Best way to send money to Myanmar | finder.com

How to send money to Myanmar

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Compare exchange rates and fees when you send money to Myanmar.

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.

Compare wire transfer options to Myanmar

Use the international wire transfer calculator below to compare rates when you send money to Myanmar.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 3 - 5 days USD 0.00 1493.68 MMK 746,840 No fees for bank account transfers and cash pickup at 240,000 locations in 130+ countries. Go to site Show details

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Easing of US Sanctions against Myanmar

In 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. 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

Compare the differences between these two money transfer options

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.
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2 Responses

  1. Default Gravatar
    DacidSeptember 25, 2018

    On several occasions lately, we have been denied sending money to Myanmar to friends via western union. Note, we did via western union back in July successfully. Please advise if there is a problem with Myanmar. Thank you.

    • Avatarfinder Customer Care
      johnbasanesSeptember 26, 2018Staff

      Hi Dacid,

      Thank you for leaving a question.

      There is no current alert for sending money to Myanmar via Western Union. If you need further assistance on sending money, you may call 1-877-989-3268. Hope this helps!

      Cheers,
      Reggie

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