Currency in Papua New Guinea PGK - Things to know
Foreign exchange guide to Papua New Guinea and the Papua New Guinean kina
What's in this Papua New Guinea currency guide?
What currency is used in Papua New Guinea?
The official currency of Papua New Guinea (country code: PG) is the Papua New Guinean kina, with symbol K and currency code PGK.
Things to know about the Papua New Guinean kina
The Papua New Guinean kina (PGK) is the official currency of Papua New Guinea, a country located in the southwestern Pacific Ocean. Here are a few things to know about the Papua New Guinean kina:
- The Papua New Guinean kina is abbreviated as PGK and is divided into 100 toea.
- The Bank of Papua New Guinea is responsible for issuing and regulating the Papua New Guinean kina.
- The exchange rate for the Papua New Guinean kina is determined by supply and demand in the foreign exchange market.
- Papua New Guinea has a largely agricultural economy, with a significant portion of the population engaged in farming and livestock production. The country is also rich in minerals, including gold and copper, and has a growing mining sector.
- The Papua New Guinean kina has been relatively stable in recent years, but the currency has faced challenges due to economic challenges such as high inflation and a large trade deficit.
Travel money for Papua New Guinea
Save money and time by Ordering your Papua New Guinean kina online from Travelex, you get better rates and can pick up the PGK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Papua New Guinean kina otherwise you may get much worst exchange rates.
Travel Ideas and Money Tips for Papua New Guinea
parts of Papua New Guinea are still unexplored and unvisited. Wandering around Papua New Guinea will make you wonder as if there is no civilizations yet discovered. The tropical birds, the vibrant colors, the composite cultures and the tribal traditions will make you fall in love with this place. This country of biological diversity and immense culture is known for its beaches, scuba diving and coral reefs.
What currency should I take to Papua New Guinea?
Papua New Guinea's currency is the PNG Kina which is divided into 100 toea. K100, K50, K20, K10, K5 and K2 notes and a K1 coin are in circulation. Port Moresby hotels, restaurants, shops, rental car companies, Papua New Guinea tours and cruise operators and travel agents accept most major credit cards including Amex, Diners, Master Cards and Visa Cards. Australian dollars are widely accepted but you may be charged extra as the is a fee at the banks to convert Aussie dollars to PNG Kina.
The airport branch of Bank South Pacific is located in the international terminal at Port Moresby airport just near the exit from the Customs Arrival Hall. its open for all flights and offers normal bank rates. Hands down it is the best place to buy PNG kina. The buying rate here in PNG is always going to be better than the selling rate there in Australia.
How to travel in Papua New Guinea?
About 2000 airstrips have been cut out of the bush or into hill tops and coral islands during the last 80 years or so. Although less than a quarter of these airstrips are regularly used today, PNG is heavily reliant on air transport to connect its isolated and scattered population.
There are no passenger vessels linking the north and south coasts or any running along the south coast. Things are a little better on the northern coast and from the mainland to the island provinces with scheduled services offered by two companies. Chebu Shipping offer a dedicated ferry service (plus cargo), whereas Star Ships (aka Rabaul Shipping) vessels now carry primarily cargo and some passengers. Students are sometimes entitled to discounts.
PMV (public motor vehicle) is the generic term for any type of public transport and wherever there are roads, there will be PMVs. Whether it’s a dilapidated minibus, a truck with two facing wooden benches, a pick-up with no seats whatsoever but space in the tray, or any other means of transport (boats are also referred to as PMVs), the PMV is one of the keys to travelling cheaply in PNG. It’s also one of the best ways to meet local people.
Driving yourself around PNG is not really a viable way of travelling because the country has only a few roads – the Highlands (Okuk), Ramu and Sepik Hwys – that connect two or more places you might want to visit.
Travel tips for Papua New Guinea.
More than 800 distinct languages are spoken in Papua New Guinea. Melanesian Pidgin and Hiri Motu are the two most widely used, although English is the official language in education, businesses and government circles.
Vast tracts of the country are wild and undeveloped, with magnificent scenery that ranges from pristine coral atolls to volcanic mountains, dense tropical rainforest and large rivers. The mainland is divided by the Owen Stanley Range, a massive central spike with peaks towering over 4,000m.
Make the most of your trip to Papau New Guinea by the spectacular scuba diving, swimming and snorkeling opportunities at the beautiful beaches of the country. The crystal clear waters of the oceans around Madang, Tufi and many of the other island provinces are brilliantly flawless especially around the coral reefs.
USD/PGK Market Data
The below interactive chart displays the USD/PGK trend and UP▲ DOWN▼ HIGH▲ LOW▼ alerts
Frequently Asked Questions
What currency should I use in Papua New Guinea?
The domestic currency in Papua New Guinea is the Papua New Guinean kina.
What is the Papua New Guinean kina currency code and symbol?
The three letter currency code for the Papua New Guinean kina is PGK — symbol is K.
Which countries use the Papua New Guinean kina?
It is the domestic currency in Papua New Guinea.
Is the Papua New Guinean kina a closed currency?
No, the Papua New Guinean kina is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of USD and PGK?
Converted at USD/PGK interbank rate, compare Send Money and Currency Exchange exchange rates.
Send Money to Papua New Guinea - Best Rates
To get a good (and fair) exchange rate when sending money to Papua New Guinea you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers to Papua New Guinea
When sending money to Papua New Guinea it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Papua New Guinean kina amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted PGK amount will be transfered to the recipient account you specify in Papua New Guinea.
Use the above calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Papua New Guinean kina deposited into the recipient bank account and less margins and fees kept by the banks!
Expat Money & Business Guide to Papua New Guinea
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Papua New Guinea.
What is the cost of living in Papua New Guinea?
The cost of living in Papua New Guinea is relatively low when compared to other countries in the world. Expenses such as accommodation, food, and transportation are relatively affordable when compared to Western standards.
How is the expat life in Papua New Guinea?
Expat life in Papua New Guinea can be quite challenging at times, due to the lack of infrastructure and basic services. However, there is a strong sense of community among expats, and many find the experience to be very rewarding.
Any laws in Papua New Guinea that foreigners should be aware of?
There are many laws in Papua New Guinea that foreigners should be aware of. These laws include:
- The Constitution of Papua New Guinea.
- The Papua New Guinea Criminal Code.
- The Papua New Guinea Customs Act.
- The Papua New Guinea Immigration Act.
- The Papua New Guinea Tax Act.
What is doing business like in Papua New Guinea?
Doing business in Papua New Guinea can be challenging, as the country faces significant infrastructure and economic development challenges. While there are opportunities for business growth, such as in the mining and agriculture sectors, corruption and violence can be major deterrents.
How is the economy in Papua New Guinea?
The economy of Papua New Guinea is underdeveloped. The country has a population of over 7 million people, and its GDP per capita was estimated at $2,841 in 2019. The country is rich in natural resources, including gold, copper, oil, and natural gas, but these resources have not been exploited effectively due to a lack of infrastructure and political instability. Papua New Guinea is a member of the Commonwealth of Nations and the Asia-Pacific Economic Cooperation (APEC).
Managing your finances in Papua New Guinea
Here we list some key points for expats and businesses to consider when managing financial dealings in Papua New Guinea:
Understand Papua New Guinean kina currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the PGK exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Papua New Guinean kina bank account: A local PGK bank account can make it easier for you to manage your finances and pay bills while you are in Papua New Guinea. It may also be more convenient to use a local PGK bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Papua New Guinea. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Papua New Guinea. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Papua New Guinea, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
