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Foreign Currency Transfer from Myanmar


Procedure to Transfer Foreign Currency from Myanmar: Foreign Investment Law & Rules


Myanmar Foreign Investment Law (FIL) and Rules allow foreign companies / investors to transfer foreign currencies to outside Myanmar. The investor shall submit application for remitting foreign currencies to Myanmar Investment Commission (MIC) with the Form (13), which is attached to the FIL, to get approval for transferring foreign currencies from Myanmar to abroad. After getting approval from MIC, the investor shall apply to the Central Bank of Myanmar to transfer foreign currency abroad.


MIC allows foreign companies /investors to transfer foreign currencies from Myanmar to aboard in the following categories:

  1. Foreign currency entitle to the person who has brought in foreign capital;
  2. Foreign currency permitted for withdrawal by the Commission to the person who has brought in foreign capital;
  3. Net profit after deduction of all taxes and the relevant funds from the annual profit received by the person who has brought in foreign capital;
  4. Legitimate balance after causing payment to be made in respect of taxes and after deducting in the manner prescribed, living expenses incurred for himself and his family, out of the salary and lawful income obtained by the foreign staff during performance of service in the Union.

 

Foreign currencies can be remitted outside Myanmar through the bank which has the right to carry out foreign banking within the Union of Myanmar in the relevant foreign currencies at the stipulated exchange rate at the time of effecting money transfer.


Banking Charges in Myanmar:


Swift charges=Ks 10,000 (or) Equivalent Amount of USD


Outward Remittance Charges in Myanmar for transferring money out of Myanmar:


Equal (or) Below USD 20,000 = USD 25
Above USD 20,000 = 0.125% (or) 1/8%
Cable Charges = Ks 2,000


The laws and practices governing business and investments are undergoing changes. In this website information about laws, business and investment in Myanmar is provided for general information and these details may not be accurate, up to date and is always subject to change; and we are not liable for correctness or accuracy in this connection. All information provided in our websites needs to be verified before any reference and use. You may please Contact MiTA to know more about the process of Myanmar Investment Commission (MIC) permit application, company registration in Myanmar, bank account opening in Myanmar, foreign currency transfer as a part of profit, etc.


MiTA Services Pte Ltd is a management and engineering consulting company, providing services across industries in Myanmar: • Oil and GasPowerRenewable EnergyMiningTelecommunicationInformation Technology & IT Enabled Services Real EstateInfrastructureAgricultureMedical & Health CareManufacturingSMEEnvironmental Engineering and Waste ManagementFisheries and AquacultureGarments and ApparelHandicrafts and AntiqueBanking Finance and Insurance. For details of our services please visit SERVICES page.


MiTA is also organizing a series of investment and business summits, conferences and exhibitions in Myanmar covering all the above industries.

MiTA Myanmar Investment Conferences & Exhibitions

 

Corporate Social Responsibilities

MiTA Services is committed to Green Environment, Sustainable Development and Value Creation for the Ecological Society where man coexists with nature. MiTA Services commits to use minimal papers in office work to save the trees and encourages everybody using electronic media as much as feasible. MiTA's research, engineering design and management practice will follow green business philosophy.