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

(1) Inward Remittance

  • International Fund Transfer to KBZ Accounts (Thunes)
  • Ria (Inbound)
  • KEB Hana Bank (Hana EZ Mobile Application) 
  • Kasikorn Bank (K Plus Mobile Application)
  • KrungThai Bank (APG Web Application)
  • Western Union (Inbound)
  • Inward Telegraphic Transfer (via SWIFT)
  • Merchant Trade (Inbound)

International Fund Transfer to KBZ Bank Accounts

KBZ Bank provides an International Fund Transfer service for workers in Korea, Malaysia, and Singapore via TransferTo (Thunes) which is a payment network enabling the seamless movement of funds around the world. 

How it works

TransferTo (Thunes) Partners

Transferable Countries

  • Korea
  • Malaysia
  • Singapore

Fees

  • No service charges from Receiver

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Required Information for Beneficiary

The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)

  • Receiver’s Name
  • Receiver’s KBZ Bank Account Number

Benefits for Beneficiary Customers

  • Funds received directly into your KBZ bank account
  • Receive payment instantly in local currency (Real-time transaction) 
  • Can easily withdraw money at KBZ Branches and via ATM or KBZPay

Ria (Inbound)

Ria Money Transfer is an international remittance service affiliated with KBZ Bank. Ria facilitates wages remittances made by overseas workers from Myanmar, through Ria Network in their respective countries, directly into the receiver’s accounts with KBZ Bank and KBZPay in Myanmar with real-time transactions.

Required Information for Beneficiary

The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)

  • Receiver’s Name
  • Receiver’s KBZ Bank Account Number (or) Receiver’s KBZPay Wallet Number (KBZPay account needs to be a Level 2 account)

Transferable Countries

  • Malaysia
  • Japan
  • Oman

How it works

Fees

  • No service charges from the Receiver

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Benefits for Beneficiary Customers

  • Funds received directly into your KBZ bank account (or) KBZPay account
  • Receive payment instantly in local currency (Real-time transaction) 
  • Can easily withdraw money at KBZ Branches, KBZPay Centers and  KBZPay agents.

KEB Hana Bank (Hana EZ Mobile Application)

Migrant workers working in South Korea can now use KEB Hana Bank’s Hana EZ App to transfer funds to their families in Myanmar. The funds will be received in KBZ Bank Account (or) KBZPay Wallet directly in real time.

Main Transferable Country

  • Korea

Fees

  • No service charges from Receiver

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Required Information for Beneficiary

The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)

  • Receiver’s Name
  • Receiver’s KBZ Bank Account Number (or) Receiver’s KBZPay Wallet Number (Level 2)

Benefits for Beneficiary Customers

  • Funds received directly into your KBZ bank account (or) KBZPay wallet 
  • Receive funds instantly in local currency (Real-time transaction) 
  • Can easily withdraw money at KBZ Branches, ATM, KBZPay Centers and KBZPay Agent

Kasikorn Bank (K Plus Mobile Application)

Migrant workers working in Thailand can now use K Plus App to transfer funds to their families in Myanmar. The funds will be received in KBZPay Wallet directly in real-time.

Main Transferable Country

  • Thailand

Fees

  • No service charges from the Receiver

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Required Information for Beneficiary

  • The receivers need to have KBZPay Wallet Number (Level 2)

Benefits for Beneficiary Customers

  • Funds received directly into your KBZPay wallet
  • Receive funds instantly in local currency (Real-time transaction)
  • Can easily withdraw money at KBZ Branches, ATM, KBZPay Centers, and KBZPay Agent

Krungthai Bank (APG Web Application)

Myanmar migrant workers living in Thailand can easily send money back home to KBZ Bank account directly through Krungthai Bank (APG Web Application).

Main Transferable Country

  • Thailand

Fees

  • No service charges from Receiver

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Required Information for Beneficiary

The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)

  • Receiver’s Name
  • Receiver’s KBZ Bank Account Number

Benefits for Beneficiary Customers

  • Funds received directly into your KBZ bank account
  • Receive funds instantly in local currency
  • Can easily withdraw money at KBZ Branches and ATMs

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).

Fees

  • No Service Charges

Required Documents

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

Transferable Countries

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

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

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 11 (or) equivalent amount of USD 11 with SGD and EUR per transaction
  • For MMK A/C – MMK 12,000 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

  • Company Registration (Certificate of incorporation + Company Extract (DICA)
  • MIC Permit (if the company is under MIC)

Required Documents for Export and CMP Charges

  • Cover Letter
  • Export License (no need for Non-License)
  • Export Declaration
  • Sales Contract
  • Commercial Invoice / Proforma Invoice (advance payment)

Required Documents for Off Shore Loan

  • Cover Letter
  • Loan Approval Letter from CBM
  • Loan Agreement
  • Repayment Schedule
  • Certificate of Incorporation

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

Click here to check the details of required documents list for each product.

Request Letter Sample

Undertaking Letter Sample

Merchant Trade (Inbound)

Merchant Trade is an international remittance service affiliated with KBZ Bank. Merchant Trade facilitates cross border remittance made by overseas workers to the receivers in Myanmar.

Fees

  • Fax -500 MMK + 0.05% Commission (Minimum 500 MMK)

Required Documents

  • Receiver’s Identification
  • Pin Code (14 Digit)
  • Sender Name
  • Receiver Name
  • Amount
  • Sending Country
  • Self-withdraw at KBZ Branches

Main Transferable Countries

  • Malaysia
  • Japan
  • Korea

Maximum Transferable Amount

  • The maximum transferable amount will depend on the rules and limitations of service operators and the remit country.

