The Reserve Bank of Fiji warns that operating a foreign currency exchange business without a licence is a criminal offence.
The RBF says it has received information that some retail businesses, hotels, and members of the public are engaging in foreign exchange business without the proper licence.
The RBF says while some transactions conducted locally will involve the use of foreign currency to pay for goods and services particularly by tourists, receivers of such foreign currency are prohibited from conducting further foreign exchange transactions or providing money-changing services to other customers.
The RBF says hotels and relevant retail businesses may therefore accept foreign currency payments from tourists but must adhere to the following – the transaction must relate to the purchase of goods or services; any change provided to the customer must be in Fijian dollars; and any foreign currency received must be deposited with a commercial bank or sold to a restricted foreign exchange dealer (listed above) within 30 days of receipt.
Members of the public are strongly advised to transact only with licensed dealers listed in this notice. Transactions with unlicensed operators expose individuals to risks including fraud, loss of funds, and lack of legal protection. The RBF will take enforcement action against unauthorized operators in accordance with the Act.
The list of authorised licensed dealers are – ANZ Bank, Bank of Baroda, BSP Financial Group (Fiji) Pte Limited, BRED Bank (Fiji) Limited, HFC Bank and Westpac Banking Corporation.
The list of Restricted Foreign Exchange Dealers are – City Forex (Fiji) Pty Limited, Exchange & Finance (Fiji) Pty Limited trading as Singapore Exchange, FEXCO (Fiji) Limited, Lotus Foreign Exchange Limited, MH Money Express Limited Fiji, Real Forex Proprietary (Fiji) Limited, GCC Exchange Limited and Vision Fintech Services Pte Limited.
Suspected unlicensed foreign exchange activities or the conduct of other unauthorised financial services can be reported via the RBF’s Confidential Disclosures portal https://www.rbf.gov.fj/confidential-disclosures/
