( III ) Foreign Remittances
Inward and Outward Remittances in Foreign Currencies are being conducted through the network of over two hundred correspondent banks.
Inward Remittances (Non-Trade) for different purposes are credited to the customers’ accounts by the Foreign Remittance Department. Majority of inward payments are the following purposes.
- Initial capital, paid-up capital remittances of Foreign Companies and Foreign Investment Companies
- Working capital injections of foreign companies
- Salary payments
- Payments for commission and service charges
- Payment for Tourism companies (such as fees for package tour)
- Workers remittances
- Aids and grants etc,.
USD 15 per transaction is collected as bank charges.
The following Non-Trade payments can be remitted to abroad.
- Repatriation of salary by foreigners working in Myanmar
- Payment for management fee
- Repatriation of ticket sale proceeds of foreign air-lines
- Loan repayment
- Payment for insurance premium
- Remittance for dividend of foreign company
- Repatriations of share capital of foreign company after liquidation etc,.
Required Document for Non-Trade Payment
Evidences for remittance (such as invoice, claim, agreement, MIC permit) and Form-A are required to be presented to the Bank for outward remittances.
Payments for importing of goods under the Open Account System (Normal T.T system after arrival of goods) are also settled by the Foreign Remittance Department.
Required Documents for T.T Payment for Importing of Commodity
- Application Letter and T.T Application Form prescribed by the Bank
- Import Licence (or) Import Permit (original and copy)
- Customs Import Declaration (original and copy)
- Invoice, Packing List, Bill of Lading (original)
- Motorcar Sale Statement issued by the Ministry of Commerce (for payment under Consignment Basis)
Bank commission for outward remittance is 0.125% on remittance amount (Minimum USD 50). Remittances are sent by SWIFT.
Since 1st March, 2013, (166) items of goods are allowed to import without import licence. Please find detail Commodity List in the website of Ministry of Commerce - http://www.commerce.gov.mm.