Instant Money Transfer Between The US and Myanmar Now Possible
Americans living in Myanmar, sovereign state in South East Asia, can now send money to the United States through KBZ Bank. To do this, one needs to first open a Settlement Account at KANBAWZA Bank (KBZ).
Recently, the New York-based Sumitomo Mitsui Banking Corporation (SMBC) and KBZ Bank Ltd partnered to ease cash transfers and improve trade financing. KBZ customers will be offered a 24-hour money transfer services, which will enable them to transfer their funds to Sumitomo Mitsui Banking Corporation.
This was not the case in the past. In fact, anyone sending money through his or her Settlement Account after 3 pm the transaction would be dated a day behind.
Now, KANBAWZA Bank has managed to make the transfer hassle free and money payment activities will happen at the same time.
“We are happy to launch the USD Settlement Account service. We are sure this service will accelerate money transfers between the United States and Myanmar. KANBAWZA Bank is allowed to open this account for the first Myanmar banking group,” the managing director of KANBAWZA Bank’s international banking department Win Lwin said.
“KBZ Bank Ltd is working all round the clock to provide innovative, safe and timely financial services in Myanmar. Now customers in these two countries can make transfers in a faster, smooth and secure way at a reasonable rate between the United States and Myanmar,” Win Lwin said.
The United States and this sovereign state in South East Asia signed the Memorandum of understanding on banking cooperation in 2012.
Worldremit And JazzCash Partners To Make It Easier For People To Money Transfers To Pakistan
WorldRemit announced that they have joined hands with JazzCash Mobile Money to make it easier for people to money transfers to Pakistan. The partnership, through instant mobile remittance, will enable over 9 million Pakistani expatriates currently living and working abroad to send money to their loved ones or friends in Pakistan.
The Global Business Development Director at WorldRemit, Mr. Bryce Currie, commenting on this partnership, said,
“WorldRemit is planning to facilitate more than 580,000 money transfers transactions to Pakistan every month. Our partnership will eliminate the hassle of waiting for several days to receive money from overseas. Now, WorldRemit customers can send money to their loved ones and friends in Pakistan with just a few clicks on their mobile phones. Any amount sent through this platform will be collected as Mobile Money by a Pakistani beneficiary on the same day.”
The Chief Digital & Financial Services Officer at Jazz, Mr. Aniqa Afzal Sandhu, also added,
“Remittances from overseas play an important role in the growth of Pakistan’s economy. According to the report released by the State Bank of Pakistan, Pakistani expatriates currently living and working abroad remitted more than $20 billion last year. By partnering with WorldRemit, we aim at making it easier for the locals who rely on financial support from abroad to receive money to run their households.”
The decision to bring JazzCash on board follows WorldRemit survey which found that Pakistanis are rapidly switching from the old method of sending money using a local agent to using faster and safer online money transfer methods.