It now offers services such as credit cards, merchant banking, hire purchase and leasing, and electronic remittance services.

Postal remittance service (to Canada, Mainland China, Indonesia, Japan, Nepal and the Philippines)

Electronic remittance service (through Western Union)

Remit2India offers remittance services to over 7 million individuals.

At its most basic, a remittance service involves a sender, a beneficiary and two intermediaries.

Through remittance services, banks also hoped to draw these immigrants - more than half of whom do not have bank accounts - into the formal financial sector.

The World Bank and the Bank for International Settlements have developed international standards for remittance services.

Times of Money operates financial remittance services for Indians abroad to send money back to India.

Their product, remit2India, is a standalone product, while also powering the remittance services of many banks globally.

KBZ is one of few banks in Myanmar that offers credit card and remittance services.