International Remittance (TELEGRAPHIC TRANSFER/ TT)

A Bank’s international remittance services are quick and secure transfer of funds by using SWIFT system through the correspondent financial intermediaries to and from any part of the world and back to back.

Key advantages for customer are low cost, and faster and more secure within convenience time.

Methods of International Remittance

(1) Outward Remittance

(2) Inward Remittance

(3) Invoice Financing

Outward Remittance

  • Making payment for Trade Services
  • Making payment for Non-trade Services

Required Documents

  • Related Documents for Trade Payment (e.g Import License, Import Declaration/ Release Order Notification, Bill of Lading, Air-way Bill, Cargo Receipt/ Truck-way Bill, Commercial Invoice) and other related documents.
  • Supporting Documents for Non-Trade Payment (e.g Contract/ agreement or invoice etc.,)

Charges and Commission

  • Up to USD 20,000.00 – USD 25.00
  • Above USD 20,000.00 – 0.125% on transaction amount (Minimum: USD 25.00)
  • SWIFT Charges – USD 10.00 per transaction
  • Cancellation, Amendment and any query – USD 20.00

Inward Remittance

  • Receiving payment for Trade Services
  • Receiving payment for Non-tradeServices

Major Requirements for Inward Remittance

  • A Bank SWIFT Code – AYFDMMMYXXX
  • Applicant A/C Name and A/C Number
  • Beneficiary A/C Name, A/C Number, Phone number and Full Address
  • Purpose of Remittance

Charges and Commission

  • USD A/C – USD 10.00 per transaction or USD Equivalent for SGD and EURO Account
  • MMK A/C – MMK 10,000 per transaction
  • MMK A/C (Outside Yangon) : (MMK 10,000 + standard transfer charges)

Remark:

  • All these charges and commissions are collected in USD and any related currency will affect the equivalent amount in USD.
  • Any charges and commission of other currency transactions are converted to USD based on the rate determined by the bank.

Invoice Financing

  • Borrow Money to enhance business and a better cash flow.
  • Financing can be up to 50% against Invoice for 30-60 days based on nature of business

Major Requirements:

  • Commercial Invoice/ Sales Contract
  • Import License
  • Trade related documents (e.g ID/ Released Order Notification, BL, etc.,)
  • Company Extract from DICA Online Registration (MYCO: Myanmar Companies Online)

Correspondent Bank Lists