Foreign Banking Services
MICB is providing commercial baning services in foreign currencies to assit the customers for their smooth and safe business transfersations with their counterparties located in or outside the country.
I ) Current Deposit (Demand Deposit) Account in foreign currencies
Customers are allowed to open US Dollar Account, and Singapore Dollar Account.
Types of Current Deposit Account
The following types of Current Account can be opened.
- National Company Account
- National Sole Proprietorship Account
- Foreign Company Account
- Foreign Investor (company) Account
- Joint Venture Corporation Account
- Co-operative Account
- National Individual Account (or) Joint Account
- Foreigner Individual Account (or) Joint Account
Myanmar migrant workers working in overseas and sea-men are able to open foreign currency accounts for their salary earnings, with the endorsement of Department of Labour (or) SECD. Salary remittances earned by migrant workers and sea-men have import rights.
No interest is paid for the current deposits. US Dollar (Cash) can be withdraw by Cheque, but maximum amount for USD 5,000 per transaction (maximum two transactions per week) is allowed to withdraw from an account.
Account transfer is allowed from one account to another. Transferor need to submit an application letter together with Account Transfer Form prescribed by the Bank and a copy of Invoice.
Bank charges are
account transfer within the bank - USD 2 (or) EUR 2 (or) SGD 2
account transfer to other local bank - USD 50
cash deposit to the current account - 0.3% on deposit amount
cash withdrawal (or) issuing payment order - USD 1
Required Documents for account opening in Foreign Currency
Documents are required differently for opening of different types of account.
Required Documents for opening of National Company Limited Account
a) Application Letter with company letterhead and Application Form prescribed by the Bank
b) Board of Directors’ Resolutions
c) Certificate of Incorporation(Copy)
d) Certificate of Exporter Importer Registration (Copy)
e) Memorandum of Association and Articles of Association (Copy)
f) Share-holders List (Form VI) and Directors List (Form XXVI)
g) Certificate of Registration of Documents (CRD) (Copy)
h) National Registration Card (NRC) (Copy) and Two recent passport size photos
Minimum initial deposit is USD 100 (or) SGD 100.
Required Documents for opening of National Sole Proprietorship Account
a) Application Letter together with Application Form prescribed by the Bank
b) Certificate of Exporter Importer Registration (Copy)
c) National Registration Card (NRC) (Copy) and Two recent passport size photos
Initial deposit requirement is minimum USD 100 (or) SGD 100.
Required Documents for Foreign Investor (Company) Account established under the approval of the Myanmar Investment Commission (MIC)
a) Application Letter with company letterhead and Application Form prescribed by the Bank
b) Board of Directors’ Resolutions
c) Certificate of Incorporation (Copy)
d) Certificate of Exporter Importer Registration (Copy)
e) Memorandum of Association and Articles of Association
f) Form of permit issued by the Myanmar Investment Commission (Copy)
g) Share-holders List (Form VI) and Directors List (Form XXVI)
h) Passport (Copy) and Two recent passport size photos
Initial deposit must be capital money remitted from abroad.
Requirements for opening of Foreign Company Account
a) Application Letter with company letterhead and Application Form prescribed by the Bank
b) Board of Directors’ Resolutions
c) Certificate of Incorporation (Copy)
d) Certificate of Exporter Importer Registration (Copy)
e) Memorandum of Association and Articles of Association
f) Share-holders List (Form VI) and Directors List (Form XXVI)
g) Certificate of Registration of Documents (CRD) (Copy)
h) Passport (Copy) and Two recent passport size photos
Initial deposit must be capital money remitted from abroad.
Requirements for account opening of National Personal Individual Account (or) Joint Account
a) Application Letter together with Application Form prescribed by the Bank
b) Evidence for earning of foreign currency (such as Job Appointment Letter for salary earning, Rent agreement/contract for rent earning etc,.)
c) National Registration Card (NRC) (Copy) and Two recent passport size photos
Initial deposit requirement is minimum USD 100 (or) SGD 100.
Requirements for Foreigner Personal Individual Account (or) Joint Account
a) Application Letter together with Application Form prescribed by the Bank
b) Evidence for earning of foreign currency (such as Job Appointment Letter for salary earning etc,. )
c) Passport (Copy) and Two recent passport size photos
Initial deposit requirement is minimum USD 100 (or) SGD 100.
Information for Account Closing
Application Letter is required to close an account. For account closing of national company/ foreign company/ foreign investment company, respective Board of Directors’ Resolution is required. Executive Committee’s decision is required for co-operative, religious organization, social and cultural association.
Bank Charges
- USD 5 for individual account closing
- USD 10 for company account closing