In partnering with Tranglo, KBZ to introduce remittance services in Myanmar

KBZ Bank is partnered with Tranglo, a Malaysian based cross border payment specialist, to provide inbound money transfers directly into the accounts of the bank’s customers from oversea countries, announced the bank.

The remittance services, approved by the Central Bank of Myanmar, allow Myanmar citizens working in Malaysia, Singapore and South Korea to send money to their families.

Beneficiaries will receive money in their currents, saving deposits or call deposit accounts free of charge and will be able to withdraw money via nearby ATMs or Kpay or KBZ mobile banking accounts.

“We have fulfilled the need of the migrant workers working in overseas countries to send money to home easily and efficiently. I want to urge the workers to use this remittance service instead of using informal means of remitting money. It will save their time and reduce the cost as they don’t need to go to the bank and wait in line to withdraw the money,” said Stoney Hsia, Head of Wholesale Banking of the bank.

The workers can remit money through Tranglo counters or its partners such as Max Money in Malaysia, Sides SG in Singapore and GME in South Korea and the maximum amount of each remittance transaction is the equivalent of US$5000 in Myanmar Kyats.

(Eleven Media Group: https://elevenmyanmar.com/news/kbz-partners-tranglo-to-introduce-remittance-services )

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