Many people wanting to send money to friends and family living and working or doing business overseas may have found it difficult due to the foreign currency ceiling set by the Papua New Guinea government in 2015/16. The issue is real and current.
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| Consult your bank for the respective forms |
Unlike in the past where you can do overseas transactions freely, presently you may send less than 30 thousand Kina to an overseas account. That means that there is a *fixed* amount to be sending per month.
It may depend on which bank you are banking with, so find out with your bank about how much the bank can let you send in one transaction.
It may depend on which bank you are banking with, so find out with your bank about how much the bank can let you send in one transaction.
Find out about How to Change Your BSP PIN at the ATM
1. Complete an application form with your bank to raise the amount you want to send overseas. If you do not do that you will send less than K5000 per month.
2. Complete a telegraphic transfer at the bank. You'd have to personally go into bank to do this manually. Alternatively, it is much easier and faster to transfer money online. You just have to register for Internet banking.
3. Complete a Bank of PNG Form- R1 (BoP-R1) and submit it to your bank, online. (Contact me for a copy of BoP form or direct email address if you need it).
The transfer is a monthly transaction done not more than once per month. Simply, follow the three processes to send money overseas will save you time, effort and headache of standing in queues.
The transfer is a monthly transaction done not more than once per month. Simply, follow the three processes to send money overseas will save you time, effort and headache of standing in queues.
