Read this in Remisiers.org. Wonder why Singpost don't have an announcement for this.
SENDING MONEY TO MYANMAR VIA SINGPOST
Singapore Post Limited (SingPost) has become the world's first postal service provider to offer bank bilateral remittance services with Myanmar, after its launch of a new remittance corridor to the South‐ east Asian country yesterday.
SingPost has partnered four commercial banks in Myanmar in this venture ‐ Asia Green Development Bank (AGD Bank), Cooperative Bank (CB Bank), Kanbawza Bank (KBZ Bank) and Tun Foundation Bank (TFB).
SingPost will offer fund transfers from Singapore to Myanmar via its Cashome remittance service available at all its post offices.
The Myanmar community in Singapore is estimated to be around 150,000 to 200,000‐strong.
Marjorie Ooi, SingPost's senior vice‐president for Financial Services, said: "We have been expanding our Cashome remittance services and growing our network of institutional partners to enhance our remittance offerings. Our partnerships with AGD Bank, CB Bank, KBZ Bank and TFB are significant milestones in our ongoing efforts to forge direct bilateral relationships with established financial institutions, strengthening our value proposition as a channel for fund transfers."
Apart from remitting money to their beneficiaries, Myanmar senders can remit salaries back home for savings purpose to earn an interest rate of 8 per cent per annum, compounded quarterly, offered by the banks in Myanmar.
The money is remitted in Myanmar kyats, with the exchange rate determined at the point of remittance transaction.
A SingPost spokesman told BT that Myanmar provides new growth opportunities for SingPost.
"We believe our new remittance service to Myanmar will contribute business value to our Cashome remittance business over the long term," said the spokesman, who declined to give figures.
The four banks have more than 200 branches across Myanmar for beneficiaries to collect funds, with no service charge.
http://www.remisiers.org/cms_images/rese...g_Buzz.pdf