Outward Remittance

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Outward Remittance

Outward remittance is a transfer of money from KBZ bank to overseas bank for the purpose of payment and settlement of trade and services ,loans and interest,dividend and profit,etc…


Remittance Methods

  Western Union (Outbound)

  Outward Telegraphic Transfer (via SWIFT)


Western Union (Outbound)

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

Transaction Amount

  • Maximum amount is USD 3,000 or the equivalent MMK of USD 3,000 per transaction. Sometimes, as per payout procedure of receiving country, the amount less than USD 3,000 can be sent.

Transfer Time

  • within minutes
  • Sometimes it depends on Agent Location hours, differences in time zones, and policy of the receiving countries

Foreign Exchange Rate

  • Exchange rate is WU system’s auto calculation rate
  • Western Union FX rate can change time to time

Requirements

  • A Valid Identification of the sender
  • Transferred Amount
  • Country of origin
  • Receiver name as per ID (or) Passport documents

(If you want to transfer to USA, Canada, and Mexico, sender needs to provide Names of the State and City of there.
Some countries need to fill Test Question in TSMF. Some countries limited the receiving amount.)

Transfer Fee

  • 25 USD per transaction for USD currency
  • 32,000 MMK per transaction for MMK currency
  • Only sender needs to pay transfer fees and no fees for receiver

Transferable Countries

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

Required Documents

  • Required documents depend on purpose of remittance


Outward Telegraphic Transfer (via SWIFT)

Trade Payment

  • Import TT Applicaion Form

  • Tha Kha Form

 Non-trade and Service Payment

  • Non Trade Application Form

  • Form (A)

 Required Documents for Trade Payment

  • Application Form
  • Cover Letter with Company Letter Head
  • Foreign Currency Account (Company A/ C)
  • Import License, Import Permit (Original)
  • Import Declaration (Original)
    Bill of Lading / Air-way Bill / Cargo Receipt (Original)
  • Commercial Invoice (Original)
    NRC/ ID Card (Original/ Copy) (Individuals)

Required Documents for Non-trade/ Service Payment

  • Application Form
  • Cover Letter with Company Letter Head for Company Account
  • Supporting documents (Invoice, contract, agreement, etc… depends on purpose of remittance, for example – Education fee, Consultant fee, Tour fee, Freight charges and salary payments)


Time Saving

The 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

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