CBN Increases Outbound International Money Transfer Limit

Regulators
2971 VIEWS
Proshare - Facebook Proshare - Twitter Proshare - Linked In Proshare - WhatsApp
Proshare

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.

Related News
1.
CBN Releases Collateral Registry Regulation - Proshare

2 .CBN Releases Circular on the Acceleration of ... - Proshare

3. CBN Rolls Out Electronic Payments Incentive ... - Proshare

4 .CBN releases new guidelines for forex sale - Proshare

 

 

READ MORE:
Related News
SCROLL TO TOP