Opening a Local Bank Account

[Chao Lao Beach]

It is possible to open a local savings account on a tourist visa?

Anyone know ?

[SeaVisionBurma]

Good question, I'll try and find out for you

[Chao Lao Beach]

I expect that the official answer is NO, but that is the case in many countries that it is easy to open, if you know the right way.

[DagonKhan]

As far as I recall, no interest is payable on accounts opened by foreigners, I don't think you'll be allowed to open a "savings" account, only a current/clearing account.

What the current requirements are to open one, I really don't know as I'm not up to date on the matter. I have an old a/c with MFTB that I opened many moons ago, I don't use it and I honestly can't remember what I had to do to open it (it was a US$ a/c). I would have thought that if you tried one of the private banks you might get more mileage than the MFTB/MICB/Myawaddy banks.

One thing you should consider if you're a U.S. citizen is whether or not the bank you want to do business with is affected by U.S. sanctions, that may well narrow the list down for you, I believe they've only cleared 4 banks or so, most are still sanctioned.

This is a link to one of the biggest private banks here in Myanmar, I am in no way endorsing them, but I am reliably informed that they are 'good':- http://www.kbzbank.com/ (site is currently showing as being under maintenance as I type this).

[Jimbo]

i have accounts in my name earning interest so the info above is not correct

Edited August 31, 2014 by Jimbo

[DagonKhan]

i have accounts in my name earning interest so the info above is not correct

Who do you bank with?

He also wants to know what's involved with opening an account, maybe you can help with that?

[Jimbo]

siam commercial bank. i opened an account there whilst having a 30 day visa excempt. it differs from branch to branch. also opened account with kassikorn without a visa.

[Jimbo]

sorry i just noticed that this wasnt about thai accounts. sorry

[SeaVisionBurma]

OP is asking about opening accounts in Myanmar - not Thailand

[DagonKhan]

sorry i just noticed that this wasnt about thai accounts. sorry

No problem!

http://www.irrawaddy.org/economy/foreigners-to-get-daily-access-to-accounts.html <<<Old news story, mentions no interest on a/c's held by foreigners.

Another local banks website:- http://www.cbbank.com.mm/ I see on this page, concerning Personal savings accounts (i.e. pays interest) it specifically states "Currently, only Myanmar Nationals are eligible to open Interest bearing account". On one of their flyers (available from their website), it outlines their requirements as far as opening a foreign currency a/c is concerned, thatmay be of interest to you.

Another local bank:- http://en.agdbank.com/

Edited August 31, 2014 by DagonKhan