$150,000 remitted to Myanmar via Western Union

The US$150,000 has been transferred to Myanmar through Western Union's international money transfer service, according to Co-operative Bank.

Pe Myint, managing director of CB Bank said that 145 people have used the money transfer service since it was launched last month.

"Respective countries can connect to Western Union and transfer money to CB Bank including its head office and branches," said Pe Myint.

Western Union will collect 75 percent of the service charges and the rest will be collected by CB Bank. The service charges will differ according to the country from which the money was transferred.

Although the money can be transferred to Myanmar in their respective country's currency, CB Bank will only make the payment in Myanmar kyats, using current exchange rate for kyats.

Western Union has also linked up with United Amara Bank and Myanmar Oriental Bank in addition to CB bank. Western Union, as an industrialised monopoly, dominated the telegraph industry in the late 19th century.

Currently Western Union is linked with over 200 countries for transferring money. It has over 510,000 agents all over the world and can transfer money to all countries which are connected with Western Union except North Korea, Somalia, Sudan and Iran.

 

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/2093-150-000-remitted-to-myanmar-via-western-union