Western Union has launched outbound money transfer services this week almost four years after it first entered the country.
The global payment services firm will now allow people in Myanmar to transfer up to US$3000 a day to more than 500,000 locations around the world, through its nine local agent banks.
Customers can transfer money without opening a bank account, regional senior vice president Patricia Riingen told media on June 7.
The company works with Kanbawza Bank, CB Bank, AYA Bank, Yoma Bank, Myanmar Apex Bank, First Private Bank, Global Treasure Bank and Myanmar Oriental Bank, she said.
“Through these banks, customers can quickly transfer money to over 200 countries, to send to family members, for scholarships, health, travel or sending presents.”
Until this week, Western Union only offered inbound services, allowing overseas workers to send remittances back to Myanmar.
While convenient, Western Union services are more expensive than the hundi system, an informal exchange where an agent in one country asks their counterpart in another to pay the beneficiary, often on the same day.
The hundi system is quick, cheap, secure, unregulated and widely used by migrant workers.
Translation by Khine Thazin Han
Source : Myanmar Times
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