Best Ways to Make a Money Transfer:
The best ways to doing this in Papua New Guinea is via wired transfer. The "Western Union" is a credible money transfer agent providing effective services capable of getting money in and out the country. The process of transferring money using the Western Union is fast with no delay.
Western Union branches can be found throughout Papua New Guinea making it very convenient to access and use as a preferred method of money transfer and is an international known agent.
Types of Options to Send Money:
Papua New Guinea offers various options to sending money such as:
Like most developing African countries the option through sending money via the bank is available. Though proving the tedious processes involved when it comes to receiving money. Dealing with the banks is an 'okay' option as they provide strong security hence are a secure option.
Western Union(Trusted Agent Method):
Another option would be a trusted agent. This agent(Western Union) is very popular and trusted by many African nations including Papa New Guinea due to its efficiency. The benefit to this method is the extensive coverage offered by the agent throughout different cities and regions world wide.
Money transfers made via Western Union are quick as they follow up on time management quite strictly.
Restrictions on Sending/Receiving Money:
The Papua New Guinean Kina(PGK) currency might prove to be challenging when sending abroad due to the limitation of the currency. The countries government requires compliance with the customers of the banks nationwide essential to money transactions. Currently, there are no limitations as to the amount one can send and receive, only different principles that the banks and transfer agents have regarding the issue.
The Process of Sending Money:
Papua New Guineas governing sector has issued rules and regulations needed to be obliged when transferring money.
Simple processes such as proof of identification(Passports..etc), Filling out forms, Documentation, and Signing of files are all required by the government. The Larger transaction would require more paperwork before the process is completed.
Brief Economic Trend:
The economy of Papua New Guinea was estimated slowed at 2.0% back in 2016 as compared to exponential rising growth rates in the previous four years. It is expected to fully accelerate to about 2.5% in 2017 and keep rising gradually.
The Bank of Papua New Guinea is the governing bank of the country. First established by the central banking Act of the government in 1973, it continues to remain Papua New Guinea's primary bank.
Send Money to Papua New Guinea?
Making regular transfers to Papua New Guinea
It is advised that if you are sending regular payments abroad you should use a foreign exchange broker to ensure you get the most out of your exchange rate.
Currency for Papua New Guinea?
The Kina (PGK) is the official currency of Papua New Guinea.
Need to transfer money to Papua New Guinea see foreign exchange companies offering the best currency deals.
Even if you are sending money to pay your mortgage, Importing or exporting or money to paying oversea suppliers? No matter who you intend to pay use a foreign exchange broker it is cheaper than using high street banks.
Credit Cards accepted in Papua New Guinea?
The following credit cards are accepted MasterCard and Visa as well as others major credit cards including dollar cheque cards. Always check with your credit card company for details of merchant acceptability and other services which may be available before you go on holiday or travel abroad / overseas
Traveller's cheques in Papua New Guinea?
Traveller's cheques are accepted in all banks and bureaus, though to avoid any extra service charges it is recommended that the cheques are in either US Dollars, Pounds Sterling. ATMs are available in most towns.
Currency restrictions in Papua New Guinea?
There are no restrictions on the import and export of either local or foreign currency.
Banks in Papua New Guinea
Bank Opening Hours
Monday to Thursday 09.30- 16.00 - Friday - 09.30 - 17.00
In Papua New Guinea, you can exchange your currency at most Banks as well as many exchange bureaus that you will find in popular areas, such as Port Moresby, Lae, Arawa, Mount Hagen and Madang. In most banks when you are exchanging currency, you will need your passport. If you do not have this with you, then the bank may refuse to exchange your currency.
Electricity - 240V, 50 Hz