Unauthorized Foreign Exchange Dealers
- Details
- Category: Press Releases
- Created: 16 June 2022
The Reserve Bank is aware that there are few businesses and individuals throughout Tongatapu and the outer islands that are providing foreign exchange services to the public without a valid Foreign Exchange Dealer license. Please be advised that the Only Authorized Persons to provide foreign exchange services to the public have obtained a valid license by the Reserve Bank pursuant to section 13(1) of the Foreign Exchange Control Act 2018. Therefore, any persons dealing with foreign exchange without a valid license commits an offence and is liable upon conviction to a fine not exceeding $10,000 or imprisonment for a term not exceeding three years or both pursuant to section 13(3) of the Foreign Exchange Control Act 2018.
The public is therefore advised NOT to carry out any foreign exchange transactions with Unauthorized Persons. We encourage the public to report any persons providing unauthorized foreign exchange services to the Reserve Bank. An Authorized Person can be identified by its requirement to display their license in its principal place of business. All Unauthorized Persons dealing in foreign exchange services are to immediately cease and desist operations and apply to the Reserve Bank for a valid license.
The following entities are the ONLY Authorized Persons licensed to deal in foreign exchange under the Foreign Exchange Control Act 2018:
License Type A (Inward & Outward Remittances)
- FEXCO Tonga Limited
- Rowena Financial Services t/a IMEX Money Transfer
- T&T Money Transfer
- KlickEx Trading Limited
- Maka Mo’ui Trading Services & Financial Institution Limited
- Frank Money Transfer
- Manatu ‘Ofa Money Transfer
- Island Flexi Transfer
- Toumu’a Money Transfer Company Limited
- ‘Ave Pa’anga Pau TDB Limited
License Type B (Inward Remittances Only)
- Digicel Tonga Limited t/a Digicel Mobile Money
- Tonga Post Limited
- Nikua Money Transfer
- Joy Trading Company Limited
- Tokowireless Limited
License Type C (Foreign Currency Conversion Only)
- Jones Travel Limited
Foreign Exchange Dealer under Banking Licenses
- MoneyGram Agent – Bank of the South Pacific
- Friendly Island Bookshop – MoneyGram Sub Agent to BSP
- LunaEva Malapo Branch – MoneyGram Sub Agent to BSP
- LunaEva Nuku’alofa Branch – MoneyGram Sub Agent to BSP
Enquiries
Non-Bank Financial Institutions Department
National Reserve Bank of Tonga
Fasi mo e Afi
NUKU'ALOFA
Telephone: (676) 24057
Fax: (676) 24201
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Resources
Press Release in English 179 KB - Download a copy of the full press release. |
| Press Release in Tongan 182 KB - Download a copy of the full press release. |
