News from Law Partners – NBV USD Bank Accounts – International Companies

NATIONAL BANK OF VANUATU ADVISES CLOSURE OF CORRESPONDENT BANKING RELATIONSHIP IMPACTING INTERNATIONAL COMPANY USD ACCOUNTS 

In a letter sent to Law Partners last week, the National Bank of Vanuatu (NBV) advised that the National Australia Bank (NAB) has made the decision to close its correspondent banking division effective 31 March 2021. This decision impacts significant parts of the Pacific region.

As a result, NBV advised the following:

• No new USD bank accounts will be opened for new International Companies from 2 January 2021;
• New International Companies bank accounts can still be open, however not in USD; and
• Current USD accounts will continue, however it is important to note that 31 March 2021, there may be difficulties if not a total stay on all USD transactions.

Please note that NBV can open bank account in several major currencies, such as AUD, NZD, EURO, GBP, etc.

If you already have a USD bank account with NBV, we would be pleased to assist if you wish to change the currency of your account(s) before 31 March 2021.

Please do not hesitate to contact us should have any questions.