Unauthorised foreign exchange in Tonga is illegal

PUBLIC NOTICE

Unauthorised Foreign Exchange Services

Unauthorised foreign exchange in Tonga is illegal

The National Reserve Bank of Tonga wishes to warn the public that money transfer business is restricted to Authorised Persons with a valid license issued by the Reserve Bank, as required by section 13(1) of the Foreign Exchange Control Act 2018 (FEC Act). Any person conducting foreign exchange services or money transfer business without a valid license commits an offence and is liable upon conviction to penalties under section 13(3) of the FEC Act. All persons that intend to carry on foreign exchange services must submit an application to the Reserve Bank for a license to provide such services.

Members of the public are hereby advised that the entities listed below are Authorised Persons to conduct foreign exchange services business under the FEC Act in Tonga:

License Type A (Inward & Outward Remittances)

1. FEXCO Tonga Limited
2. Frank Money Transfer
3. KlickEx Trading Limited
4. Manatu ‘Ofa Money Transfer
5. Rowena Financial Services t/a IMEX Money Transfer
6. 'Ave Pa’anga Pau – Tonga Development Bank
7. Island Flexi Transfer
8. Toumu’a Money Transfer
9. Maka Mo’ui Trading Services & Financial Institutions Limited
10. Fiefia Finance Money Transfer
11. Digicel Tonga Financial Services Limited
12. Freedom Pacific Limited

License Type B (Inward Remittances Only)

1. Tonga Post Limited
2. Nikua Money Transfer
3. Joy Trading Company Limited
4. Tokowireless Limited
5. L & G Money and Shopping Transfer

License Type C (Foreign Currency Conversion Only)

1. Jones Travel Limited

Foreign Exchange Dealer under Banking Licenses

1. MoneyGram Agent – Bank of the South Pacific
   1. Friendly Island Bookshops – MoneyGram Sub Agent to BSP
   2. LunaEva Malapo Branch – MoneyGram Sub Agent to BSP
   3. LunaEva Nuku’alofa Branch – MoneyGram Sub Agent to BSP
   4. Cocker Enterprise Store, Ma’ufanga - MoneyGram Sub Agent to BSP
   5. Sinipata Talanoatau Store, Longolongo - MoneyGram Sub Agent to BSP
   6. Maka Gas Station & Supermarket Store, Talau Vava’u - MoneyGram Sub Agent to BSP
   7. Matafonua Water Sports Resort, Faleloa Ha’apai - MoneyGram Sub Agent to BSP
   8. Payless USA, MoneyGram Sub Agent to BSP

Members of the public are cautioned against doing business with unauthorised foreign exchange dealers or money transfer operators, and are encouraged to report to the National Reserve Bank of Tonga any person or business that is advertising or providing foreign exchange services but is not an Authorised Person.

For further details please contact:

Financial System Department National Reserve Bank of Tonga
Telephone: (676) 24 057; Fax (676) 24 201;
Email: nrbt [at] reservebank [dot] to;
Website: www.reservebank.to

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#7967 Sponsored Public Notice, posted by the National Reserve Bank of Tonga, 22 May - 22 June 2024.