diff --git a/passbook/flows/transfer/exporter.py b/passbook/flows/transfer/exporter.py
index 44ca05b75..9e97f3ac8 100644
--- a/passbook/flows/transfer/exporter.py
+++ b/passbook/flows/transfer/exporter.py
@@ -1,6 +1,9 @@
 """Flow exporter"""
 from json import dumps
-from typing import Iterator
+from typing import Iterator, List
+from uuid import UUID
+
+from django.db.models import Q
 
 from passbook.flows.models import Flow, FlowStageBinding, Stage
 from passbook.flows.transfer.common import DataclassEncoder, FlowBundle, FlowBundleEntry
@@ -15,11 +18,24 @@ class FlowExporter:
     with_policies: bool
     with_stage_prompts: bool
 
+    pbm_uuids: List[UUID]
+
     def __init__(self, flow: Flow):
         self.flow = flow
         self.with_policies = True
         self.with_stage_prompts = True
 
+    def _prepare_pbm(self):
+        self.pbm_uuids = [self.flow.pbm_uuid]
+        for stage_subclass in Stage.__subclasses__():
+            if issubclass(stage_subclass, PolicyBindingModel):
+                self.pbm_uuids += stage_subclass.objects.filter(
+                    flow=self.flow
+                ).values_list("pbm_uuid", flat=True)
+        self.pbm_uuids += FlowStageBinding.objects.filter(target=self.flow).values_list(
+            "pbm_uuid", flat=True
+        )
+
     def walk_stages(self) -> Iterator[FlowBundleEntry]:
         """Convert all stages attached to self.flow into FlowBundleEntry objects"""
         stages = (
@@ -37,21 +53,24 @@ class FlowExporter:
             yield FlowBundleEntry.from_model(binding, "target", "stage", "order")
 
     def walk_policies(self) -> Iterator[FlowBundleEntry]:
-        """Walk over all policies and their respective bindings"""
-        pbm_uuids = [self.flow.pbm_uuid]
-        for stage_subclass in Stage.__subclasses__():
-            if issubclass(stage_subclass, PolicyBindingModel):
-                pbm_uuids += stage_subclass.objects.filter(flow=self.flow).values_list(
-                    "pbm_uuid", flat=True
-                )
-        pbm_uuids += FlowStageBinding.objects.filter(target=self.flow).values_list(
-            "pbm_uuid", flat=True
+        """Walk over all policies. This is done at the beginning of the export for stages that have
+        a direct foreign key to a policy."""
+        # Special case for PromptStage as that has a direct M2M to policy, we have to ensure
+        # all policies referenced in there we also include here
+        prompt_stages = PromptStage.objects.filter(flow=self.flow).values_list(
+            "pk", flat=True
         )
-        # Add policy objects first, so they are created first
-        policies = Policy.objects.filter(bindings__in=pbm_uuids).select_related()
+        query = Q(bindings__in=self.pbm_uuids) | Q(promptstage__in=prompt_stages)
+        policies = Policy.objects.filter(query).select_related()
         for policy in policies:
             yield FlowBundleEntry.from_model(policy)
-        bindings = PolicyBinding.objects.filter(target__in=pbm_uuids).select_related()
+
+    def walk_policy_bindings(self) -> Iterator[FlowBundleEntry]:
+        """Walk over all policybindings relative to us. This is run at the end of the export, as
+        we are sure all objects exist now."""
+        bindings = PolicyBinding.objects.filter(
+            target__in=self.pbm_uuids
+        ).select_related()
         for binding in bindings:
             yield FlowBundleEntry.from_model(binding, "policy", "target", "order")
 
@@ -64,14 +83,18 @@ class FlowExporter:
 
     def export(self) -> FlowBundle:
         """Create a list of all objects including the flow"""
+        if self.with_policies:
+            self._prepare_pbm()
         bundle = FlowBundle()
         bundle.entries.append(FlowBundleEntry.from_model(self.flow, "slug"))
         if self.with_stage_prompts:
             bundle.entries.extend(self.walk_stage_prompts())
+        if self.with_policies:
+            bundle.entries.extend(self.walk_policies())
         bundle.entries.extend(self.walk_stages())
         bundle.entries.extend(self.walk_stage_bindings())
         if self.with_policies:
-            bundle.entries.extend(self.walk_policies())
+            bundle.entries.extend(self.walk_policy_bindings())
         return bundle
 
     def export_to_string(self) -> str: