Inward Remittance

Inward Remittance

Inward remittance is a transfer of money from overseas bank to KBZ bank with  the purpose of receiving fund for trade ,services, investment, capital brought in,doing business ,etc..

Remittance Methods

  Worker’s Remittance

  Western Union (Inbound)

  Inward Telegraphic Transfer (via SWIFT)

Worker’s Remittance

Required Documents

  • NRC/ ID card(original/copy)
  • Code Number , Account Number
  • Self-withdraw

Fees and Charges

  • Within Yangon transactions (No fees)
  • Outside Yangon transactions (Standard transfer charges)

***Fees may differ between account number and cash pick up at the bank with reference code.

Transferable Countries

  • Malaysia    – CIMB, Merchant Trade
  • Thailand    – Kasikorn Bank, CIMB, KrungThai Bank (KTB)
  • Korea          – Marchant Trade
  • Japan          – Merchant Trade
  • Singapore  – CIMB , DBS Bank
  • Laos            – CIMB
  • Cambodia – CIMB
  • Brunei        – CIMB

Western Union (Inbound)

The Western Union Company is an American financial services and communications company. They allow transferring money online to friends and family around the world via Western Union. Customer will be able to withdraw money with provided MTCN1234567890 (Money Transfer Control Number).

Required Documents

  • Receiver’s Identification
  • MTCN number
  • Sender Name
  • Receiver Name
  • Amount
  • Sending Country
  • Self-withdraw

Fees

  • No Service Charges

Transferable Countries

  • All countries around the world except North Korea, Armenia and Iran.

Inward Telegraphic Transfer (via SWIFT)

Telegraphic Transfer is Account-to-Account transfer of money from other countries to Myanmar via SWIFT.

Main Requriement to transfer from Other Countries

  • KBZ SWIFT Code – KBZBMMMY (or) KBZBMMMYXXX
  • Beneficiary A/C Number
  • Beneficiary A/C Name
  • Remittance Information

Fees and Charges

  • For Foreign Currency A/C – USD 10 (or) equivalent amount of USD 10 with SGD and EUR per transaction
  • For MMK A/C – MMK 10,000 per transaction (if outside Yangon A/C – MMK 10,000+standard transfer charges)

Required Documents

Required documents depend on purpose of remittance (eg. agreement, contract, invoices, etc.)
*For any transfer amount of the purpose of Capital / Investment, Loan & Export / CMP Charges, documents must be provided.

Required Documents for Capital / Investment

  1. Certificate of Incorporation
  2. Form I
  3. Form VI
  4. Form XXVI
  5. Memorandum of Association and Articles of Association

Required Documents for Loaned Documents for Loan

  1. Cover Letter
  2. Loan Approval Letter from CBM
  3. Loan Agreement
  4. Repayment Schedule
  5. Certificate of Incorporation
  6. Form I
  7. Form VI
  8. Form XXVI
  9. Memorandum of Association and Articles of Association

Required Documents for Export and CMP

  1. Cover Letter
  2. Export License (no need for Non-License)
  3. Export Declaration
  4. Sales Contract
  5. Commercial Invoice / Proforma Invoice (advance payment)

***For the transfer amount over USD 10,000 of other purposes of remittance, related documents need to be provided.


Why choose Inward Remittance?


Time Saving

he fastest way to transfer money to your loved ones


Cheap Transfer

Make the most of KBZ’s competetive  transfer rates


Quick & Easy

A simple process giving you peace of mind wherever you are


Secure

The safest way to send your money overseas


Transferable Countries

Remitter can directly send money from KBZ correspondent banks. (If remitter wants to send from other banks, need to use KBZ correspondent banks as intermediary.)

KBZ Bank SWIFT Code – KBZBMMMY

List of Correspondent Banks and SWIFT Code

NoBank Name CurrencyCountry
1Industrial and Commercial Bank of ChinaICBKCNBJUSDChina
2Commerz BankCOBADEFFEUR Germany
3BHF BankBHFBDEFFEURGermany
4Sumitomo Mitsui Banking CorporationSMBCJPJTUSD,JPYJapan
5Mizuho Corporate Bank LtdMHCBJPJTUSD,JPYJapan
6United Bank of IndiaUTBIINBBOVEUSDIndia
7KEB Hana BankKOEXKRSEUSDKorea
8Shinhan BankSHBKKRSEUSDKorea
9Kookmin BankCZNBKRSEUSDKorea
10Industrial Bank of KoreaIBKOKRSEUSDKorea
11Malayan Banking Berhad, MaybankMBBEMYKLUSDMalaysia
12CIMB Bank BerhadCIBBMYKLUSDMalaysia
13United Overseas Bank LtdUOVBSGSGUSD,EUR,SGDSingapore
14Oversea-Chinese Banking Corporation LtdOCBCSGSGUSD,EUR,SGDSingapore
15Malayan Banking Berhad,MaybankMBBESGSGUSDSingapore
16Sumitomo Mitsui Banking CorporationSMBCSGSGUSD,EUR,SGDSingapore
17DBS Bank LtdDBSSSGSGUSD,SGDSingapore
18CIMB Bank BerhadCIBBSGSGUSD,SGDSingapore
19Bank Negera IndonesiaBNINSGSGSGDSingapore
20Cathay United BankUWCBTWTPUSD Taiwan
21Bangkok Bank Public Company LtdBKKBTHBKUSD,THBThailand
22Siam Commercial Bank Public Company LtdSICOTHBKUSD,EUR,THBThailand
23Krung Thai Bank Public Company LtdKRTHTHBKUSD,THBThailand
24Kasikorn Bank Public Company LtdKASITHBK USD,EUR,THBThailand

( If the beneficiary bank is not our correspondent bank, need to query our correspondent bank whether it can do as intermediary bank or not. Notice that payment can be rejected or blocked because it may be passed through many banks in the respective countries.)

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