Find the best ways to transfer money to Myanmar Burma

The exchange rate determines how much MKK the recipient will get when you make a transfer.

For example, today, the average exchange rate between US Dollar and Kyat is 2,099.9029.

This means the recipient in Myanmar would get 2,099.9029 MKK per US Dollar sent.

Since the rate fluctuates consistently, waiting a few days can help you get more MKK delivered. Your aim is to send money when the MKK exchange rate is the highest in relation to the currency you are sending (in this example, USD).

If you do need to send money to Burma urgently, we suggest using Remitly.

The way you fund your transfer affects the cost, speed, and the amount of MKK the recipient will get.

The cheapest way to pay for your transfer to Burma is with a bank transfer via Remitly, which is 49.36% cheaper than the next cheapest option for MKK transfers.

Based on our analysis of a 7,000 transfer from the US to Myanmar, here are the cheapest options:

• Remitly (bank transfer) - Costs $0 + -64.76% markup.

• Remitly (debit card) - Costs $0 + -64.76% markup.

bank transfer is the most expensive method for deposits when sending MKK to Myanmar. Hence, we recommend avoiding it if you can.

Credit card transfers may result in cash advance fees and higher interest rates, as transfers to Myanmar are considered international transactions.

Avoid using the SWIFT network for transfers to Burma, as it's slower and more expensive. Instead, consider cheaper options like ACH or account balance top-up.

Money transfer companies will apply limits on the amount you can send, both minimum and maximum.

It's worth comparing your options to see which is the best depending on the amount of MKK you want to transfer. Some companies will offer you a better rate for larger transfers.

We recommend using Wise if you need to send a lot of MKK in one go from abroad.

Transfer speed to Burma depends on the amount, the time you initiate the transfer and your payment method.

As a rule of thumb, faster transfers come with higher fees.

Take, for instance, a transfer of $7,000 from the US to Myanmar. These are your options:

• For the fastest transfers, use Xoom

• For bank and card deposits, use Xoom

• For urgent transfers, use cash transfer services such as MoneyGram or Western Union

Where possible, we suggest avoiding deposits over the SWIFT network. These can slow down your transfer to Myanmar.

There are 4 main ways to send money to Myanmar Burma:

Online via a money transfer company

You can either choose to use a managed service like an FX broker, or an online-only company when sending money to Myanmar.

We found that Remitly is the overall best online money transfer provider according to our analysis.

Transfer apps

Most money transfer companies will have apps that also support transfers to Myanmar. You can use our guide to the best money transfer apps to find the one that fits your needs.

In-person cash transfer

Cash transfers to Myanmar Burma via Ria Money Transfers or Western Union are almost always instant, but require the recipient to visit the nearest agent to collect MMK.

It's a great option for when the recipient has no access to the bank account.

There are different ways to receive money in Myanmar Burma. You can make a direct bank deposit, send cash for pickup or home delivery, or use a mobile wallet.

If you want a direct transfer to your bank account, Wise offers the best service for bank transfers to Myanmar Burma.

You can also use cash pickup in Myanmar. It is usually instant but will require the recipient to pick up the cash from a local branch or agent and is a bit more expensive. They can also pick up the cash at a bank, including:

• United Amara Bank (UAB)

• Co-Operative Bank (CB Bank)

• Myanmar Citizens Bank (MCB)

• Kanbawza Bank (KBZ Bank)

Mobile wallets are another way to receive money. It's useful if you don't have access to the bank or spend money directly from the app. There are a few options you have, including:

• OK$

• Wave Money

• M-Pitesan

• MPT Money

• My Money

Please also note that CashApp is not available in Myanmar [Burma].

When you're sending or receiving money in Myanmar Burma, you have to be ready to share some documents.

To receive money in Myanmar Burma, you will need:

• Valid forms of ID: this could be a National Registration Identity Card, Citizenship Scrutiny Card, a valid Mynamar passport, or a driving license.

• Sender's information: the full name and address of the sender.

• Transfer details: the amount that was sent.

If the recipient is picking up MKK as cash, they might need to quote the transfer reference number. You can get this number from the sender.

When sending money to Myanmar, you will need the recipients' details. Sometimes this may include an IBAN or a SWIFT code depending on your payment method.

If you're making a large transaction to Myanmar [Burma], a provider may ask you for proof of address (e.g. a phone or utility bill) and your source of funds (e.g. a bank statement).

That’s why we suggest Wise in this case. They know how to handle large MMK transfers and will help you get things done fast.

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.

In some cases, especially large transfers may need to be reported to tax authorities.

When in doubt, please contact a tax professional in your country or in Myanmar Burma.