Foreign Currency Accounts
Doing business in Myanmar means having the ability to transact in different currencies, so our Foreign Business Account is an essential tool.
We offer accounts in the following foreign currencies
- Singapore Dollar
Foreign or local companies and organizations can open an account, as well as embassies and members of diplomatic corps. All that is needed is an initial deposit of 100 units of the relevant currency.
(1) The voucher guaranteeing that the currencies are bought from either money exchange counters or pay slip or documents verifying that the currencies were earned through a legitimate business.
(2) The signing authority can be given by either party, or both parties jointly in the case of a joint account, or those vested with the signing authority by the special meeting’s decision in cases of companies and organizations.
Books for current account
AGD Bank issues two types of books for foreign currency current account:
- Passbook (for verification of the book balance by checking the deposits and withdrawals)
- Chequebook (for enabling withdrawal of foreign currency from foreign currency account)
Deposits / Withdrawals
The maximum withdrawal amount is USD 10,000
Transferring of the fund from one foreign currency account to another
Transferring of the fund from AGD account to MFTB/MICB accounts
Monthly bank statements can be requested at the beginning of a month from any AGD branch serving foreign currencies.
The benefits of opening foreign currency accounts are:
- Any choice of currency either in USD, Euro or SGD
- Account transfer can be made between current accounts within AGD
- Opportunities to conduct the transfer through Telegraphic Transfer (IT) and Letter of Credit (LC)
- Opportunities to buy and sell foreign currencies for Money Exchange Counters
- Being able to participate in competitive bidding for foreign currencies conducted by Union of Myanmar Central Bank and Yangon Interbank Foreign Exchange Market
- Opportunities to buy and sell foreign currencies through an account with MFTB and MICB
- Opportunities to provide bank guarantee through foreign currency.
There will be no interest for depositing money in a foreign currency account. The opening of foreign currency saving deposit account cannot be made yet.
To be able to open this account, you need to come into the bank person, bringing the original NRC card and the currency. As for opening joint accounts, those wishing to open need to come to the bank together.
Overseas Correspondent Banks
AGD Bank has been doing business with the following correspondent banks through which remittances can be conducted to those accounts kept with AGD Bank:
- Punjab National Bank (PNB)
- Siam Commercial Bank (SCB)
- Other International Remittance
For more information, write to us at email@example.com or call 01 239 9333 and we will get back to you.