EXCHANGE RATES 11/16/2018
USD BUY 1582 SELL 1591
SGD BUY 1146 SELL 1153
THB BUY 47.6 SELL 48.4
EUR BUY 1760 SELL 1790
EXCHANGE RATES     11/16/2018
USD BUY 1582 SELL 1591
SGD BUY 1146 SELL 1153
EUR BUY 1760 SELL 1790
THB BUY 47.6 SELL 48.4

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,ect…

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 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

Transfer Time

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

Transferable Countries

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

Foreign Exchange Rate

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

Required Documents

Required documents depend on purpose of remittance

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.)

Outward Telegraphic Transfer (via SWIFT)

Fees

  • Minimum Fee is USD 25 for up to USD 20,000 which is the transaction amount.
  • 0.125% on wire transfer amount which is above USD 20,000 and commission fee will be charged depends on the transferred currency.

Charges

  • Swift Charges: USD 10  (starting from 1st Oct, 2018)
  • Additional Charges: USD 10 + Swift USD 10 (Amendment/ Investigation/ Query (Tracer) / Cancellation)

Remark:

  • All these fees will apply to USD and other currency will apply the fee amount of equivalent to USD.
  • Any fees of other currency transactions are converted to USD based on the rate determined by the bank.

Required Documents for Trade Payment

  1. Application Form
  2. Cover Letter with Company Letter Head
  3. Foreign Currency Account (Company A/ C)
  4. Import License, Import Permit (Original)
  5. Import Declaration (Original)
  6. Bill of Lading / Air-way Bill / Cargo Receipt (Original)
  7. Commercial Invoice (Original)
  8. NRC/ ID Card (Original/ Copy) (Individuals)

Required Documents for Non-trade/ Service Payment

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

Why choose Outward Remittance?

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

Want to open this account?

Contact us today

Call us now

and speak to one of our advisors
Worker’s Remittance 01-2307160-64
Western Union 09-73211683
Outward Remittance 01-2307197(Trade), 2307054(Non-Trade)
Email address remittance@kbzbank.com

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