International Remittance
International Remittance
To facilitate fast and secure transfer of funds, Kanbawza bank (KBZ) offers international remittance service to students going abroad for the study, patients going abroad for medical treatment/check-up, foreigners and those working overseas.
Remittance Methods
(1) Inward Remittance
(2) Outward Remittance
Western Union
The Western Union Company is an American financial services and communications company. They allow transferring money online to friends and family around the world via Western Union. Customer will be able to withdraw money with provided MTCN1234567890 (Money Transfer Control Number). Funds can also be transferred directly into receiver’s KBZ Bank accounts and KBZPay e-Wallet with real-time transactions.
Fees
Transferable Countries
Maximum Transferable Amount
Required Documents
Kasikorn Bank (K Plus Mobile Application)
Migrant workers working in Thailand can now use K Plus App to transfer funds to their families in Myanmar. The funds will be received in KBZPay Wallet directly in real-time.
Main Transferable Country
Fees
Maximum Transferable Amount
Required Information for Beneficiary
Benefits for Beneficiary Customers
Krungthai Bank (APG Web Application)
Myanmar migrant workers living in Thailand can easily send money back home to KBZ Bank account directly through Krungthai Bank (APG Web Application).
Main Transferable Country
Fees
Maximum Transferable Amount
Required Information for Beneficiary
Required Information for Beneficiary
Benefits for Beneficiary Customers
KEB Hana Bank (Hana EZ Mobile Application)
Migrant workers working in South Korea can now use KEB Hana Bank’s Hana EZ App to transfer funds to their families in Myanmar. The funds will be received in KBZ Bank Account (or) KBZPay Wallet directly in real time.
Main Transferable Country
Fees
Maximum Transferable Amount
Required Information for Beneficiary
The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)
Benefits for Beneficiary Customers
International Fund Transfer to KBZ Bank Accounts
KBZ Bank provides an International Fund Transfer service for workers in Korea, Malaysia, and Singapore via TransferTo (Thunes) which is a payment network enabling the seamless movement of funds around the world.
How it works
TransferTo (Thunes) Partners
Transferable Countries
Fees
Maximum Transferable Amount
Required Information for Beneficiary
The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)
Benefits for Beneficiary Customers
Transfer through Tranglo Partners
Through Tranglo and its partners, workers in Korea, Malaysia and Singapore can transfer the funds directly to the beneficiary’s KBZ Bank account.
Required Information for Beneficiary
The receivers need to have KBZ Bank Account (either Savings Account, Current Account or Call Deposit Account, Cash Account)
Transferable Countries
Benefits for Beneficiary Customers
Fees
Maximum Transferable Amount
Ria
Ria Money Transfer is an international remittance service affiliated with KBZ Bank. Ria facilitates wages remittances made by overseas workers from Myanmar, through Ria Network in their respective countries, directly into the receiver’s KBZ Bank account and KBZPay e-Wallet with real-time transactions or cash pickup at the available KBZ Bank branches.
Required Information for Beneficiary
For cash pick-up at the bank
Transferable Countries
How it works
Fees
Maximum Transferable Amount
Benefits for Beneficiary Customers
Merchant Trade
Merchant Trade is an international remittance service affiliated with KBZ Bank. Merchant Trade facilitates cross border remittance made by overseas workers to the receivers in Myanmar.
Fees
Main Transferable Countries
Maximum Transferable Amount
Required Documents
Inward Telegraphic Transfer (via SWIFT)
Telegraphic Transfer is Account-to-Account transfer of money from other countries to Myanmar via SWIFT.
Main Requriement to transfer from Other Countries
Fees and Charges
Required Documents
Required documents depend on purpose of remittance (eg. agreement, contract, invoices, etc.)
*For any transfer amount of the purpose of Capital / Investment, Loan & Export / CMP Charges, documents must be provided.
Required Documents for Capital / Investment
Required Documents for Export and CMP Charges
Required Documents for Off Shore Loan
***For the transfer amount over USD 10,000 of other purposes of remittance, related documents need to be provided.
Outward Telegraphic Transfer (via SWIFT)
Fees
Remark:
Charges
Required Documents for Trade Payment
Required Documents for Non-trade/ Service Payment
Trade Payment
Non-trade and Service Payment
International Remittance
Time Saving
The fastest way to transfer money to your loved ones
Cheap Transfer
Make the most of KBZ’s competitive transfer rates
Quick & Easy
A simple process giving you peace of mind wherever you are
Secure
The safest way to send your money overseas
Transferable Countries
Remitter can directly send money from KBZ correspondent banks. (If remitter wants to send from other banks, need to use KBZ correspondent banks as intermediary.)
