CBN Increases Outbound International Money Transfer Limit

Tuesday, October 14, 2014 1.15 PM/ CBN

Further to the recent guideline on the International Money transfer services referenced TED/FEM/FPC/GEN/01/016 dated September 26, 2014, particularly Paragraph 3.6.1, Authorised Dealers and members of the General Public are hereby notified that the threshold of $2,000.00 per transaction has been reviewed upward.

Accordingly, the allowable limit for the outbound international money transfer of $2,000.00 per transaction has been increased to $5,000.00 or its equivalent per transaction.

However, it is important to note that this service is only applicable to "person-to-person" transfer. For the avoidance of doubt, corporate entities are not allowed to use this product.

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