Myanmar is a small country with a recent history of internal conflict. This has led to a limited ways for friends and family of people living in Myanmar who want to send money overseas. However, there are still money transfer options available to you should you need it. Compare your exchange rates and fees to make sure you’re getting the most Myanmar Kyats for your dollar.
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Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Myanmar. Some offer cash pickup in as little as a few minutes, while others transfer to bank accounts.
1. Digital money transfer services
Companies like Ria and XE specialize in foreign currencies, making them some of the most cost-effective ways to send money to Myanmar. Most offer transfers directly to your recipient's bank account in Myanmar, often in as little as a day or two.
Why? Digital money transfer services are cheaper because they exist online and don't have as many employees or physical locations.
2. Cash transfers
Services like Western Union and Remitly allow you to transfer cash for pickup at a local branch in Myanmar— often in 15 minutes. While it's a fast way to send money, you'll pay for the convenience in weak exchange rates and high fees.
Why? Picking up cash is more expensive because more people are involved.
The Myanmar kyat may be offered by your bank, but beware of high fees and wide margins on the exchange rate. Compare bank transfers to digital services and other options before sending a wire transfer to Myanmar.
Why? Banks offer money transfers as a secondary service so don't strive to offer competitive prices.
Let's crunch the numbers: Sending $1,000 to Myanmar
Let's say you need to send $1,000 to family in Myanmar. Here's what you might face as far as fees and exchange rates using today's rate of 1 USD = 0.000 MMK.
Digital money transfer service
$25 + additional correspondent bank fees
1 USD = 0.000 MMK
1 USD = 0.000 MMK
1 USD = 0.000 MMK
Better than the bank
Fastest and best value
Slowest and most expensive
The bank option ends up being the slowest and gets the smallest amount of money to your recipient in Myanmar. A cash transfer sends the most, which is MMK$0 more than the bank. For speed, a cash transfer can typically have your transfer to Myanmar in as little as 15 minutes. Make sure there's a cash pickup location near your recipient before sending.
How to send money to Myanmar online
Sign up and send money to Myanmar with a digital money transfer specialist in four steps:
Sign up for a free account. Compare and pick a provider before signing up for a free online account using your contact information, proof of ID and preferred payment method.
Provide transfer details. Submit your recipient's contact information and pick a delivery method. If transferring to a bank, you'll need their bank account details in Myanmar.
Confirm transfer details. Double-check your payment method, expected fees and destination.
Save your receipt. Record your receipt's confirmation number to track the progress of your transfer to Myanmar. Some money transfer providers send a text or email when your transfer is complete.
Get the most out of your money transfer to Myanmar
Weigh costs and fees against convenience to best compare money transfer providers that send to Myanmar. Consider:
Exchange rates. The USD–MMK relationship fluctuates, so using a service that allows you to lock in exchange prices may help you save money down the line if the Myanmar kyat rises against the US dollar.
Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger USD–MMK exchange rate.
Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the amount of Myanmar kyats you're sending to Myanmar.
Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Myanmar.
Sending limits. Comparing prices for one large transfer instead of many small transfers is typically easier, so picking the service you use based on how much you're sending is a valid strategy for saving money.
Transfer methods. Whether you want money sent to a bank account in Myanmar or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.
How to send money to Myanmar without a bank account
If you don't have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up Myanmar kyats without a bank account.
Emergency cash transfer
When urgency trumps cost to get your money to Myanmar quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Banks and money transfer companies use exchange rate to calculate how much Myanmar's currency is worth when converted to USD. The USD-MMK relationship can change daily based on global economic stability, interest rates, inflation and more.
Updated: 03 Aug 2021 13:14:57 UTC
What to watch out for
Sending money to relatives or family members in Myanmar may be subject to taxes on the money transfer and certain documents may be required.
Transfer confirmation details like a transfer number, an MTCN, a reference number or a tracking number, depending on the company.
Government-issued ID like a passport or similar official ID may be required to pick up your transfer.
Sender's information. Take along your sender's full name, the sending country and their address, if known.
Sending to Myanmar from the US:
Proof of identification like a government-issued ID or your SSN number.
Recipient information like their name, address and bank account information in Myanmar.
Sending your hard-earned money to Myanmar shouldn't cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country-specific guides the next time you need to make a transfer.
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years — covering everything from ICO booms, crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is in breaking down technical concepts (like yellow papers) for the average folk to digest on their morning commute. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
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