Transfers and direct debits in the Pacific : Practical and secure solutions for your transactions.

A bank transfer is a simple way to send money: you authorise your financial institution to transfer a sum from your account to a beneficiary’s account.

This method is commonly used by businesses to pay suppliers and salaries, as well as by public administrations for social benefits.

You can make a bank transfer in two ways :

• Online: Log in to your online banking or mobile app. This is the most convenient option and is often free.
• At a branch: Visit your bank’s counter and request the transfer. Service fees may apply.

A direct debit is authorisation that you give to a creditor to collect payments directly from your bank account.

Before any withdrawal can take place, the creditor must obtain a direct debit mandate signed by you. This makes it the ideal solution for recurring payments, such as bills, subscriptions and membership fees. Whether the amounts are fixed or variable, payments are made automatically, so you don’t need to do anything.

Transfers and direct debits in F CFP are carried out within the same territory as each collectivity has its own interbank system.

The IEOM is responsible for ensuring the security of non-cash payment methods and the proper functioning of interbank exchange systems in New Caledonia, French Polynesia and Wallis and Futuna.

The Pacific territories are not part of SEPA (the Single Euro Payments Area), which ensures harmonised payment practices across European countries. However, to ensure that euro transactions between mainland France and the French overseas departments (DOM) and collectivities (COM) in the Pacific remain seamless, the SEPA COM Pacific system has been implemented by the CFONB (Comité français d’organisation et de normalisation bancaires — French Committee for Banking Organisation and Standardisation) and the French legislature.

This system uses interbank formats that are identical to those used in Europe for SEPA credit transfers and SEPA direct debits.

These transactions must use :

• ISO 20,022 XML syntax for payment messages sent electronically to another payment service provider or via a retail payment system,
• IBAN to identify the payer’s and beneficiary’s bank accounts..

Follow these key tips to protect your money transfers :

• Before confirming any transaction, always double-check the recipient’s Iban and BIC : A simple typing error could result in your money being sent to the wrong account, and it is never guaranteed that the funds can be recovered.

• Be cautious with urgent requests : an unexpected, high-pressure transfer demand should raise a red flag. Scammers often create a false sense of urgency to push you into acting without thinking.

• Your login credentials and banking details are personal : : never share them by phone or email, even if the request seems trustworthy.

• Beware of suspicious links : never enter your banking information after clicking on a link received via unsolicited email or text message.

• Keep a record of your transfers : saving a copy or receipt of each transaction can help protect you and serve as evidence in case of a dispute or formal complaint.

• Enable account alerts when available your bank can notify you of each transaction, helping you to react quickly if necessary.

• Check your bank statements regularly to spot any unusual activity without delay.

One last golden rule : If in doubt, don’t make the transfer!

Best practices to prevent transfer fraud

• Plan ahead for payment deadlines and make sure your account is sufficiently funded before each direct debit is taken. If it is not, the debit will be rejected and you may incur bank fees.

• Validity period of direct debit mandates : your mandate may be for a single debit or for a series of debits. You can cancel it at any time by contacting the creditor directly.
  Please note that a mandate that has not been used for 36 months becomes invalid and requires a new signature.

• Disputing a direct debit: :
  - Authorised direct debit: you have 8 weeks from the debit date to dispute the transaction. Your financial institution must refund the amount within 10 business days of your request.
  - Unauthorised direct debit: the dispute period is 13 months (or 70 days if the creditor is located outside the European Economic Area). The refund must be issued on the next business day.

In both cases, if the dispute is justified, your financial institution must also refund any overdraft fees or related charges.

• Disputes with creditors : be aware that blocking a direct debit does not cancel your debt. If your bank reimburses you, you are still required to pay the amount owed to the creditor using an alternative payment method.

• Monitor your transactions : regularly checking your bank statements helps to ensure that debited amounts match your authorisations, and enables you to quickly detect any irregularities.

• Protect your banking details : only share your bank account information (RIB/IBAN) with trusted organisations.

• Think a debit looks suspicious Don’t wait – contact your financial institution immediately to block it.

Best practices to prevent direct debit fraud