Tag Archive | "Myanmar banking"

Myanmar ATM machines and banks

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Myanmar Banks to Offer More ATM Machines in More Public Places

Posted on 21 April 2012 by Myanmar Guardian

Yangon, Myanmar: Private banks in Myanmar are now starting to roll out ATM machines in shopping centres, convenient stores and gas stations in addition to their own branches. At the time when private banks started to roll out ATM machines, people could only use it at the bank and its branches, but now ATM machines have finally become a common scene in public places in Myanmar.

“We have installed ATM machines in ‘Petro K’ gas station. Currently we are running trials with the help of our own staff by using the cards provided by the bank.” told U Phae Myint, a managing director of CB bank. CB bank currently installed ATM machines at Taw Win Centre, one of the popular shopping centres in Yangon, Junction Centres, which are also well known for their City Mart Super markets. CB bank also stated that they are going to set up ATM machines in more public places.

Currently, banks are providing ATM cards for free of charge and they have not stated the monthly fees they are going to charge after the testing period.  KBZ, one of the private banks is still evaluating the cost for using an ATM card after the trial period and also for the monthly fee.  An applicant needs to open a current bank account and it cannot be linked with a savings account for the ATM card, explained by KBZ bank staff. KBZ bank has recently installed 93 ATM machines in Yangon, majority of them in shopping centres and their branches, 2 ATM machines in Mandalay and 1 in Taunggyi, confirmed by U Zaw Linn Htut, a general manager of KBZ bank.

Further, the Bankers’ Association is trying to establish MPU (Myanmar Payment Union) and even though ATM cards are essential in every developing country, The Myanmar Post news journal reported that it is just a temporary solution before government and bankers association cannot establish the MPU yet.  Currently, 13 private banks and 3 government banks are working together to establish a payment union, which they are now calling ‘Myanmar Payment Union’.  MPU would be similar to a debit card which is currently being used overseas. Hotels, restaurants, supermarkets, and stores can later accept payment with a MPU debit card. U Ye Min Oo, a Managing Director from AGD bank, said in media conference that they will try to start the trial period for MPU from April 2012, and expected to last for 2 to 6 months.

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Myanmar banks accept foreign currency transfer

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Myanmar Banks Starting to Accept Account Transfer in Foreign Currencies

Posted on 11 February 2012 by Rob

Starting from February 9th, 2012 Export and Import entrepreneurs, companies, organizations, hotels, travel & tours business owners and even individuals in Myanmar are able to transfer foreign currencies by account transfer between the licensed banks, according to official news stated in government’s newspaper on 8th of February.

“Trading can be done with 11 licensed banks and detail information can be known by contacting relevant banks.” stated in the government’s newspapers.  Cooperative Bank (CB – Bank), Mya Wa Di Bank, Myanmar Orient Bank, Kan Baw Za Bank, Myanmar Industrial Development Bank (MIDB), Innwa Bank, Htun Foundation Bank, Aisa Green Development Bank, Myanma Shae Saung Bank, United Amara Bank and Irrawaddy Bank are the licensed banks that government stated in its newspapers.

“Yes, trading can be done starting from February 9th.  Mainly it will be done by account transfer.  Business owners and individuals can sell foreign money saved in their own accounts to other accounts by account transfer.  So it will be a lot more convenient for the business owners.  Account transfer can be done with any licensed bank.” explained by a staff from a private bank in Myanmar.

Government has issued trading licence since November 25, 2011.  Now, these banks are providing training to their staff on how to set up proper relationship with International banks, methods of connections to Society for World Wide Interbank Financial Telecommunication (SWIFT) and transferring foreign currencies to and from other nations.

This is just one of the many changes made in February concerning with banks and currencies in Myanmar.  Several banks, both private and government owned, increased the interest paid on savings accounts back to 10 percent last week  from 8 percent in order to bring customers back or gain their trust once more in their respective banks.

Moreover, government has relaxed foreign currency exchange controls starting from 1st February. Every citizen can now swap up to 10,000 US dollars to Kyats at official foreign exchange outlets without requirement of any document. Previously,Myanmar nationals with proof of identity cards could only buy or sell a maximum of 2000 US dollar daily. And those seeking to exchange more than 2000 dollars needed to provide evidence on how they had acquired the foreign currencies.  As of February 1, the limit was raised to 10,000 US dollar without requirement of any document, bank source said.  But unconfirmed source said those foreign exchange outlets sell 10,000 US dollar but buy only 300 US dollar form citizens and those seeking to exchange still need to show the Identification Card.

 

 

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