🇲🇲 Opening a Bank Account in Myanmar
Honest assessment of business banking for foreign founders in Myanmar.
Myanmar's banking sector has been severely impacted since the 2021 military coup. Cash shortages, withdrawal limits, and restricted international transfers are ongoing challenges. Major domestic banks include KBZ Bank, AYA Bank, CB Bank, and Yoma Bank. Foreign bank branches (SMBC, MUFG, OCBC, UOB) operate with limited services. International wire transfers are restricted and subject to Central Bank of Myanmar controls. US dollar transactions face particular scrutiny due to sanctions. Companies should plan for significant banking delays and consider maintaining offshore accounts for international transactions.
Tips for Success
- Have all company formation documents ready before applying — trade licence, articles of association, certificate of incorporation.
- Prepare a clear business plan or description of your business activities, even if the bank doesn't explicitly ask for one.
- Consider digital/neo-banks as your first account — they typically have faster onboarding for new companies.
- Apply to multiple banks simultaneously rather than sequentially — rejection at one doesn't affect others.
This content is educational and does not constitute legal or tax advice. Always consult a qualified professional for your specific situation. Data last verified March 2026.