Banking in Myanmar (Burma)
Banks in Myanmar
List of Banks in Myanmar
Local Banks in Myanmar
- Kanbawza Bank Limited (KBZ) …
- Yoma Bank. …
- Asia Green Development Bank (AGD Bank) …
- Ayeyarwady Bank (AYA Bank) …
- United Amara Bank (UAB) …
- Co-operative Bank Limited (CB Bank) …
- Innwa Bank Limited.
Foreign Banks in Myanmar
- DBS Bank (Singapore)
- MUFG Bank (Japan)
- OCBC Bank (China)
- SCB Bank (Thailand)
- UOB Bank (China)
How to Open a Bank Account in Myanmar?
In order to set up a bank account in Myanmar, you usually need the following documents and the banks will require your physical presence.
- Your passport
- Application form
- Proof of address in Myanmar (utility bill, lease agreement or letter from the British embassy
- Copy of your visa
Can I open a Myanmar bank account online?
Due to documentation requirements, it isn’t possible to open a Myanmar account online, it requires your physical presence.
How much money do you need to open a bank account in Myanmar?
It varies from bank to bank, usually they require you to hold a minimum balance in the account every month or the bank can close your account.
You can open a KBZ savings account for MMK 1,000,000 or a current account for 10,000 MMK. The savings account includes mobile banking.
Can foreigners open a bank account in the Myanmar?
Yes, a foreigner can open a bank account in Myanmar but the type of account you can open will depend on your status as a foreigner. If you have been living in the country for more than 180 days, you’re classified as a resident alien.
Opening a bank account in Yangon is a surprisingly straightforward procedure and can be done even if you’re on a tourist visa.
Banks that allow foreigners to open an account include KBZ, CB Bank, Aya or MAB. The banks only require a passport and minimal paperwork.
Simply state if you want an account in USD, EURO or Kyat and the process should be finished within half an hour or so. Your MPU (Myanmar Payment Union) card will probably take a week or so to arrive.
The following stats may vary from bank to bank but are worth being aware of:
Most banks charge a 0.3% commission on total deposits.
Expect a 1,000 Ks (about 50 cents) withdrawal charge regardless of the amount.
You are able to transfer money from abroad, but not from all banks. The following are the banks accepted:
May Bank (Malaysia), CIMB Islamic Bank Berhad (Malaysia), SMBC (Japan), Bangkok Bank (Thailand), SCB (Thailand), K-Bank (Thailand), Krung Thai Bank (Thaland), OCBC (China), UOB (China), Natixis (France) and ICBC (China).
The commission is 10,000 Ks ($5.62) whatever the amount is.
In general, it works best to transfer money via a bank in Singapore.
There is a deposit limit of US$10,000 every month, any more than that and you will need proof of income.
You’ll also be charged 50 Ks for the cheque book and every time you issue a check you’ll be charged 1,000 Ks. However, this may not be a regular occurrence as cheques are rarely accepted.
For bank statements, expect to be charged around 500 Ks each time.
To apply for an MPU card you’ll go through a similar procedure at a different counter. Hand over your passport, fill out some paperwork and expect to pick up your card within a week. The card can be used for purchases but be aware that not many places yet offer this option and even if they do there could be cases where there are connections problems.
Obtaining an MPU card and opening a bank account are two independent processes. You can open a bank account without applying for a MPU Card.
Interest Rate of Banks in Myanmar
KBZ offer 7% on a cash savings account in Myanmar Kyat. Inflation in Myanmar has been between 4% and 8% over the last five years, so money in an account may lose its purchasing power.
Currency of Bank Account in Myanmar
- Myanmar Kyat (MMK), US Dollars (USD) or Euros (EUR)
The banks usually will issue a Debit card (Mastercard or Visa card). It may be possible to set up a new bank account with just a tourist visa. However, you need to visit all the banks in person with your current bank statements and proof of address in Myanmar.
It may be prudent to open a local bank account in Myanmar Kyat (MMK), where you place small amounts of money & then open an international bank account for security, so you can hold the majority of your money in an international currency such as USD or EUR offshore for privacy & security.
This is because, if you open up an international currency account in Myanmar, they will usually charge you for holding foreign currency.
Many Brits open local bank accounts in Myanmar Kyats, then hold an offshore account in EUR or USD for security, for example, opening up a bank account in the Isle of Man.
Many British expats in Myanmar then opt to set up an offshore insurance wrapper to trade shares & bonds to beat inflation and target single or double digit returns on your money.
Offshore wrappers have no capital gains tax & no income tax. There is no tax on death if you are non-domicile in the UK (i.e. you are a permanent resident abroad).
What is Proof of Address?
This is usually a utility bill, letter of proof of residence from your landlord or letter from the British embassy confirming your address in Myanmar.
How Much is the Myanmar Kyat Worth?
1 USD = 1,781 MMK* 1 GBP = 2,383 MMK*
*10/11/21
Want to Open an International Bank Account?