Burma - Methods of Payment Burma - Methods of Payment
There are currently no American banks operating in Myanmar. Foreign banks are primarily from countries such as Japan, China, Thailand and other ASEAN regions. In May 2019, the Central Bank of Myanmar announced that the current 13 non-native banks operating in the country will be granted licenses to open new subsidiary bank outlets to provice retail-banking services to local businesses. The Central Bank also removed banking restrictions for the non-native banks which prohibited from lending to local businesses. The purpose is to allow local businesses to obtain stronger and reliable access to finance for their business development. The Deputy Governor of the Central Bank also announced that foreign subsidiaries will get more opportunities than bank branches and will also have full permission to function as local banks.
Western Union, a U.S. company and leader in the global money transfer market, entered Myanmar in 2013 by partnering with a large number of local banks and has the biggest market share. There are other international money transfer services providers, such as Xpress Money, MoneyGram, Maybank, International Money Express (IME) and Singapore Post. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.