Compare exchange rates and fees when you send money to Myanmar.
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Compare wire transfer options to Myanmar
Use the international wire transfer calculator below to compare rates when you send money to Myanmar. Despite the lifting of sanctions, many major US banks have hesitated to begin offering money transfers to and from Myanmar. Until foreign banks establish a stronger presence in Myanmar, your easiest options are MoneyGram and Western Union.
Easing of US Sanctions against MyanmarIn 2013, the US eased its economic sanctions against Myanmar, allowing four Myanmar banks to do business with US companies: Asia Green Development Bank, Ayeyarwady Bank, Myanma Economic Bank and Myanma Investment & Commercial Bank.
Despite the lifting of sanctions, many major US banks have hesitated to begin offering money transfers to and from Myanmar. Until foreign banks establish a stronger presence in Myanmar, your easiest options are MoneyGram and Western Union.
How to compare money transfer companies
- Exchange rates. Look at the exchange rates offered for turning US dollars into Myanmar Kyats. Use the published mid-market rate as a baseline to compare against the rates you’re being offered. The company that’s closest is offering you the best rate.
- Fees. Before you complete your transfer, confirm how much you’ll have to pay in transfer fees. What you’ll pay sometimes varies by payment option.
- Transfer methods. Can you place transfers online, or do you need to visit an agent location? Can you send your funds over the phone?
- Turnaround time. How long will you have to wait until your funds are available for your recipient? Processing times can vary depending by company and hours of operation at each cash pickup location.
- Minimum amount. Will you need to exceed a minimum transfer limit with each transaction?
- Pickup methods. Can your beneficiary pick up cash from their nearest transfer agent, or will the funds be deposited into their bank account?
- Customer service. Is customer support available by phone, email or live chat, and are the hours convenient for your needs?
Foreign exchange rates explained
Exchange rate is used to determine how much one country’s currency is worth when trades for that of another country. A country with a strong currency — like the US — will yield more money when exchanged with a weaker currency. For example, in September 2018, the US dollar was worth about 1,584 Myanmar Kyats. This amount changes daily and is primarliy influenced by global economic stability and inflation between banks.
How to send money to Myanmar from the US
- Western Union. Western Union operates an extensive branch network throughout Myanmar. You can initiate a transfer online or by visiting an agent location worldwide.
- MoneyGram. MoneyGram has been offering its services in Myanmar since 2013. It offers 10-minute transfers that can be picked up from its locations throughout Myanmar.
What will I need to complete a transfer?
Before you can send an international money transfer to Myanmar, you will need to provide:
- Your name, contact information and proof of ID
- Your recipient’s name, address and contact information
- How much you want to send and how you want it picked up
Once you’ve completed the transfer on your end, keep your transaction reference number handy. You can use this to track the progress of your transfer and make sure your money gets into your recipient’s hands quickly.
Emergency cash transfers in Myanmar
If your recipient needs money quickly, then an emergency cash transfer may be able to help. Although there are limited money transfer options available for Myanmar, both MoneyGram and Western Union offer rapid transfers to Myanmar. Just remember to double-check the exchange rate and fee that apply to your transaction to make sure you’re completely aware of how much the transfer will cost.
Tips for picking up cash in Myanmar
- Don’t visit a transfer agent in an area where you don’t feel safe.
- Don’t pick up cash alone — if possible, ask a friend to accompany you.
- Keep your cash concealed and don’t flash it around in public.
- Avoid any high-crime areas.
- Don’t carry cash around for any longer than you need to.
- Immediately deposit the funds in your bank account.