,500 for international transfer Vt 100 for cash withdrawals from ATMs of other banks in Vanuatu Vt 500 for cash withdrawals from ATMs of other banks abroad |
How to get Vanuatu citizenship
In Vanuatu, there is a government program under which wealthy people can get a passport of the country by investments from $130,000. Applicants make a non-refundable contribution to the Vanuatu National Development Fund, which cannot be returned over time or bring any revenue.
Alongside the investor, their family members can also obtain citizenship. A spouse, children under 25 years old and parents over 50 years old are allowed to be included in the application. No one is required to take language or culture proficiency exams.
The entire procedure takes place remotely, applicants do not need to visit Vanuatu. To take the oath of allegiance, investors can invite an employee of the migration service to a place convenient for them.
The Vanuatu passport opens up new possibilities. Vanuatu citizens travel to Singapore without visas and receive a U.S. tourist visa for a 5 year period. Entrepreneurs can transfer business to the country and enjoy tax incentives. For a period of 20 years companies are obliged to pay only an annual fee of $300 instead of the tax on profit.
Frequently asked questions
To open a bank account in Vanuatu, customers firstly need to download an application form from the official website of the bank and fill it out. Then they collect the required papers and visit one of the bank branches where they hand them in. The bank employees will check the applicant for reliability and activate the account. One of the banks, namely the ANZ Vanuatu, accepts documents for opening an account not only in the branch, but also by mail.
To open a bank account in Vanuatu, individuals provide a passport and the certificate of income and origin of funds. Companies provide their constitution, certificate of incorporation, business license and declare beneficial owners. Additional documents may be required.
In many Vanuatu banks, an account can only be opened in person, by visiting a bank branch. However, there is a bank which allows applicants to send notarized documents by mail. This is the ANZ Vanuatu.
To maintain chequing accounts, customers pay 250 to 800 vatu per month, which is approximately 2 to 8 US dollars.
