Western Union has signed a deal to conduct person-to-person money transfers through Burma’s Co-operative Bank (CB Bank).
“Western
Union has just signed an agreement with CB Bank for money transfers to
begin on December 14,” Phey Myint, CB Bank’s Managing Director told
Mizzima.
Using
Western Union’s bureau in Singapore as a conduit for all international
transfers, money can now be transferred from Burma to foreign countries,
and vice versa from international countries to Burma, he said.
In September,
Western Union signed a contract with Myanmar Oriental Bank to allow remittances through its Burmese branches, but only payments coming into Burma were agreed at that time.
US-based
Western Union evolved into a conduit for transferring cash
internationally from its roots as the largest telegram company in the
USA in the 1800s. It now conducts financial transactions, including
person-to-person payments and money orders, with almost every country in
the world—North Korea, Somalia and Sudan being notable exceptions.
Burmese living in exile or working abroad have traditionally used Burmese agents, known as the
Hundi service, for money transfers home.
Both
Myanmar Oriental Bank and CB Bank have also signed deals with US credit
card firms VISA and MasterCard to allow cardholders to make
transactions through their respective banks.
