Foreign Currency Current Account is a current account to hold your foreign currencies and manage the foreign exchange risk. The following currencies are available to deposit:
- United States Dollar (USD)
- Euro (EUR)
- Singapore Dollar (SGD)
- Choices of 3 foreign currencies (USD, EUR, and SGD)
- Make outward payments, receive inward remittances
- You can better manage foreign exchange risk
- You can also transfer funds to your Myanmar Kyats account
- You can withdraw Myanmar Kyats or Foreign banknotes from your account (Foreign banknotes are subject to limitations by the prevailing directives of the Central Bank of Myanmar)
Interest Rate: Foreign currency account is not eligible for interest
Account maintenance Fees: Foreign Currency 1 Unit - If the account has had no deposit or withdrawal activity (other than posting interest) for a period of one year
Fees will be applied upon making a deposit
Account closing fee: 10 USD/EUR/SGD
| Minimum initial deposit | : | 100 USD/EUR/SGD |
| Minimum balance | : | 20 USD/EUR/SGD |
The following table shows the documents required for each type of company to open Foreign Currency Account.
|
National Company Limited and Partnership |
Joint Venture Account / Co-operative / Society Account other Societies |
Foreign Companies Account |
Foreign Investors Account |
|
|
Certificate of Registration of Branch Office in Myanmar Issued by the Directorate of Investment & Companies Administration (DICA) |
√ |
√ |
– |
– |
|
Certificate of Registration of Documents (CRD) Issued by the DICA. (Temporary certificate is acceptable.) |
√ |
√ |
– |
– |
|
Certificate of Incorporation |
√ |
√ |
√ |
√ |
|
Exporter – Importer Registration Certificate |
√ |
– |
– |
√ |
|
Memorandum of Association and Article of Association |
√ |
√ |
√ |
√ |
|
Form 6 and Form 26 |
√ |
√ |
√ |
√ |
|
Board of Director’s Resolution / Meeting minutes |
√ |
√ |
√ |
√ |
|
Specimen Signature Card Signed by the Authorized persons |
√ |
√ |
√ |
√ |
|
Initial Deposit Unit-100 |
√ |
√ |
√ |
√ |
|
Permit to Trade |
– |
– |
√ |
– |
|
National Registration Card / Pass-port |
√ |
√ |
√ |
√ |
USD, EUR, SGD account can be opened.
Companies registered in Myanmar can open this account.
20 USD/Euro/SGD are needed as minimum balance.
Withdrawals can be made at the bank counters. Withdrawals of foreign banknotes are subject to limited posed by the Central Bank of Myanmar.
The account can be linked to Business Internet Banking.
You can transfer cash from your CB foreign currency account to other CB bank accounts. However, for international fund transfer, please refer to International Fund Transfer.
SWIFT/BIC Code: CPOBMMMY
Bank/Institution: Co-Operative Bank Limited (Public Bank)
Address: No.46, Union Financial Center, Corner of Mahabandoola Road and Theinphyu Road, Botahtaung Township, Yangon, Myanmar.