Why choose Inward Remittance?

Time Saving

The fastest way to transfer money to your loved ones

Cheap Transfer

Make the most of KBZ’s competitive  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 NameSWIFT CODECurrencyCountry Name
1Industrial and Commercial Bank of China LtdICBKCNBJUSDChina
2Sumitomo Mitsui Banking CorprorationSMBCJPJTUSD, JPYJapan
3Punjab National BankPUNBINBBISBUSDIndia
4KEB Hana Bank KOEXKRSEUSDKorea
5Kookmin Bank CZNBKRSEUSDKorea
6Malayan Banking Berhad, MaybankMBBEMYKLUSDMalaysia
7CIMB Bank BerhadCIBBMYKLUSDMalaysia
8United Overseas Bank Ltd.UOVBSGSGUSD, EUR, SGDSingapore
9Oversea-Chinese Banking Corporation Ltd.OCBCSGSGUSD, SGD, EURSingapore
10Malayan Banking Berhad, MaybankMBBESGSGUSDSingapore
11Sumitomo Mitsui Banking CorprorationSMBCSGSGUSDSingapore
12DBS Bank LtdDBSSSGSGUSD, SGDSingapore
13Cathay United BankUWCBTWTPUSDTaiwan
14Bangkok Bank Public Company Ltd.BKKBTHBKUSD,THBThailand
15Siam Commercial Bank Public Company Ltd.SICOTHBKUSDThailand
16Krung Thai Bank Public Company Ltd.KRTHTHBKUSDThailand
17Kasikorn Bank Public Company Ltd.KASITHBKUSD, THBThailand

ITRS codes – Codes for International Transactions Reporting System

  1. Goods exported and imported
    • 1100 – Exports
    • 1200 – Imports
  2. Transport and travel services 
    • Freight services 
    • 2110 – Sea transport
    • 2120 – Air transport
    • 2130 – Other transport
    • Passenger services 
    • 2210 – Sea transport
    • 2220 – Air transport
    • 2230 – Other transport
    • Other transport services 
    • 2310 – Sea transport
    • 2320 – Air transport
    • 2330 – Other transport
    • 2340 – Postal and courier services
    • Travel services 
    • 2510 – Business travel
    • 2520 – Personal travel
  3. Other services 
    • 3100 – Manufacturing services
    • 3200 – Maintenance and repair services 
    • 3310 – Construction abroad
    • 3320 – Construction in Myanmar
    • 3410 – Insurance premiums
    • 3420 – Insurance claims
    • 3430 – Financial services fees 
    • 3500 – Charges for use of intellectual property (royalties and license fees)
    • 3610 – Telecommunication
    • 3620 – Computer services
    • 3630 – Information service
    • 3710 – Research and development services
    • 3720 – Professional and management consulting services
    • 3725 – Operating lease(rental of equipment)
    • 3730 – Technical, trade-related, and other business services
    • 3740 – Audiovisual and related services
    • 3750 – Personal, cultural, and recreational services
    • 3800 – Services to government not included elsewhere
  4. Income
    • 4100 – Dividends
    • 4300 – Interest
    • 4400 – Taxes
    • 4500 – Subsidies
    • 4600 – Rent
    • 4700 – Compensation of employees
  5. Transfers
    • 5200 – Workers’ remittances
    • 5300 – Other personal transfers
    • 5400 – Grants for infrastructure and purchase of capital goods
    • 5500 – Development assistance
    • 5600 – Other current transfers
  6. Transactions in claims (assets) on nonresidents 
    • 7100 – Equity
    • 7200 – Debt between affiliated enterprises
    • 7310 – Long-term debt securities
    • 7320 – Short-term debt securities
    • 7400 – Options, futures, warrants, swaps, etc.
    • 7510 – Loans, long-term
    • 7520 – Loans, short-term
    • 7530 – Trade credits and advances, long-term
    • 7540 – Trade credits and advances, short-term
    • 7600 – Deposits
    • 7800 – Other
  7. Transactions in liabilities to nonresidents 
    • 8100 – Equity
    • 8200 – Debt between affiliated enterprises
    • 8250 – Payments of local expenses of resident affiliates by their parent companies
    • 8310 – Long-term debt securities
    • 8320 – Short-term debt securities
    • 8400 – Options, futures, warrants, swaps, etc.
    • 8510 – Loans, long-term
    • 8520 – Loans, short-term
    • 8530 – Trade credits and advances, long-term
    • 8540 – Trade credits and advances, short-term
    • 8600 – Deposits
    • 8800 – Other 
  8. Transfer of funds between residents
    • 9000 – Transfer of funds between residents’ accounts
    • 9100 – Transfer of funds between banks resident in Myanmar
    • 9200 – Transfer of funds of resident banks with banks abroad
    • 9300 – Deposits to and withdrawals from residents’ accounts
    • 9400 – Purchase and sale of foreign currency between residents and residents banks (9400)’ accounts
  9. Realized gains or losses
    • 10100 – Foreign exchange realized gains or losses
  • Notes: Please mention only ITRS code in Field number 77B (Regulatory Reporting) of Message Type 103. eg. 4100
  • During the inapplicable period of putting in Field number 77B due to some reasons, please mention the ITRS Code in Field number 70 (Remittance Information) with the format type (ITRS Code/particular information). eg. 2110/Freight services from Singapore