Singapore Post Ltd (SingPost) announced that it has launched a new remittance corridor to Myanmar, making it the first postal service provider to offer remittance services to Myanmar.
SingPost will offer fund transfers from Singapore to Myanmar via its CASHOME remittance service through its partnerships with four banks in Myanmar – Asia Green Development Bank (AGD Bank), Cooperative Bank (CB Bank), Kanbawza Bank (KBZ Bank) and Tun Foundation Bank (TFB).
“Our partnerships with AGD Bank, CB Bank, KBZ Bank and TFB are significant milestones in our ongoing efforts to forge direct bilateral relationships with established financial institutions, strengthening our value proposition as a fast, secured and convenient channel for fund transfers,” Marjorie Ooi, SingPost’s senior vice president for financial services, said.
“We have been expanding our CASHOME remittance services and growing our network of institutional partners to enhance our remittance offerings,” she added
The money will be remitted in the local currency Kyat, with the exchange rate determined at the point of remittance transaction, SingPost said. A transfer fee of S$8 applies for each remittance transaction.
Funds remitted before 12 noon (Singapore time) on a business day will be available for cash collection or credited into the beneficiary’s bank account on the same day after 1 pm (Myanmar time), except TFB which provides cash collection on the next business day.
AGD Bank, CB Bank, KBZ Bank and TFB have over 200 bank branches across Myanmar for beneficiaries to collect funds with no service charge. Beneficiaries can also access funds from over 470 affiliated banks of AGD Bank and CB Bank at a service charge of K500 plus 0.15 percent of the remittance amount.
Myanmar senders can also remit salaries back home for savings purpose and get an interest rate of 8 percent per annum, compounded quarterly.
To access SingPost’s remittance services, senders need only to register once for a CASHOME card for free. For subsequent remittances, senders need only to present their CASHOME card and state the beneficiaries’ bank account number and remittance amount.
The Myanmar community in Singapore is estimated to be around 150,000 to 200,000.