Sending money overseas : Rules for sending cash from/to Myanmar …
Many banks in Myanmar now offer services that are available to foreigners. Many people want to send money abroad for their family. The methods of transferring money abroad have evolved. Online banking has made it very easy for us to transfer money to anyone anywhere in the world. Transferring money is a way to send money from one country to another by means of different banks. There can be different purposes to transfer money abroad.
People use different ways and methods to transfer money to their loved ones. Many send it to their employees abroad while others want to pay for travelling and vacations. The methods of sending and receiving money in Myanmar from different parts of the world are developing. In order to improve the current situation of the country’s money transfer system a successful method from developed countries can be adopted.
Millions of citizens from Myanmar are living abroad. Foreign fund inflows in a country improve the economic situation of a country. The government is seeking ways of improvement of flow of funds. Some of the major concerns are related to the access of the methods in different parts of the world, the costs associated with it and the inability to build trust.
Myanmar is a developing country and the ways in which people living in Myanmar can transfer money abroad is also developing. Before this development, the payments, transactions were being done in dollars (US).
💡 Last time I had to send a bank transfer from Europe to Burma, I remember the feeling I had.
🤬 I was pissed off knowing how much time I wasted and how much money I spent unnecessarily in hidden fees for a few months before I finally found the best solution to transfer money to Myanmar : cost-effective, fast and safe. Now, everything is smooth and I share with you in this article the result of the benchmarking I did.
Q&A : Sending money and overseas transfers from and to Myanmar
💸 Is PayPal and other online services available in Myanmar?
Yes. You can use PayPal and other apps in Myanmar in order to transfer money to and from abroad. This is one of the most efficient ways of doing international transactions when residing in Myanmar.
🇲🇲 Is it possible for a foreigner to create an account in a local bank?
Yes. Any foreigner permanently residing in Myanmar can open an account in any of the local or international banks.
🏦 I need to transfer money abroad as fast as possible. What should I opt for?
If you need a fast and secure money transfer option, we would recommend going for online transaction services, as transferring money in a traditional way through a local bank might take days or even weeks.
Now, Myanmar has its currency. A lot of companies that send money abroad would convert the payments to dollars. Before transferring cash it is very important to know the rules and regulations. Some of these rules are discussed below:
Factors to be considered
Several factors need to be considered before sending money abroad. Some of the factors include the amount of money you want to share, and how quickly do you need to transfer money?
Once these factors are taken into consideration, the methods for transferring money can be chosen more easily. Many money transferring methods charge a higher service fee but are speedy which makes up for the high charges. Finding the right method to send money abroad can be done through reading several reviews online and connecting with the locals.
Transfer from abroad to Burma – the best solution
After benchmarking many banks and online solutions to send money to Burma, I have found the best way to make international transfers between Europe and Burma at better costs (and it works from all the source locations actually):
- You benefit from the exchange rate at market rates;
- No transfer fee between the bank and Wise (ex Transferwise) (that’s the online tool I do recommend);
On the other hand, if you use a traditional bank, you will have international wire fees, a quite high loss when converting the currency and sometimes even local fees by your bank in Myanmar as the wire comes from overseas.
Mobile applications have made our lives relatively easier. Transferring money from one country to another is no different. To send money from Myanmar to abroad mobile applications can be used to transfer money.
This is a well-trusted, easy and quick process of sending money. The currency is exchanged to dollars before being transferred. These apps can also charge you a service fee in dollars before proceeding with the process. This method is the most credible way of transferring money abroad. This is the most trusted method of sending money abroad anywhere from Myanmar.
The bank transferring options are improving with time. Anyone living in Myanmar can get an account created. Certain documents are required to transfer money abroad. These documents mainly include the passport, visa that provides evidence that you are legally allowed to live in Myanmar.
Methods to transfer money through banks are not the quickest. It might take several days to send money abroad. In case of emergencies, choosing banks as a platform to share money might not be an ideal one. Lastly, the options available to transfer money are very limited. Many of the banks are not as efficient and they do not offer international services to all the countries.
Do your research
To transfer money to different parts of the world, amongst the things that need to be taken into consideration are the fee service that the banks charge and paying attention to their exchange rates. How much amount of money do you want to transfer abroad? Which methods might be the most secure?
It is also important to do your research and make sure that the methods you want to use are secure. A way of finding if the website you are using is safe, check the layout of the website. Many money transferring websites are a scam. Be sure to understand the difference between a scam and a trustworthy money transferring method. It is easy to spot such frauds as most of the scammers online tend to ask for a lot of personal information.
Lastly, make sure you know how long it will take for you to transfer money. If it is an urgent transfer making use of a mobile application would be much more effective as compared to transferring money through banks which are not as efficient. It might take several days to transfer money through banks.
Choose a legit and reliable way to send money overseas
Transferring money can be very risky, choosing the right method is very important. With the quick development that is taking place in Myanmar, these methods of transferring money are expected to become better with time. In today’s world people are very busy and need effective ways in which they can transfer money quickly and easily at the comfort of a few steps. Majority of the people find money transferring mobile applications as the most secure and quick relative to other methods. By doing proper research and reading reviews you can find the methods that best suit you.
The government of Myanmar can develop a formal and smooth method of sending and receiving transactions from abroad. Improve the services that the local banks provide in terms of money transfer. They are setting up more banks that will provide more flexible methods of sharing money to several countries. By doing this, they can attract more foreigners. They need to build the trust of expats so that they can rely on their official bank services available for money transfer. Many people look for quick and easy methods of transferring money online. By developing laws and regulations that limit the charging fees of sending money abroad.