Jun 21, 2016

Western Union Introduces first outbound money transfer service

American payment services provider Western Union has launched an outbound money transfer service in Myanmar.

The first international outbound money transfer service in the country will allow customers to send money through nine participating banks in Myanmar.

The nine participating banks – Kanbawza Bank, Cooperative Bank (CB), Ayeyarwaddy Bank, Yoma Bank, Myanmar Oriental Bank, First Private Bank, Global Treasure Bank, Myanma Apex Bank and United Amara Bank – will offer the services via their various branches in Yangon and key cities across Myanmar.

A customer can send up to a maximum of $3,000 per day and are limited to a maximum of $10,000 within a year. A flat-transfer fee of $25 will be charged per transaction.

“Western Union strongly believes that moving money in a fast, reliable and convenient way helps boost the economic development of a country. It also promotes trade as it opens opportunities for cross-border trade and payments,” Patricia Riingen, senior vice president of South East Asia and Oceania of Western Union, said.

“Money transfers from Myanmar to agents of Western Union in 200 countries and territories can be withdrawn within a few minutes,” Riingen added.

Myanmar is currently the fastest growing economy in Southeast Asia and promises a lot of potential for foreign investment. Nevertheless, as a developing country, only about five percent of the total population (5.1 million) has a bank account, which opens the door for banking service providers like Western Union.

U Min Han Soe, director of Foreign Currency Management Department of the Central Bank of Myanmar, said the Central Bank would not interfere in the money transfer process to check where the money is going.

“The agent banks around the world have a responsibility to check transfers as well as Western Union. There is no limitation from us or any of the ministries.”

Western Union started its inbound services in January 2013

Source: Myanmar Business Today