Remittance service to Myanmar launched

Singapore Post (SingPost) said on Wednesday that it has launched remittance services to Myanmar at all its post offices, making it the first postal service provider in the world to offer the service.

SingPost is partnering four commercial banks in Myanmar — Asia Green Development Bank, Cooperative Bank, Kanbawza Bank and Tun Foundation Bank — for the fund transfer service.

Apart from remitting money to their families in Myanmar, they can also send their salaries home as savings, which will enjoy a high interest rate of 8 per cent per annum, offered by the banks in Myanmar, SingPost said in a statement.

There are currently an estimated 200,000 Myanmar nationals in Singapore.

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