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.
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, as of 2015 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 Burmese 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
The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency.For example, in January 2018 the US dollar was worth approximately 1362.75 Myanmar Kyat. However, most countries’ exchange rates are flexible, which means it can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
How to send money to Myanmar from America
- Western Union. Western Union operates an extensive branch network throughout Myanmar. You can initiate a transfers 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 you will need to send money
Before you can send an international money transfer to Myanmar, you will need to provide:
- Your name and contact information.
- Proof of ID.
- Your recipient’s name, address and contact information.
- The details of your transaction, such as how much you wish to send and in what currency.
Once you’ve handed over your money, you’ll receive a transaction reference number. Use this reference number to track the progress of your funds.
Emergency cash transfers in Myanmar
Depending on your circumstances, you may find that you need to send an urgent transfer. For example, you might have a close relative traveling through Myanmar who has all their luggage, including their cash, stolen. Happily, both MoneyGram and Western Union offer rapid transfers to Myanmar, but just remember to double-check the exchange rate and fee that applies to your transaction to make sure you’re completely aware of how much the transfer will cost.
As for anyone who has been a victim of theft in Myanmar, their first move should be to report the matter to the local police. They may also be able to receive emergency assistance from their travel insurer or credit card issuer.
Find a money transfer location near you
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.
