FAQ
Which services are providing by Fixed Deposit (USD) department?
- Fixed deposit (USD) account can be opened by the customer who has maintained USD current account at MFTB.
- Initial deposit- USD 1,000
- Interest rate - 1% per annum (interest is paid once in six month by 0.5%)
Are there D/A (or) D/P systems available, How do you collect bank charges?
D/A (or) D/P systems are available, bank charges are collected as follows;
- 0.5% of Bill Amount ((equivalent MMK)
- Due Accept Commission – USD 50/- (equivalent MMK)
How do you collect bank charges for bill handling?
Bank charges are collected as follows;
- Bill handling commission – USD 75/- (equivalent MMK)
- Discrepancies charges – USD 50/- (equivalent MMK)
Which documents are required to bill releasing?
To release bill, the following documents are required;
- Application Form
- Import License
- Debit Authorization Letter
- Letter of Indemnity
How do you collect bank charges for opening L/C?
For opening L/C, bank charges are collected as follows;
1/4% per (3) month of L/C opening amount
(Minimum – USD 50/-, Maximum – USD 1500/-) equivalent MMK
- USD 50/- (equivalent MMK) for L/C Amendment
- USD 1/4% per (3)month of L/C Balance Amount (equivalent MMK) for L/C Extension
- USD 30/- (equivalent MMK) for L/C Cancellation
Which documents are required to open L/C?
To open L/C, the following documents are required;
- Application Form
- Import License (Original and Copy)
- Proforma Invoice
- Debit Authorization Letter
How much is the bank charges?
Bank charges is only USD 15 regardless of remittance amount which can be deducted from remitted amount (or) customer account (or) equivalent MMK.
What documents require for capital brought-in payment?
The documents that we need - ITTP form, Company’s application, MIC permit/DICA permit ,MyCo Company Certificate (Copy), MyCo Company Profile (Copy)
What documents require for non-trade payment?
The documents that we need - ITTP form,Company’s application, Invoice ,MyCo Company Certificate (Copy), MyCo Company Profile (Copy)
What documents require for trade payment?
The documents that we need - ITTP form, Company’s application, Export license (if necessary), Export Declaration (ED), MyCo Company Certificate (Copy), MyCo Company Profile (Copy)
How do you collect bank charges for Export L/C services?
Bank charges collect as follow;
USD 30(or) Equivalence MMK for L/C advising.
USD 25(or) Equivalence MMK for L/C Amendment
USD 25(or) Equivalence MMK for L/C Cancellation.
¼% of bill amount for Bill Handing Commission and Minimum USD 50/- Equivalence MMK for negotiation charges.
Maximum USD 1000/ Equivalence MMK for negotiation charges.
What Documents are require for Export bill negotiation?
(a) Application letters for Issuing Company Letter head
(b) Export Declaration
(c) Bill of lading
(d) Bill of Exchange
(e) Documents required
What documents are require for Export L/C advising?
The following to require documents -
(a) Application with Company Letter head
(b) Company Registration Certificate by MyCo.
(c) Company Profile by MyCo.
(d) Copy of Export License.
(e) Copy of the Trade License of Export License Issued by the Department of commerce
(f) Copy of Bank Pass Book.
Civil servants Inquired Cash Withdrawl amount and date
According to the Budget department order, Exchange Control Department have to cash withdrawl and transfer of Airticket fees who is going to abroad of civil servants before ( 3 ) days.
Inquired Cash Deposit Amount
Exchange Control Department have to receive cash deposit according to the Anti- Money Laundering Law. Deposit amount is according to the Central Bank Of Myanmar instruction No. 15/2012
Source of income ( e.g money changer slip )