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What Ways Can I Send and Receive Money in Myanmar?
You’ll be able to make a money transfer to or from Myanmar in the following ways.
Ways to Send Money to Myanmar
When it comes to sending money to Myanmar, you have several options, including:
Money transfer providers
In almost every case, money transfer providers offer the lowest rates and fastest transfer times for sending money to Myanmar. Most have convenient apps so you can transfer money straight from your phone.
You can quickly and easily compare providers when you visit MoneyTransfers.com.
International money orders
International money orders can take a long time to send, as they need to be mailed overseas. They also don’t let you send large amounts — the most you can send is $700. And once your international money order arrives, your recipient might have trouble finding a place to cash it.
Bank wire transfers
Bank transfers tend to be slower and more expensive. That’s because international wire transfers move through the Society for Worldwide Interbank Financial Telecommunications (SWIFT) network of banks.
Moreover, each institution may charge a separate fee as the transfer passes through multiple banks, increasing your total expense.
How can I pay for my money transfer to Myanmar?
Just as there are multiple ways for your recipient to pick up their money transfer, there are plenty of ways for you to pay for it.
Bank transfer: If keeping costs low is a priority, paying for your transfer with your bank account is the best option — just keep in mind that processing time might be a little slower than other methods
Debit card: Using a debit card will usually be faster than using a bank transfer, though most debit card providers will charge a fee for currency conversion
Credit card: Credit cards also work quickly; like debit cards, however, they usually include a fee for currency conversion, and many will also charge you a cash advance fee
Digital wallet: You can also send money through Google Pay, Apple Pay, or a similar digital wallet service, but this option usually comes with high fees
What is the best way to send money to Myanmar?
In most cases, the best way to send money is by using an online bank transfer provider and paying with your bank account. This way, you benefit from lower fees while still sending money quickly.
Why is this the best option? You'll likely have to contend with high fees when you use a credit or debit card or a digital wallet service. If you transfer money directly using your bank, you also may have to deal with SWIFT system delays.
You also get some peace of mind knowing that these providers only focus on sending money. They know what they’re doing and will help you send your money overseas quickly and affordably. You can see just how affordable those rates are when you visit MoneyTransfers.com.
How long does it take to send money to Myanmar?
Sending money to Myanmar is relatively efficient. The fastest providers can transfer funds in as little as one to two hours, while the slowest will get your money there the next day. You can easily compare transfer times on MoneyTransfers.com to choose the fastest one.
Be aware that the amount you send will also impact the total transfer time. Larger sums of money may need to pass through holds or security checks before release.
The timing of your transfer will also make a difference. Banks typically have cutoff times, after which they stop sending transfers through. Most banks are also closed on public holidays. If you make a transfer during or right before a public holiday, you may be delayed.
What is the fastest way to send money to Myanmar?
In many cases, using a money transfer provider is the fastest option. Money transfer providers have their own networks for sending money. They can get your money there faster because they operate outside the much slower SWIFT banking network.
Credit and debit cards are also relatively fast, but both may charge you significantly more in fees. If you don’t pay off a credit card purchase quickly, interest rates may also cause you to pay more in the long run.
The pickup method can also increase or decrease the time between the transfer’s start and finish.
How much does it cost to send money to Myanmar?
The exact cost depends on your provider and the amount you’re sending. Some providers will charge a simple flat fee (usually a few dollars or pounds); others will mark up the exchange rate so they make money when converting your currency to Myanmar kyats. Some providers do both.
You can tell how much providers mark up the exchange rate when comparing their rates to the mid-market rate.
At MoneyTransfers.com, we show you that comparison on your results page so you can quickly decide. We update the mid-market rate regularly, so you can rest assured you’re getting accurate information every time.
What is the cheapest way to send money to Myanmar?
Generally, money transfer providers are the cheapest way to send money. Even with flat fees and exchange-rate markups, they still usually charge less in fees than banks and credit/debit card companies do.
What do I need to send money to Myanmar?
When preparing your transfer, you need a few key pieces of information, including:
Your personal info and a valid photo ID
Your recipient’s contact info and bank details like International Bank Account Number (IBAN)
Details of your chosen payment method
If you also need a SWIFT code, you can check out our list of SWIFT codes. Some providers may require additional information, so ensure you’ve gathered everything you need before transferring.
What do I need to receive money in Myanmar?
Your recipient will also need a few specific pieces of information to receive the money, including:
A national identification card or another form of photo ID
Your name and address and the exact amount you’ve sent
A transaction reference number, in some cases
Depending on your exact method or provider, your recipient may also be required to provide more information.
Do I pay tax on money transfers to Myanmar?
Usually, your transfer won’t be taxed if you’re sending a personal gift (unless you exceed your country’s gift threshold). However, if you’re making a foreign investment or buying property overseas, you might be subject to taxation.
For example, the gift tax limit is $17,000 if you live in the USA. That means you won’t be taxed if you send a monetary gift of $17,000 or less, but you will be if your gift is more than that.
What reasons do people send money to Myanmar?
There are several reasons someone may need to send money to Myanmar. Some common motivations include:
Offering financial aid to loved ones
Making investments
Paying for medical care
Paying debts or tuition fees
Currently, more than 4 million people from Myanmar live in other countries around the world, and many need to send money to Myanmar periodically. MoneyTransfers.com makes sending that money as simple as possible.
Sending money to major banks in Myanmar
Many of the major banks in Myanmar accept international transfers. These include Myanmar Citizens Bank, Central Bank of Myanmar, Ayeyarwady Bank, Co-Operative Bank, and KBZ Bank.
What apps can I use to send money to Myanmar?
Fortunately, the money transfer providers that send money to Myanmar, such as Western Union and PayPal, have easy-to-use apps that make sending money simple.
You might also be able to use digital wallet apps like Apple Pay and Google Pay. That said, most digital wallets will charge you high fees. Before committing to any type of transfer, don’t forget to compare fees on MoneyTransfers.com.
Useful links for people from Myanmar abroad
If you’re a Myanmar citizen living abroad, you may find some of these resources useful:
Thai Freedom House and The Border Consortium may prove especially helpful if you've been displaced due to war.
Sending different amounts of money to Myanmar
When transferring funds to Myanmar, the amount you send may impact your transaction.
Sending under $1,000 to Myanmar
This type of transfer is usually relatively straightforward. Most money transfer providers vetted by MoneyTransfers.com should be able to send the sum quickly and for a low fee.
Sending $1,000 or more to Myanmar
If you want to save money on your transfer, look for a provider that only charges a flat fee. Providers that mark up the exchange rate make more money on larger transactions, meaning your recipient gets much less than the total amount you sent.
Sending $10,000 or more to Myanmar
Sometimes, sending this amount via a regular money transfer provider can incur extremely high fees. Consider looking for a provider that specializes in larger transfers. These providers usually charge lower fees.
Sending $100,000 or more to Myanmar
Most people only send amounts this large if they’re purchasing property or making a significant investment. Some standard providers may charge fees that go well into the thousands for a transfer of this size.
If you need to send $100,000 or more, it’s worth looking into working with a currency broker. Some brokers even have advisors who can work with you to ensure you get the best possible rate.
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