BSP solves currency problems

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BY MELISHA YAFOI and MAXINE KAMUS

The currency exchange limitations faced by customers in Cairns, Australia, is an isolated issue as there are other money changers still exchanging PNG Kina, the BSP boss said.

BSP Financial Limited Group Managing Director Robin Fleming was answering questions from this newspaper about whether money changers in Australia had stopped buying PNG kina.

Mr Fleming said that with the changing spending behavior of travellers, there is much less reliance on local currency cash and much more use of Visa, MasterCard, Union Pay and credit cards. ‘other program cards for carrying out financial transactions abroad.

As a result, he said, fewer travelers leaving Cairns would see the need to buy kina in Cairns before leaving as they can obtain local currency from ATMs in PNG using their cards rather than to buy in a bureau de change in Cairns and many other purchases in PNG. can be done using their cards.

He said that if there was less demand for kina to sell at currency kiosks in Cairns, they might well be more reluctant to buy kina as there would be a cost for these money changers to move physical currency. to PNG if they can’t. sell currency purchased by travelers coming to Port Moresby.

Costs include cash transport costs and the risk of exchange rate fluctuations from the time the currency is purchased until the time the currency can be sent to PNG.

“It may also have been made worse by the recent resumption of flights from Cairns, which would have seen fewer inbound travelers who were not residents of PNG,” he said.

In the meantime, he said BSP has reinstated daily overseas ATM transaction limits for Visa cardholders to 1,500K per day, which is more than enough to meet the ordinary daily cash needs of travellers.

“The only exception to these ATM cash limits are for ATMs in China and the Philippines where there has been unusual activity by people other than the rightful card owner at ATMs in those countries over the past of the last 2 years.

Daily ATM cash limits recognize the greatly reduced need for large amounts of cash abroad, with EFTPSO and e-channels preferred by most retailers, taxis, food vendors and delivery people, which is reflected in a higher EFTPOS limit of 15,000K,” he said. said.

“Visa cardholders are reminded, however, that they have tax clearances in place with eth bank if their combined annual remittance and Visa card usage exceeds K500,000 per year.”

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