MYANMAR CURRENCY: GUIDE TO CASH & CREDIT CARDS

Where to Change Money in Myanmar?

In Myanmar, it used to be only “change your money in black market”, however, since 2016, all banks across Myanmar as well as all the licensed money-changers are offering exchange services on all major foreign currencies, remember to bring your dollars in good condition since torn and old banknotes are hard to be changed in Myanmar. In addition, hotels and home-stays are also offer a simpler route to changing your money. The $100 bill gets a slightly better exchange rate than a $50 or $20, or the smaller banknotes. And supposedly the exchange rate is marginally better early in the week (Monday or Tuesday). We’ve also been told that exchange rates sometimes fluctuate with poppy season too! It’s safest to change money at banks, hotels and money changers and bigger shops, rather than on the street. The moneychangers standing around just east of the Mahabandoola Garden in Yangon city have a reputation for short-changing new arrivals for several thousand kyat.

A great tip over changing money in Myanmar is that never hand over your money until you’ve received the kyat and counted them carefully. Honest moneychangers will expect you do this. Moneychangers give ready-made, rubber-banded stacks of a hundred K1000 bills. It’s a good idea to check each note individually. Often you’ll find one or two (or more) with a cut corner or taped together, neither of which anyone will accept. We heard from some travellers that Yangon moneychangers have asked for a ‘commission’. Many travellers do the bulk of their exchanging in Yangon, where you can get about K100 more per dollar than elsewhere, then carry the stacks of kyat for a couple of weeks around the country. Considering the relative safety from theft, it’s not a bad idea, but you can exchange money elsewhere. Also, when paying for rooms and services in US dollars, check your change carefully. Locals like to unload slightly torn $5 bills that work fine in New York, but will be meaningless for the rest of your trip.

Where do I find ATMs in Myanmar?

In November 2012, the first ATM was installed in Myanmar and in the city of Yangon, and since then the ATM network has grown dramatically. ATMs in Myanmar are marked with the initials ATM. ATM’s are widely available throughout Myanmar and are extremely common in most major cities and towns. You’ll find them at banks, on shopping malls and in some of the big luxury hotels as well as in airports. However, as explained above, do not solely rely on ATM machines as they might be out of service when you need them. The best practice is to carry some USD in cash and change them when landed. In addition, you might not find ATMs in rural areas and on some of the lesser-known islands. So, if you plan on venturing somewhere off the beaten track, it’s best to withdraw money beforehand to be able to pay for your trip. The best place to withdraw money would be at Yangon Airport and upon arrival. You can also rely on withdrawing money from ATM’s in Mandalay or Inle Lake and Bagan. However, you are able to only withdraw Kyat as ATM’s in Burma are not dispensing USD. To withdraw money from ATM in Myanmar, your home credit card will be charged for around 3 % commission or around K5000 for each withdrawal you make with your credit card. All international airports in Myanmar have ATMs and money exchange offices. The most important cities in Myanmar (Yangon and Mandalay) have an extensive network of ATMs, however there are no ATMs in the smaller towns (Bagan, Kalaw, Inle Lake). The capital of Myanmar, Yangon, is the city with the largest number of ATMs. There is also an ATM inside the Shwedagon Pagoda. Myanmar ATMs do not allow withdrawing more than 300,000 Kyat per operation.

Using Credit Cards in Myanmar

Credit cards are started to accept slowly in high-end luxury hotels and some jewelry shops only, again, do not reply much on your credit card, bring cash and or use your credit card to withdraw money from ATM only. Travellers Cheques are not accepted anywhere in Myanmar. However, a couple of high-end hotels in Yangon and Mandalay are able to accept credit cards, and sometimes give cash back. This is done via a processing system linked outside the country, usually in Singapore, and is at the mercy of internet connections.

Do You Need to Tip in Myanmar?

Tipping as known in the West is not customary in Myanmar, though little extra ‘presents’ are sometimes expected (even if they’re not asked for) in exchange for a service (such as unlocking a locked temple at Bagan, helping move a bag at the airport or showing you around the ‘sights’ of a village). It’s a good idea to keep some small notes (K50, K100, K200) when visiting a religious temple or monastery, as donations may be asked for. Also, you may wish to leave a donation. So, tipping is not mandatory, but its appreciated and it will show your gratitude to the locals.

When to Haggle

There’s one golden rule to shopping in Burma: bargain, and the amount of bargain is usually depending on your negotiating skill, however, remember to keep things easy with a smile on your face. “Fixed prices” at most tourist areas aren’t really mean for it; the listed prices are usually higher than the last price you can pay if you bargain long enough and remember, you can’t just bargain at anywhere, the high-end shopping malls and airports are never meant to give you any discount. So, let your haggling tricks for when you visit the tourist area, local markets and to street vendors. And Burmese sellers aren’t exactly the happiest bargainers. In areas with high tourist rate such as old Yangon, sellers sometimes refuse any attempts at bargaining to lower the final price, knowing that there will always be another tourist willing to pay the prices they offer.

How Much to Budget Per Day

• Daily budget of less than $ 50
• Hostel or pension: 10-30 US $
• Local restaurant or street stall: 2-5 US $
• Bus transfers: US $ 1-5

Spending between $ 50-150

• Double room in average price hotel: 50-100 US $
• Two-course meal in mid-priced restaurant: $ 5-10
• Guide: US $ 10 / day
• Pathein umbrella: $ 1-20

Spending more than US $ 150 per day

• Double room in high price hotel: US $ 150-500
• Two-course meal with bottle of wine: $ 40-70
• Driver and guide: US $ 100 / day
• Fine lacquer bowl: $ 200

BURMESE KYAT: When you are traveling in the country, you’d better find a place to exchange some of your money into Myanmar currency as you may need to pay for goods and services with Burmese Kyat and cash at many situations especially when you are doing some shopping at local markets. Since Burmese Kyat cannot be imported to your country, so you have to change the money in the airport, border, bank and hotels in Myanmar, which is easy and safe. For more information, please check our up to date Travel to Myanmar