Ayeyarwady BankThe Ayeyarwady Bench
The Ayeyarwady Bank starts transfer services
Ayeyarwady Bank will allow Myanmar operatives in Malaysia to transfer funds home from February 10, a bank spokesman said last weekend. "We' re affiliated with Q-Remit, a Malaysia-based business that has a licence to transfer funds abroad," said U Than Zaw, CEO of Ayeyarwady Bank. "We' ll have meters there with people who can literate and speak both in Myanmar and English," he said.
Myanmar's central bank approved four privately owned banks: Ayeyarwady, Asia Green Development (AGD), Cooperative (CB) and Kanbawza are offering bank transfer services from January 1. The bank has two desks in Q-Remit offices in Kuala Lumpur and Malacca, which are home to Myanmar's population. Twelve ringgits (approximately US$3.97) for up to 1500 ringgits ($497), 15 ringgits ($4.97) for 1500-3000 ringgits ($497-$993) and 20 ringgits ($6.62) for 3000-6000 ringgits ($993-1987), he said.
"All in all, 11 employees transferred funds to Myanmar from the very first sod. The majority of them transferred more than 1000 ringgit[$331], but one of them sent 6000 ringgit[$1987] to the Kalay township[Sagaing Region]," he said. Mr U Than Zaw said that the Malaysian May Bank charged and approved the dollar to ring git conversions, which were then translated into kyat at the current market price at Thein Byu Yangon overdrafts.
"On their receipts the workmen can see how much their families will get in Myanmar," he said. A Malaysian plant operative, Ko Nyan Sint, said oversee operatives would still use the dog-legal transmission system for less than 1000 Ringgits. Hongdui' net is an illicit web of businessmen all over the globe that allows individuals to make payments without having to pay taxes.
It is widely used by Myanmar-based foreign laborers who transfer funds back to their family. "When we transfer less than 1000 ringgits, we have to buy 12 ringgits, which is more costly than using the doggy agents," he said. "If we plan to use more than 1000 ringgits, it's worth using the bank," he said.
However, he said it would take a while to persuade all Myanmar abroad to use the lawful passage. Mr U Than Zaw said that 10,000 ringgits ($3311) have been moved to Myanmar since February 10, but added that payment can only go in one direction - Myanmar homes cannot yet make funds to Malaysian labour.
I' ve already been told that the Ayeyarwady Bank has already begun the bank wire transfers, but I haven't yet received word from others," he said. "However, we are expecting to start providing service in Thailand at the end of April or in the first weeks of May so that Myanmar, which works in Thailand, can simply and securely remit funds home," he said.