KBZ Bank SWIFT Code – KBZBMMMY
List of Correspondent Banks and SWIFT Code
No | Bank Name | SWIFT CODE | Currency | Country Name |
---|---|---|---|---|
1 | Industrial and Commercial Bank of China Ltd. | ICBKCNBJ | USD | China |
2 | Punjab National Bank (Former United Bank of India) | PUNBINBB | USD | India |
3 | Sumitomo Mitsui Banking Corproration | SMBCJPJT | USD, JPY | Japan |
4 | Kookmin Bank | CZNBKRSE | USD | Korea |
5 | Bank of China(Hong Kong)Limited Yangon Branch | BKCHMMMY | CNY | Myanmar |
6 | Industrial and Commercial Bank of China Ltd. | ICBKMMMY | USD, CNY | Myanmar |
7 | DBS Bank Ltd. | DBSSSGSG | USD, SGD | Singapore |
8 | Oversea-Chinese Banking Corporation Ltd | OCBCSGSG | USD, EUR, SGD | Singapore |
9 | United Overseas Bank Ltd | UOVBSGSG | USD, EUR, SGD | Singapore |
10 | Cathay United Bank | UWCBTWTP | USD | Taiwan |
11 | Bangkok Bank Public Company Ltd. | BKKBTHBK | USD, THB, EUR | Thailand |
12 | Kasikorn Bank Public Company Ltd. | KASITHBK | USD, THB | Thailand |
13 | Krung Thai Bank Public Company Ltd. | KRTHTHBK | USD | Thailand |
14 | Siam Commercial Bank Public Company Ltd. | SICOTHBK | USD, THB | Thailand |
ITRS codes – Codes for International Transactions Reporting System
- Goods exported and imported
- 1100 – Exports
- 1200 – Imports
- Transport and travel services
- Freight services
- 2110 – Sea transport
- 2120 – Air transport
- 2130 – Other transport
- Passenger services
- 2210 – Sea transport
- 2220 – Air transport
- 2230 – Other transport
- Other transport services
- 2310 – Sea transport
- 2320 – Air transport
- 2330 – Other transport
- 2340 – Postal and courier services
- Travel services
- 2510 – Business travel
- 2520 – Personal travel
- Other services
- 3100 – Manufacturing services
- 3200 – Maintenance and repair services
- 3310 – Construction abroad
- 3320 – Construction in Myanmar
- 3410 – Insurance premiums
- 3420 – Insurance claims
- 3430 – Financial services fees
- 3500 – Charges for use of intellectual property (royalties and license fees)
- 3610 – Telecommunication
- 3620 – Computer services
- 3630 – Information service
- 3710 – Research and development services
- 3720 – Professional and management consulting services
- 3725 – Operating lease(rental of equipment)
- 3730 – Technical, trade-related, and other business services
- 3740 – Audiovisual and related services
- 3750 – Personal, cultural, and recreational services
- 3800 – Services to government not included elsewhere
- Income
- 4100 – Dividends
- 4300 – Interest
- 4400 – Taxes
- 4500 – Subsidies
- 4600 – Rent
- 4700 – Compensation of employees
- Transfers
- 5200 – Workers’ remittances
- 5300 – Other personal transfers
- 5400 – Grants for infrastructure and purchase of capital goods
- 5500 – Development assistance
- 5600 – Other current transfers
- –
- Transactions in claims (assets) on nonresidents
- 7100 – Equity
- 7200 – Debt between affiliated enterprises
- 7310 – Long-term debt securities
- 7320 – Short-term debt securities
- 7400 – Options, futures, warrants, swaps, etc.
- 7510 – Loans, long-term
- 7520 – Loans, short-term
- 7530 – Trade credits and advances, long-term
- 7540 – Trade credits and advances, short-term
- 7600 – Deposits
- 7800 – Other
- Transactions in liabilities to nonresidents
- 8100 – Equity
- 8200 – Debt between affiliated enterprises
- 8250 – Payments of local expenses of resident affiliates by their parent companies
- 8310 – Long-term debt securities
- 8320 – Short-term debt securities
- 8400 – Options, futures, warrants, swaps, etc.
- 8510 – Loans, long-term
- 8520 – Loans, short-term
- 8530 – Trade credits and advances, long-term
- 8540 – Trade credits and advances, short-term
- 8600 – Deposits
- 8800 – Other
- Transfer of funds between residents
- 9000 – Transfer of funds between residents’ accounts
- 9100 – Transfer of funds between banks resident in Myanmar
- 9200 – Transfer of funds of resident banks with banks abroad
- 9300 – Deposits to and withdrawals from residents’ accounts
- 9400 – Purchase and sale of foreign currency between residents and residents banks (9400)’ accounts
- Realized gains or losses
- 10100 – Foreign exchange realized gains or losses
- Notes:Please mention only ITRS code in Field number 77B (Regulatory Reporting) of Message Type 103. eg. 4100
- During the inapplicable period of putting in Field number 77B due to some reasons, please mention the ITRS Code in Field number 70 (Remittance Information) with the format type (ITRS Code/particular information). eg. 2110/Freight services from Singapore