KBZPay GOLD ACCOUNT – FAQs
KBZPay Digital Gold-linked Investment is a product by KBZ Bank where customers can buy/sell gold in a simple, convenient and secure way through the KBZPay application.
As KBZPay Digital Gold-linked Investment is a digital product, there is no redemption of physical gold allowed.
Customers can invest in digital gold on the KBZPay Digital Gold-linked Investment through the KBZPay application.
Local resident customers, that are KBZPay Level 2 customers, are eligible to buy the KBZPay Digital Gold-linked Investment.
Level 1 or 1.5 customers will need to upgrade their accounts to Level 2 to be eligible.
There is no need for customers to have a KBZ bank account as long as they are KBZPay Level 2 customers.
Yes, KBZPay Digital Gold-linked Investment is backed up gram for gram by an actual physical 24K gold, stored in the secured vault by the custodian.
No, customers must be in Myanmar in order to buy KBZPay Digital Gold-linked Investment.
Customers, who are residents in the country and KBZPay Level 2 users, can buy/sell digital gold through KBZPay. No additional identification required.
Customers can invest affordably from MMK 1,000 in digital gold at KBZPay Digital Gold-linked Investment.
KBZ Bank partners with the most reliable, trustworthy and reputable gold wholesalers in the market to source the physical gold of highest purity.
This gift feature is currently not available.
Customers can buy/sell digital gold between 9:00 am to 3:00 pm on banking business days.
There will be a 24-hour cooling period after every buy transaction. Customers can sell back the digital gold after the cooling period.
Unlimited transactions can be made as long as the limit of the daily maximum limit is not exceeded.
The maximum amount of digital gold that customers can buy per day is MMK 100,000.
KBZPay Digital Gold-linked Investment is only available to individual KBZPay Level 2 customers.
Investing in digital gold will eliminate the hassle of purchasing, storing, quality assurance, and any other risks pertaining to investing in physical gold for the customers. The custodian will purchase, QC check and store in a secure vault on behalf of the customers to make it a worry-free investment experience for the customers.
Yes, KBZPay Digital Gold-linked Investment is secure as it can be used through the KBZPay app.
You are placing your money in a digital wallet and buying/selling digital gold through a service delivered by KBZ Bank, a financial institution licensed by the Central Bank of Myanmar. Much like a bank account, a mobile wallet also cannot be physically stolen or lost, unlike a physical wallet or cash. Safeguards have also been placed to protect your digital wallet.
Even if you lose your phone, your KBZPay Digital Gold-linked Investment or money is safe – only you can access the KBZPay App with your secret password.
Here are a few helpful tips to keep your money safe:
(1) Always use a separate password/PIN for your phone and mobile wallet in the KBZPay app. Do not share this password/PIN with anyone. This will ensure that even if your phone is stolen, no one else will be able to access your mobile wallet.
(2) Should you suspect someone has knowledge of your password/PIN, change it immediately.
(3) Your personal information is just as important as your money, so take the necessary precautions with it. Do not leave important documents such as your passport and NRIC card or copies of these lying around. Limit the sharing of personal information to only those that need to know, and whom you trust.
(4) Should you misplace your phone, please immediately notify KBZ Bank through our helpline.
(5) Do not fall prey to false rumors or panic if you suspect unauthorized activity, simply report it through our helpline — keep this phone number (+95 99 6996 3211) handy for emergencies.
KBZPay Digital Gold-linked Investment is backed up gram-for-gram by actual physical 24K gold of 99.9% purity with density between 19.26d and 19.28d.
Yes, KBZPay Digital Gold-linked Investment makes purchasing highly affordable as it can be bought for a small amount as low as 1,000 MMK.
Yes, customers can buy digital gold at live market rates. Also, end-to-end transactions are digital, making them transparent, seamless and trackable.
Customers can conveniently sell the digital gold bought after the 24-hour cooling period at the market price of the gold and receive e-money back into their KBZPay wallets.
There will be a digital account statement available 24/7 in the App.
The rate freeze window is a 5-minute period where the buy/sell rate is locked for customers to key in their PIN and OTP to carry out the buy/sell transactions.
Cancellations are not allowed once PIN is entered successfully.
KBZPay will charge 0.9% of the transaction amount as KBZPay processing fees.