Banks and insurance in French Polynesia: opening an account, Pacific Franc, and mandatory insurance
In French Polynesia, three retail banks share the market: Banque de Tahiti, Banque de Polynésie, and Banque Socredo, alongside OPT. The currency is the Pacific Franc (XPF), which is fixed at parity with the euro: 1,000 XPF equals 8.38 €. When it comes to insurance, auto insurance is mandatory, and it's often overlooked that the mainland's « natural disaster » insurance regime does not apply here. Here's what you need to know before choosing your bank and insurance contracts.
- 1 € = 119.33 XPF, fixed exchange rate since the decree of December 16, 1998.
- Credit institutions: Banque de Tahiti, Banque de Polynésie, Banque Socredo.
- Right to a bank account: if your application is refused, the IEOM will assign you a bank.
- Mandatory auto insurance; Cat-Nat regime not applicable in French Polynesia.
- The directory lists 39 banking agencies, 34 insurance agencies, and 6 brokers.
The Pacific Franc (XPF) in practice
The CFP franc was created in 1945; it is shared by French Polynesia, New Caledonia, and Wallis and Futuna, and it is issued by the Institut d'émission d'outre-mer (IEOM). Its parity with the euro is fixed: 1,000 XPF = 8.38 €. For quick mental conversion, remember that 10,000 XPF ≈ 84 €.
European bank cards work, but each payment or withdrawal may incur fees depending on your bank. If you are settling in, a local account is essential quickly: salary, rent, and bills are paid in XPF.
Banks present in French Polynesia
- Banque de Polynésie: agencies on Tahiti and in the islands, for example Fare Ute in Papeete, Tamanu in Punaauia, Papara or Raiatea.
- Socredo Bank: a Polynesian bank, for example the Arue branch.
- Banque de Tahiti: network of branches in Tahiti.
- OPT / Fare Rata: The Post and Telecommunications Office provides financial services through its post offices, which are useful in remote islands.
Financing companies (leasing, consumer credit) and payment institutions complete the offering. The French Development Agency intervenes, in turn, in the financing of projects.
Opening a bank account
Bring a valid ID, a recent proof of address, and generally, a proof of income. If a bank refuses to open an account for you or does not respond within 15 days, you can contact the IEOM under the right to a bank account: it will assign you a bank that must open an account with free basic banking services. You must provide the rejection letter, a valid ID, and a proof of address less than 3 months old.
Good to know: the over-indebtedness procedure of the IEOM is reserved for residents of French Polynesia and New Caledonia.
Mandatory and recommended insurance
Car insurance: mandatory
Auto liability insurance has been mandatory in French Polynesia since a 1967 decision, and it is required before registering a vehicle. Compare offers from local agencies and brokers: Allianz Punaauia, AXA Arue, Anset Assurances, Generali Papeete, QBE…
Home insurance
For a rented property, the 2012 national law on housing leases requires tenant insurance. Even if you're the owner, it remains essential due to climate risks.
Natural disasters: be careful
The natural disaster compensation regime (« Cat-Nat ») applicable in mainland France does not apply in French Polynesia, as noted in a report by the Court of Audit relayed in April 2026. Hurricane, wave, flooding: read your home insurance policy carefully and ask your insurer what is covered. A broker can compare several companies for you, for example Polynésie Assurances in Pirae or Cabinet RPI in Papeete.
Health
Basic coverage is provided by the CPS; a complementary health insurance is recommended, especially for care outside of French Polynesia. See our health guide.
Professionals: choosing the right bank
For a business, compare account maintenance fees, access to payment terminals, deposit times, and the presence of a dedicated advisor. Get support from a certified accountant, and make sure to list your business in the directory so customers can find you: see the options.
Frequently asked questions
How much is 1 euro worth in Pacific francs?
1 € equals 119.33 XPF, and 1,000 XPF equals 8.38 €. The exchange rate is fixed.
What are the banks in Tahiti?
The Bank of Tahiti, the Bank of French Polynésia, and Socredo Bank, as well as the OPT (Fare Rata) for postal and financial services.
What to do if a bank refuses to open my account?
Request a refusal letter and enter the IEOM under the right to open an account: it will designate a bank that must open an account for you.
Is auto insurance mandatory in French Polynesia?
Yes, and it is required before registering a vehicle.
Am I covered in case of a cyclone?
Only if your contract provides for it: the Cat-Nat regime from mainland France does not apply in French Polynesia. Check your coverage.
This article is informational and does not constitute personalized financial advice.
