Q1: Could ICBC Yangon Branch provide personal services?
A: Due to the restriction of the Central Bank of Myanmar to foreign banks, ICBC Yangon Branch currently do not
have the retail business license. At present,all foreign banks hold the company business license and it could not handle
the retail business.Only local banks hold full-service license (both corporate and individual service could handle).
Q2: Could ICBC Yangon Branch provide RMB-related products?
A: At present, ICBC Yangon Branch could not open RMB settlement account directly for customers. So far the Central Bank
of Myanmar has approved the legal circulation of RMB business in Myanmar.Currently, RMB clearing services only
could be provided by inter-banks. For individual and corporate, only underground banks and financial companies
are doing RMB business. But relying upon underground banks and financial companies could not guarantee the
funds security, our bank does not recommend customers to use it.
At present, our bank could handle cross-border RMB remittance business with nested foreign exchange trading.
The first way is to remit RMB from other countries to our bank. ICBC Yangon Branch operate with RMB exchange
rate against foreign currency of the day and credit to the foreign currency account opened by the company in our bank.
The second way is to deduct foreign currency from the company account which opened in our bank. ICBC Yangon Branch
could operate with foreign currency exchange rate against RMB of the day and remit RMB to the customer's designated account.
Q3: How many days it will take to open an accounts in ICBC Yangon Branch?
A: Normally, the account could be opened within three days after all required documents are provided to ICBC Yangon Branch.
If the account is requested urgently, kindly advise us and we could do our best to speed up the account opening process accordingly.
When the account is opened, we will advise the clients by e-mail or phone.
Q4: How many days it will take to complete an outward and inward remittance?
A: Outward remittance:
(1) Generally, funds by remittance to all local banks in Myanmar could be received by the receiver on the same day. If the transaction
is processed late in the day, then the funds will be received the next day.
(2) Remittance to ICBC outside of Myanmar will take 1-2 working day(s).
(3) Remittance to non-ICBC outside of Myanmar is subject to remittance route as well as the public holidays and compliance policies in related countries
(1)Domestic remittance from local banks in Myanmar could be credited to clients’ account on the same day.
(2)International remittance from ICBC members will be credited to clients’ account within 1-2working day(s), and international remittance from non-ICBC members outside of Myanmar will be subject to public holidays and compliance polices in related countries and/or regions.