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Offshore news !

Vanuatu To Join The World’s Optical Fibre Internet Backbone

As part of the Government Vanuatu’s commitment to encourage the development of e-business and IT infra- structure, the Vanuatu Government has thrown it’s full support behind the current Joint Venture project between Interchange Limited, a Vanuatu local IT company and Alcatel-Lucent, the giant French telecommunications company to deploy Vanuatu’s first international submarine cable system linking Port Vila, the capital of Vanuatu, to Suva, Fiji.

Scheduled for completion in mid 2012, this new system will deliver faster, more efficient and cost-effective Internet connectivity to the pacific island nation, while removing the current dependence on satellite and strengthening Vanuatu’s competitive position as an e-business hub.

Credit Cards

Apart from the Westpac Banking Corporation, all other banks in Vanuatu do not issue credit cards.

Westpac Banking Corporation (Westpac).

Westpac’s card is issued by American Express and is denominated in the local currency, the Vatu.

You will be required to place funds of 100% of the credit limit required as a security deposit upon approval of the application.

A card can be applied for a company, however the card cannot be issued in just the company’s name, the beneficial owner or the director’s name must show on the card.

This facility can be linked to your internet banking platform and you can view and manage all your transactions there.

Payment of monthly balances can be done from here.

MasterCard Credit Card.

We have an arrangement in place for a number of years now with a credit card provider, a Trust Company with a banking license, based in the Caribbean that offers credit cards issued by MasterCard. This card is denominated in USD.

There is a security deposit of 125% of the credit limit required.

This card facility also has internet banking which only allows you to view the balance and transaction history.

You may have more than one card issued to different persons on the same account; however the credit limit will remain the same. You may also have just the company’s name on the card.

Payment of monthly accounts will have to be done by telegraphic transfer instructions to the Vanuatu bank where you account is held with.

This company has full support staff you can contact 24/7.