Bank Transfers

Maryland
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257 posts
64 reviews
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Bank Transfers
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Hi,

I have attempted to transfer money for an upcoming trip to Myanmar to a bank in Singapore twice from two different USA accounts. Both times the USA banks turned down the request to transfer the funds to that specific bank in Singapore. The reason for not approving the transfer of funds to the bank in Singapore were not given.

Just wondering has anyone else had similar problems. And if so, maybe other individuals should be aware of transferring funds to the Singapore bank in question until more information concerning this bank can be uncovered!!!

Maryland
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257 posts
64 reviews
41 helpful votes
1. Re: Bank Transfers
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Just found out some more information about the bank transfer. Apparently the problem is not with the bank in Singapore but apparently there is a "compliance issue" with the account/beneficiary in Singapore with whom the travel agency in Myanmar will sometimes use to arrange internal hotels, flights, etc. and whose name and address is listed as the beneficiary in Singapore.

So hopefully this clarifies some of the above although what the "compliance issues" are was not revealed by the bank!!!

And what is not known is how many of these travel agents in Myanmar, who are on the list of recommended travel agents to deal with, are also using the same agency to arrange some of a itinerary internally in Myanmar and therefore will have similar problems. The two banks that I attempted to transfer money through to Singapore both go through the Bank of New York (Mellon) if that is of any help.

Wellington, New...
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60 posts
1,263 reviews
203 helpful votes
2. Re: Bank Transfers
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Some travel agents and operators request that you don't mention Myanmar Burma in any bank transfer details/information, as it jepardises their banking services and accounts.

Maryland
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257 posts
64 reviews
41 helpful votes
3. Re: Bank Transfers
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I realize that and I think all travel agencies want to make sure you do not mention Myanmar in any of the transfer documents. Myanmar wasn't never mentioned in the attempted transfer of funds.. It was primarily due to a "compliance" issue with the account that the money was being transferred into. I think this problem has been mentioned before on TA and may still be a problem with some of the travel agencies in Myanmar.

Warks.England
Destination Expert
for Myanmar, Yangon (Rangoon), Ngapali, Tossa de Mar
Level Contributor
21,648 posts
424 reviews
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4. Re: Bank Transfers
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This thread may throw some light on the subject-although a UK Bank the payments were stopped in NY due to US sanctions.

http://www.tripadvisor.co.uk/ShowTopic-g294190-i9408-k5369792-Barclays_Bank_refuse_to_make_payments_to_Myanmar_agencies-Myanmar.html

Maryland
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257 posts
64 reviews
41 helpful votes
5. Re: Bank Transfers
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I have read those comments on TA before. I am somewhat surprised that those "sanctions" continue presently.

I am in the process of changing travel agencies in Myanmar and hoping that the sanctions only apply to certain accounts/banks/agencies or whatever.

I will keep you posted since I will know in a few days if the transfer goes through with another account/agent.

I also plan to write a review concerning my experience with travel agencies that I dealt with in Myanmar in the next week or so after I secure the transfer of money. I think it will add to yours and other individuals comments/recommendations posted on TA in the past.

Thanks

Maryland
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257 posts
64 reviews
41 helpful votes
6. Re: Bank Transfers
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An update.

After changing travel agents in Myanmar due to the "compliance" problems with the first agency's account in SIngapore, I attempted to transfer funds to another agency but was again denied even though the account/beneficiary in Singapore was different!! So, different Myanmar travel agency and a different account name in Singapore and yet denied now for a total of three times. Possibly all international wire transfers go through the same bank in New York and that is the problem!!

Anyone have similar problems and what is the solution??

Warks.England
Destination Expert
for Myanmar, Yangon (Rangoon), Ngapali, Tossa de Mar
Level Contributor
21,648 posts
424 reviews
1,168 helpful votes
7. Re: Bank Transfers
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If ,due to no fault of yours,the funds cannot be transferred and they cannot give you an alternative account,say in Bangkok, then they are going to have to accept Cash on arrival. Some Agents,such as One Stop Travel,already handle their business this way,as do most of the internal airlines.

Edited: 8 years ago
New York
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102 posts
59 reviews
60 helpful votes
8. Re: Bank Transfers
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I had the same issue and concern. I changed agents to Myanmar Shalom, they have a New York location so I can send a check - no hassle with the transfer and I dont have to carry as much cash as if I would paying on arrival. Also we were able to speak on the phone which was nice. The price was the same as dealing with other agents in Myanmar. My trip is in November but I feel the process working with them has been positive.

9. Re: Bank Transfers

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