Vanuatu banking system

Vanuatu’s banking system allows for the opening of bank accounts for international settlements, working with offshore companies, and holding funds in foreign currencies. Only a few banks operate in the country, and not all of them serve foreign clients. Vanuatu’s banking system is overseen by the Reserve Bank of Vanuatu (RBV), which issues licenses and monitors personal banking operations.

To open a bank account in Vanuatu, you must provide documentation about the company and its owners, describe the business activities, and verify the source of funds. It is crucial to verify in advance whether the bank accepts non-resident clients and permits remote account opening, as these factors heavily influence the account-opening procedure.

What you need to know about Vanuatu banking system

The level of regulation within Vanuatu’s banking system is lower than in the EU or UK, a factor important to consider when handling international payments.

The country’s national currency is the vatu (VUV), but local banks use major foreign currencies for international settlements. You can make transfers in U.S. dollars, Australian dollars, Euros, Japanese yen, and other currencies.

Vanuatu is often classified as an offshore jurisdiction because of the unique features of its tax and corporate systems. The country imposes no currency controls and levies no taxes on corporate profits, personal income, capital gains, or inheritances. The only tax is VAT (value added tax), which is charged on the sale of goods and services at a rate of 15%.

For foreign entrepreneurs conducting business in Vanuatu, the most convenient corporate structure is the IBC (International Business Company). With such a company, you can hold 100% ownership, maintain a local office, utilize the domestic banking system, conduct advertising campaigns, manage accounting records, and issue and trade securities. Licensed agents, lawyers, accountants, and other specialists can provide support services ranging from account opening assistance to liaising with government authorities. At the same time, you will operate in international markets, and your income will not be taxed in Vanuatu.

Vanuatu banks offer standard types of accounts:

• Current accounts: for day-to-day financial transactions.
• Foreign currency accounts: for holding funds and conducting transactions in foreign currencies.
• Fixed-term deposit: for holding funds to earn interest.
• Savings accounts: a versatile option for storing savings and conducting financial operations.

Overview of the local banks in Vanuatu

Vanuatu has a limited number of banks, including one state-owned institution and several international ones. However, not all of them provide services to foreigners.

The National Bank of Vanuatu (NBV) is the country’s only state-owned bank. It has an extensive branch network that includes locations in rural regions. The bank serves non-resident companies and facilitates international transfers. Opening a bank account at NBV requires an in-person visit, as remote account opening is unavailable. Once the account is established, customers can use the IsiNet online banking service.

BRED (Vanuatu) Limited is a subsidiary of the French financial group Banque Populaire. It operates in Vanuatu under a deposit-taking license issued by the Reserve Bank of Vanuatu (RBV). BRED is a suitable choice for opening personal or corporate accounts, as well as for investment activities. The bank conducts foreign currency transactions and offers foreign currency accounts. However, international transfers are not listed among the services detailed on its official website.

You can submit applications to open an account at BRED online, but you must visit a branch in person to finalize the process. You can then manage your account remotely via the bank’s electronic banking system.

ANZ Vanuatu is licensed by the Reserve Bank as a deposit-taking institution. It is well-suited for handling financial transactions and depositing savings. ANZ Vanuatu offers foreign currency accounts denominated in U.S. dollars, Australian dollars, New Zealand dollars, British pounds, euros, and Japanese yen. To open an account with this Vanuatu-based bank, applicants must download the application form from the bank’s website, complete it, and submit it in person at the nearest branch. ANZ provides services to foreigners, including non-residents. Customers can use the online banking portal or the ANZ Pacific mobile app for remote financial management.

In general, most banks in Vanuatu require an in-person visit to open an account. International banks, such as ANZ and BRED, more frequently process applications from non-residents, whereas the NBV tends to focus primarily on local businesses.

The best international banks in Vanuatu

According to various unofficial rankings and assessments, the top international banks in Vanuatu are MGCB, ROC Bank, and Vantu Bank.

MG Commercial Bank Limited is licensed in Vanuatu as an international deposit-taking institution. MG Commercial Bank is well-suited for opening personal or corporate accounts, as well as for asset management and investment purposes. The bank opens accounts for individuals and companies regardless of residency, provided they complete the Know Your Customer (KYC) verification process.

To open an account, applicants must compile a dossier of documents and submit it in person at the bank. Applications are typically reviewed within 5 business days. Clients have access to a digital banking system for remote transaction management.

ROC Bank Limited primarily serves clients in the Asia-Pacific region and offers accounts denominated in foreign currencies. It is an ideal choice for asset management and stock market trading activities. The bank facilitates international transfers and integrates with the Velo and Wise platforms. All the services, including opening an account, are provided remotely, which significantly improves the overall banking experience. Funds can be conveniently managed via mobile banking.

Vantu Bank is a private international bank licensed by the Reserve Bank of Vanuatu as a deposit-taking institution. It is particularly well-suited for multinational corporations and companies involved in financing humanitarian projects. As of March 2026, the bank will open accounts exclusively for corporations engaged in trade and investment activities. Clients have access to multi-currency accounts denominated in euros and U.S. dollars, which are maintained in accordance with IAS/IFRS standards.

Prospective clients must submit an inquiry via email to Vantu Bank, describing their business banking operations to access these services. The subsequent application process, including the possibility of opening an account remotely, should be coordinated directly with the bank’s representatives.

