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Several international banks operate in the islands with the biggest being Australia and New Zealand Banking (ANZ), Westpac Banking Corporation, Colonial National Bank (which is a subsidiary of Commonwealth Bank) and Bank of Baroda. The Bank of the South Pacific is a recent addition to the mix.

Most banks have branches in both Nadi and Suva, which are open Monday to Friday from 9am to 3pm. Some also open on Saturday from 9am to 12noon. ANZ also has a branch at Nadi International Airport which is open 24 hours. Local Fiji island cheques cannot be cashed outside of Fiji. Cash machines that accept international cards are found throughout the country.

Major credit cards are readily accepted. Travellers’ cheques however can be cashed for about 3 per cent more local cash than that gained from foreign exchange or credit cards. All are accepted at most large shops and resorts.

In some parts of the outer islands, the post office run by Post Fiji still acts as a banking system but will not accept credit cards.

There are several private and State-owned financial institutions that offer financial assistance and borrowing facilities for both commercial and consumer interests. These include the Fiji Development Bank, Fiji National Provident Fund, Credit Corporation, Merchant Bank of Fiji and a range of insurance companies.

The Reserve Bank of Fiji supervises the entire monetary system independently. However, because of heavy competition between banks and other financial institutions, RBF generally doesn’t take too heavy a hand in the market. RBF is also the regulatory body for the insurance industry and the superannuation industry. It also finds time to manage note issue, administer exchange control and regulate interest rates.

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