Sep 19, 2012

Western Union to offer int'l money remittance services in Myanmar

The Western Union Company will offer international money remittance services in Myanmar in collaboration with Myanmar Oriental Bank (MOB) to facilitate Myanmar people overseas in sending money back to their families in homeland, local media reported Tuesday.

The money remittance services will be provided by the U.S.- based company under a recent deal with MOB, one of the leading domestic banks in Myanmar, in a reliable and swift way starting from the end of this month, said the Myanmar Times.

The deal covers only incoming remittance, while the outbound one will follow soon after the prior is in place, the report added.

MOB has 19 branches in Myanmar mainly in Yangon and Mandalay. It is preparing to open two new branches in Nay Pyi Taw and Myan Aung.

Previously, Myanmar workers abroad rely on the Hundi network, an informal international remittance network, to transfer money back to their families at home.

Myanmar citizens working abroad are mainly in such countries as Singapore, Malaysia, South Korea, Libya, Thailand, Cambodia, Japan, Switzerland, Brunei, the United Arab Emirates, the United States, France, Germany, Qatar and Kuwait.