Money and Banking in New Caledonia
South Pacific Francs XFP
New Caledonia money is the South Pacific Franc or Cour de Franc Pacifique, abbreviated XFP or CFP. It is tied to the value of the French Franc at a fixed rate of 0.55 FF equal to 1 CFP..
The Bank Caledonienne d'Investissement (BCI) has branches throughout New Caledonia can can provide cash advances on credit or debit cards. The BCI has the lowest commission for exchanging foreign currency or travellers checques.
There are ATMs in Noumea that accept Cirrus credit cards and debit cards.
The best place to cash travellers checques is at the American Express Office on rue near the Place des Cocotiers. They do not charge commission for cashing or selling American Express travellers checques.
Expensive living
Noumea is expensive. If something costs $1 in Australia you will generally find the same product for 120 CFP in Noumea. With the CFP valued at 74 per $1 Australian that means the $1 item will be costing around AUD$ 1.6 plus any exchange commissions at the bank. In general, living costs are about 60% higher than in Australia.
Parts and supplies for boats are even higher because of the import duty on such items.
There are exceptions to this rule of thumb. High quality marine products imported directly from France are often reasonably priced. The price of a skilled tradesman - carpenders, welders, electricians will often surprise you - and they do excellent work.
In the market, fresh vegetables (often imported but also locally grown) are stunningly expensive but fresh aquacultured prawns are an excellent buy. Locally grown chickens are the highest priced in the Pacific - possibly in the world - but imported frozen chickens from the US are reasonable. French wines and excellent locally produced beers are reasonably priced in the supermarkets.
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