EXCHANGE RATES 12/14/2018
USD BUY 1540 SELL 1555
SGD BUY 1120 SELL 1140
THB BUY 45 SELL 47
EUR BUY 1700 SELL 1750
EXCHANGE RATES     12/14/2018
USD BUY 1540 SELL 1555
SGD BUY 1120 SELL 1140
EUR BUY 1700 SELL 1750
THB BUY 45 SELL 47

International Remittance

To facilitate fast and secure transfer of funds, Kanbawza bank (KBZ) offers international remittance service to students going abroad for the study, patients going abroad for medical treatment/check-up, foreigners and those working overseas.

Remittance Methods

(1) Inward Remittance

Worker’s Remittance

Western Union (Inbound)

Inward Telegraphic Transfer (via SWIFT)

(2) Outward Remittance

Western Union (Outbound)

Outward 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

  1. Malaysia    – CIMB, Merchant Trade
  2. Thailand    – Kasikorn Bank, CIMB, KrungThai Bank (KTB)
  3. Korea          – Marchant Trade
  4. Japan          – Merchant Trade
  5. Singapore  – CIMB , DBS Bank
  6. Laos            – CIMB
  7. Cambodia – CIMB
  8. 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 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)

Required 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

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

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 International 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

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

No
1 Industrial and Commercial Bank of China ICBKCNBJ USD China
2 Commerz Bank COBADEFF EUR Germany
3 BHF Bank BHFBDEFF EUR Germany
4 Sumitomo Mitsui Banking Corporation SMBCJPJT USD,JPY Japan
5 Mizuho Corporate Bank Ltd. MHCBJPJT USD,JPY Japan
6 United Bank of India UTBIINBBOVE USD India
7 KEB Hana Bank KOEXKRSE USD Korea
8 Shinhan Bank SHBKKRSE USD Korea
9 Kookmin Bank CZNBKRSE USD Korea
10 Industrial Bank of Korea IBKOKRSE USD Korea
11 Malayan Banking Berhad, Maybank MBBEMYKL USD Malaysia
12 CIMB Bank Berhad CIBBMYKL USD Malaysia
13 United Overseas Bank Ltd. UOVBSGSG USD,EUR,SGD Singapore
14 Oversea-Chinese Banking Corporation Ltd. OCBCSGSG USD,EUR,SGD Singapore
15 Malayan Banking Berhad,Maybank MBBESGSG USD Singapore
16 Sumitomo Mitsui Banking Corporation SMBCSGSG USD,EUR,SGD Singapore
17 DBS Bank Ltd DBSSSGSG USD,SGD Singapore
18 CIMB Bank Berhad CIBBSGSG USD,SGD Singapore
19 Bank Negera Indonesia BNINSGSG SGD Singapore
20 Cathay United Bank UWCBTWTP USD Taiwan
21 Bangkok Bank Public Company Ltd. BKKBTHBK USD,THB Thailand
22 Siam Commercial Bank Public Company Ltd. SICOTHBK USD,EUR,THB Thailand
23 Krung Thai Bank Public Company Ltd. KRTHTHBK USD,THB Thailand
24 Kasikorn Bank Public Company Ltd. KASITHBK USD,EUR,THB Thailand

( 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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