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
- Making payment for Trade Services
- Making payment for Non-trade Services
Charges and Commission for Outward Remittance
- 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 2.00 per transaction
- Cancellation, Amendment and any query – USD 12.00
- Receiving payment for Trade Services
- Receiving payment for Non-tradeServices
Major Requirements for Inward Remittance
- A Bank SWIFT Code – AYFDMMMYXXX
- Both parties A/C Number and Phone number
- Both parties A/C Name and Address
- Purpose of Remittance
Charges and Commission for Inward Remittance
- For USD A/C – USD 10.00 per transaction and Equivalent – USD 10.00 for SGD and EURO Account
- For MMK A/C – MMK 10,000 per transaction
(for outside Yangon A/C – MMK 10,000 + standard transfer charges)
- 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.