Make Payments in PGK - Papua New Guinean Kina
Pay in Papua New Guinean Kina (PGK)
Mondial Change allows you to make international payments in PGK (Papua New Guinean Kina) with ease. Manage your beneficiaries in Papua New Guinean Kina, track your transactions in real-time, and benefit from a secure online platform. We do not apply any exchange commission on your PGK operations (a spread is applied to the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Papua New Guinean Kina (PGK)
It is currently not possible to receive payments in PGK.
Mondial Change Answers All Your Questions About Payments in Papua New Guinean Kina (PGK)
What is the timeframe for a PGK payment to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a Papua New Guinean Kina transfer to be credited to the beneficiary's account. However, please note that these timeframes are not contractual, and our partners responsible for executing and routing payments cannot be held liable if PGK payments are credited beyond 2 business days to the beneficiary's account. External events such as processing times by intermediary banks, public holidays, execution time, or compliance checks can significantly impact payment receipt times.
What are the fees for a payment in Papua New Guinean Kina (PGK)?
The fees applied to transfers in Papua New Guinean Kina (PGK) generally range from 0 to 10 euros depending on the agreement with Mondial Change's trading room. The rate primarily depends on your annual PGK exchange volume and the number of Papua New Guinean Kina payments made during the year.
Are there minimum or maximum amounts for payments in Papua New Guinean Kina (PGK)?
Mondial Change and its partners verify that your Papua New Guinean Kina flows are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well in advance of the validation of your operations.
What are the specific rules for executing a payment in Papua New Guinean Kina (PGK)?
For PGK payments via the SWIFT network, at a minimum, the following information must be provided:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Papua New Guinean Kina (PGK) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Papua New Guinean Kina (PGK) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment was not executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Papua New Guinean Kina (PGK) cannot be executed?
January 1st: New Year’s Day
Variable date: Good Friday
Variable date: Easter Monday
Variable date (2nd Monday in June): King’s Birthday
July 23rd: Remembrance Day
August 26th: National Repentance Day
September 16th: Independence Day
December 25th: Christmas Day
December 26th: Boxing Day
History of the Papua New Guinean Kina
The kina (PGK) has been the official currency of Papua New Guinea since 1975, the year of the country's independence from Australia. The word "kina" comes from a traditional shell used as currency in some local societies. The kina replaced the Australian dollar, which was previously in use. Although the PGK experienced some stability in its early years, it faced periods of high inflation in the 1990s. Today, the kina is subdivided into 100 toea and remains the main currency in circulation throughout the territory.
Monetary Policy of the Papua New Guinean Kina
The Bank of Papua New Guinea is responsible for the country's monetary policy. Its main objective is to ensure price stability and preserve the value of the kina. It intervenes in financial markets to regulate the money supply, manage interest rates, and control foreign exchange reserves. The PGK operates under a managed floating exchange rate regime, with frequent central bank interventions to contain volatility. In recent years, the institution has faced challenges such as declining commodity exports, affecting foreign currency liquidity.
Characteristics of the Papua New Guinean Kina
The Papua New Guinean Kina (PGK) is a relatively less traded local currency on international markets. However, it is essential to the national economy, particularly in transactions related to the mining, agricultural, and forestry sectors. PGK banknotes and coins are printed with emblematic cultural and historical elements of the country. Residents also frequently use the Australian or American dollar in some tourist or business areas. Despite macroeconomic challenges, the PGK remains a symbol of economic sovereignty, supported by monetary and fiscal reforms aimed at strengthening confidence in the currency.