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Foreign Currency Account
  • Foreign currency current account  can be opened in the following foreign currencies
    • USD
    • Singapore Dollar, and
    • Euro
  • Either Myanmar citizen or foreigner can open an individual or joint account.
  • Foreign/local companies and organizations can open an account too.
  • The embassies and the members of diplomatic corps can also open an account.
  • The initial deposit shall be 100 in the currency of account type.
  • Upon opening of an account, the following documents shall be submitted:
    • the voucher guaranteeing that the currencies are bought from money exchange counters or
    • pay slip or
    • documents verifying that the currencies were earned through legitimate business
  • The signing authority can be given by
    • either party or both parties jointly in case of joint account or
    • those vested with the signing authority by the special meeting’s decision in case 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); and
  • check book (for enabling withdrawal of foreign currency from foreign currency account).

Deposits / Withdrawals
  • 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

Bank statements

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 transfer though 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 purchase and sell foreign currencies through an account with MFTB and MICB; and
  • Opportunities to provide bank guarantee through foreign currency.
Notes
  • There will be no interest for depositing money in foreign currency account. The opening of foreign currency saving deposit account cannot be made yet.
  • To be able to open this account, the prospective client needs to come in person bringing along the original NRC card and the currency. As for opening of joint accounts, those wishing to open need to come together.

Oversea 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:

1.Singapore

Oversea Chinese Banking Corporation Limited (OCBC)
Development Bank of Singapore Bank (DBS)
May Bank
United Overseas Bank(UOB)

2.Malaysia

Malayan Banking Berhad(May Bank)

3.Thailand

Bangkok Bank Public Co.,Ltd
Siam Commercial Bank (SCB)
Kasikorn Bank Public Company Limited (K Bank)

Other International Remittance

MoneyGram