Money transfers to the United States can now be made by opening a Settlement Account at KBZ Bank.
Improved trade financing and easier cash transfers are expected as KBZ Bank Ltd joins hands with Sumitomo Mitsui Banking Corporation (SMBC-NY). KBZ customers can save time when they make money transfers and they can receive 24-hour service on money transfers to SMBC-NY.
In the past, a transfer made by Settlement Account after 3pm would be dated one day behind.
Now, the KBZ has managed to reduce confusing steps and money payment activities will be synchronized.
“We are delighted to launch the USD Settlement Account service than can accelerate the financial flow between Myanmar and the US. The KBZ is allowed to open USD Settlement Account for the first Myanmar banking group,” Win Lwin, the managing director of KBZ’s international banking department, said.
“The KBZ is trying to provide innovative financial services in Myanmar. Now customers can make money transfers in a smooth and faster way at a rate more reasonable between Myanmar and the US,” Win Lwin said.
Source: Eleven Myanmar
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