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KBZ exchanges K3,000 per dollar for inward remittances of foreign salary with Hana Bank

Myanmar migrant workers can carry out inward remittances of foreign salary at K3,000 for a dollar from Hana Bank to KBZ Bank, Hana Bank Myanmar released a statement on its social media Facebook page on 15 September 2022. The exchange rate against the US dollar is set at K3,000. There is a two-step verification for the money transfer, the bank shared its statement on the page. There is no red tape like paper works and token system. The amount of money that can be withdrawn is unlimited as well. For any inconvenience, the customers can directly contact the representatives from the KBZ.

“For the salary remittance through the Hana EZ app, the customers must select SALARY in the purpose box when they register the recipient account. This way, the detailed banking information will mention SALARY or code no “5200”. When those people who have filled in the information just like that make international remittance, 1 US dollar will be exchanged at K3,000,” the Hana Bank’s official confirmed this on 15 September. “If they select other options except for SALARY, they will not receive the said exchange rate. They can re-register the recipient account and enjoy the aforementioned rate for sure,” Hana Bank Myanmar stated. There is no token system required to withdraw money with special accounts or other saving accounts. The money withdrawal is limitless as well.

The Central Bank of Myanmar (CBM) has recently directed local private banks to purchase the sailors’ foreign wages that are directly paid to their designated bank accounts at the maximum rate, as per the statement of the Myanmar Seafarers Federation (MSF). As a result of this, seafarers can receive a high exchange rate for local currency only when they put their foreign income into local banks. If they directly withdraw Kyat through regional agents in their own ways, the federation is uncertain about the amount of money that will be exchanged, as per the MSF’s statement. Myanmar migrant workers’ remittances amounted to US$6.152 billion over the past eight months, said Dr Pwint San, Union Minister of the Ministry of Labour. The remittance flows started in 2014 and the reports sent by the Central Bank of Myanmar stated that international remittance was carried out from Malaysia, Thailand, Singapore and other countries.

Source: The Global New Light of Myanmar

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