New Banks

[Baa_Mango]

Ive read that Bangkok Bank is open in Yangon as well as UOB are now open. Any experience with foreign currency (USD?) accounts? Cheap fees?

[Mudcrab]

I've only exchanged US dollars at the airport or used them for shopping - must be absolutely pristine condition or will get refused.

Used the ATM's at one airport and used an ATM at a large shopping mall - no issues at all using an overseas card from an overseas bank.

Didn't bother checking on the fees closely though but don't recall anything outrageous, just the usual ripoff for using a different banks ATM card.

[Baa_Mango]

Ah - I am going to be based in Yangon for a while earning in USD. Thinking about best way to take care of the cash. Was looking into foreign savings accounts but from what I have seen - not the best fee structure for STORING your money there

[gregk0543]

The foreign banks here are not able to transact as a normal bank they are only liason.

So you can only deposit money in Myanmar banks.

You can open up accounts at myanmar banks but there is no interest etc for foreigners just transactions last time I looked.

Try these two. I think there are no US dollars accounts. Only kyats.

http://www.yomabank.com/savings-deposit-accounts.php

http://www.kbzbank.com/index.php/

You can transfer money in as kyats using western union not out.

You can use a foreign credit card or deposit card to withdraw in kyat from an ATM.

So you will end up with a lot of kyats you can take in and out up to US $10,000 cash.

You have to buy $US to take your money out if it is in kyats.

So mostly money comes in here and there are other methods to get it out.

[rcoyote]

Has anyone had new experiences in Myanmar with banks and ATMs since these posts? I'm a US citizen living in Thailand and soon to be married to a Myanmar citizen. We are looking to do trade between all three countries and want to learn more about simple banking transactions first and longer term strategies as we develop our business. Thanks.

[simon43]

The situation has improved a lot since several years ago, (I was the first foreigner to open an account with CB Bank in Yangon in 2012 and they got the TV cameras out when they asked me to use their first ATM machine - it didn't work!).

 

However, although it is relatively easy to transfer funds from overseas into Myanmar (deposited in a Myanmar bank account), outbound transactions from Myanmar are still very difficult.  I have yet to find a bank or Western Union agent who will send more than $50 USD from Myanmar to an overseas recipient, and they only agreed to do this if it were to my wife to pay bills in Thailand, (the fact that I'm no longer married was a sticking point!).

 

You can now access Paypal from a Myanmar IP address (I have a Thai Paypal account), but you cannot yet link your Myanmar bank account to Paypal.

 

You can make online purchases using a 'top-up' Visa card that you can request from your Myanmar bank, but that card cannot be used to pay Paypal invoices, (because their system will not accept a Myanmar Visa card....).  For the same reason, you cannot send funds using Payoneer or other online money-send/receive companies.

[rcoyote]

that's some hard earned information. It sounds like you get a bank account in Myanmar for depositing and have to take it out by hand. Have you found an alternative for customers to pay into your bank other than PayPal? ie. a bank app direct deposit? thanks

[simon43]

Have you found an alternative for customers to pay into your bank other than PayPal? ie. a bank app direct deposit? thanks

 

It depends where the customers are.  If they are in Myanmar, then I use Myanpay (myanpay.com), which is an online payment system that is linked to Myanmar bank accounts - it allows me to sell my services/products within Myanmar and to receive the funds directly into my AYA bank account (in MMK kyat).

 

For international customers, I use Paypal or direct bank transfer to my Thai Paypal account or Thai bank account.

 

Every 3 - 6 months, I hand-carry USD from Myanmar to Thailand.  I've also checked that my AYA debit card now works OK in Thai bank ATMs to withdraw in Thai baht.  That works OK, albeit limited to the daily withdrawal limit.

[rcoyote]

that's great!  I am assuming that my SCB bank card will work fine in Myanmar when I visit next month. probably 200 baht charge.  I have a back up plan. Do you have a business visa? or another way?  I'm looking into a tourist visa right now. I keep hearing about an e-visa being the best way for my purposes. I am assuming that I can get a 60 day tourist visa re-entry in Yangon, but if you know one way or another that'd be very helpful. Thanks again.

[simon43]

Do you have a business visa? 

 

Yes, because I work at an international school (my 'day' job).

 

But I also develop online applications as an extra source of income.

 

Right now, you can get tourist visas 'ad-infinitum', unlike Thailand, which seems to be tightening up on visa-runners.  However, if you're married to a Myanmar citizen then you should be able to get a social visa.