Can a nonresident open a bank account in Vanuatu?

Yes, non-residents are eligible to open a bank account in Vanuatu, including remotely. Individuals are required to provide the following:

• proof of identity;
• permanent residential address and other contact details;
• date and place of birth;
• details regarding employment or the nature of self-employment/business activities;
• information regarding the source of funds;
• a signature specimen.

Companies must submit:

• registration details;
• constituent documents (Articles of Association, etc.);
• financial statements or a description of business activities;
• comprehensive information regarding owners, directors, and other individuals associated with the business.

All documents must be submitted as originals or certified copies.

As part of the application review process, you will undergo KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures. These include client identification, document verification, identification of beneficial owners, determination of the purpose of the account opening, and analysis of the source of funds. For remote applications, enhanced due diligence may be required, which could involve requests for additional documents, third-party involvement, or scheduling a face-to-face meeting.

The account opening procedure typically involves the following steps:

1. Bank selection and dossier preparation.
   Review the offerings of several financial institutions and select the option that best meets your specific requirements, such as deposit guarantees or remote account opening services. Gather the necessary documents. Where required, translate, certify, and format them in accordance with the specific requirements of the chosen bank.
2. Application submission.
   If applying in person, submit the application form and supporting documents directly to a bank branch. For fully or partially remote applications, documents are transmitted via channels designated by the bank, such as its website, mobile application, or email.
3. Verification process.
   Upon receiving the application, the bank verifies the client’s identity, the purpose of opening the account, anticipated transaction types, and other relevant details. Should any questions or concerns arise, the bank may request additional documentation, schedule an online or in-person meeting with the client, or take other necessary verification measures.
4. Decision and account opening.
   If the verification process is completed and a banking services agreement is executed, the account will be formally opened. An account will be opened for you, and you will be set up with mobile and/or internet banking. From that moment on, you may perform banking transactions. If your application is declined, you will be notified of the refusal, with or without an explanation of the reasons.

Opening a bank account for an offshore business in Vanuatu

To open a commercial account in Vanuatu for international financial transactions, you must first register an International Business Company (IBC). According to the law, such a company must have a registered agent located within Vanuatu. Submit documents to the Vanuatu Financial Services Commission (VFSC). The dossier must include the company’s articles of association, as well as details regarding its registered address, registered agent, and any liens or encumbrances on real estate, if applicable. At the time of registration, information regarding the beneficial owner must also be submitted:

• a completed company registration form;
• a color copy of a current passport;
• a certificate of no criminal record (police clearance certificate) issued no more than 6 months before registration and notarized;
• documentary proof of residential address;
• details regarding the source of income;
• information regarding any criminal convictions or charges, if applicable.

However, registering an IBC does not guarantee the opening of a bank account in Vanuatu. An application may be rejected for the following reasons:

• the client cannot be accurately identified;
• the company’s business activities are deemed to pose a high risk;
• there is a lack of clear documentary evidence regarding the ownership structure and source of income;
• the ultimate beneficial owner cannot be identified;
• the purpose of opening the account is unclear.

Some banks may reject an application without providing a reason. The risk of rejection can be significantly reduced if the company owner holds a Vanuatu passport. Through the country’s investment program, citizenship can be obtained in just 2–3 months.

Vanuatu has signed a multilateral agreement with other nations regarding the exchange of financial account information. Financial institutions must conduct due diligence and report details of opened accounts to the relevant authorities in accordance with the international Common Reporting Standard (CRS).

The Financial Action Task Force (FATF), an international organization dedicated to combating illicit enrichment, has noted that Vanuatu has made significant progress in AML (anti-money laundering) and CTF (counter-terrorist financing).

Bank service costs and fees

Service terms at banks in Vanuatu may vary. To select the best option, compare several institutions based on key parameters such as the cost of opening an account, minimum deposit requirements, and fees for account maintenance and international transfers. The table below presents a comparison of 2 popular banks: BRED Bank Vanuatu and ROC Bank. These institutions serve private individuals and businesses and are often chosen by clients opening an account in Vanuatu.

Pros and cons of opening bank accounts in Vanuatu

Banks in Vanuatu have their advantages and limitations. It is important to consider both.

Pros:

• Low taxes: offshore companies (IBCs) are not taxed on corporate profits, capital gains, inheritance, or dividends.
• No currency controls: you can freely execute cross-border transfers in various currencies (USD, EUR, AUD, GBP).
• Remote account opening: you can open a corporate or personal account without traveling to the country in person.
• Accounts are available in major global currencies.

Risks of opening an account:

• Potential difficulties when transferring funds directly to EU accounts.
• A limited selection of banks offering services (not all banks are geared toward working with foreign clients).

Overall, Vanuatu is a niche banking jurisdiction. While it may be suitable for specific purposes, it is not always the most convenient option for handling day-to-day international payments. Foreigners often consult legal experts before choosing a country in which to open an account. This allows them to identify the optimal solution based on their specific goals.

If you would like to access banking services in Vanuatu on the same terms as local citizens, we can assist you through the country’s Citizenship by Investment program. A Vanuatu passport provides full access to the national banking system, along with additional benefits such as the right to live in the country indefinitely, work, study, run a business, and apply for U.S. visas. Submit a request to receive a detailed consultation tailored to your situation.