Kyat and US dollar usage
Thekyat(pronounced ‘chat’) is the official currency of Myanmar, abbreviated as ‘K‘ or 'MMK'and usually placed before the numerical value (i.e.K500). Kyat come in notes (no coins) of valueK50,K100,K200,K500,K1000,K5000andK10,000.
TheUS dollar, however, is used as an alternative currency, particularly for larger purchases: foreigners are sometimes expected to pay in dollars forhotels, high-end restaurants and flights(international credit cards can also be used for many of these purchases –for more information go to the bottom of this page). If payment is made in kyat for these transactions, it may sometimes be at a worse rate; when paying in dollars, change will often be given in kyat. Smaller purchases, such as taxi rides, buses and cheaper to mid-range meals are quoted and are almost always paid for in kyat.
As local currency is readily available at ATMs, how many USD you choose to take with you will depend on the type of trip you are planning and what your own USD reserves are – typically, it is not necessary to take more than a few hundred dollars as back up. If you are spending more than a few days outside ofYangon,Mandalayor Nay Pyi Taw, make sure toexchange enough money beforehand or make the necessary ATM withdrawal; it can be difficult to change money outside the main cities, and you will probably get a worse rate. ATMs are also more difficult to find in these areas (see more information below on ATMs).
Important note! US dollar bills taken to Myanmar must be in PERFECT CONDITION.
Dollar bills should be brought to Myanmar in differing denominations: take plenty of$10,$5and$1bills to pay for hotels, flights and historical sites, and take$100or$50bills for exchanging to kyat (larger denominations usually get a better rate).
Blemishes of any kind – creases, marks, folds and so on – may result in getting a far worse rate of exchange or the moneymay not be accepted at all. Also, pre-2006 dollar bills or ones with the letters AB and CB at the start of the serial number (at the top left corner of note) may not be accepted. Euros are generally accepted as an exchange currency and do not have to be in pristine condition. It is therefore advisable to carry US dollars in a safe, flat folder – not in a wallet.
Exchange and rates
Money can be changed atbanksin the downtown areas of larger cities and at most majorairports, including Yangon, Mandalay, Nay Pyi Taw,Baganand Thandwe (forNgapali beach). In Yangon, you can also head to the popular and centralBogyoke Aung San Market(Scott Market) if you want to change money at the weekend – here you can find numerous money-changing shops (these tend to shut around 3.30 to 4pm).
Until recent government reforms, it was necessary for visitors to Myanmar to change money on theblack marketin order to get a reasonable exchange rate.This is no longer the case; you can now get a good exchange rate at banks and official money exchanges. Money changers on the street should be avoided, as they are likely to scam you.
Unsurprisingly, the exchange rate is subject to fluctuation; check online for the latest rates before exchanging.
Banks, ATMs and credit cards
While visitors once had to bring in all the necessary cash for their travels into Myanmar, there are now thousands of ATMS that accept international bank and credit cardslocated around the country – although bear in mind that most are concentrated in Yangon, Mandalay, Nay Pyi Taw, Bagan and Inle Lake. Cardholders can also withdraw local currency from ATMs and use their cards at a growing number of major outlets such ashotels, restaurants, and retailers.
Currently onlyVisa, Mastercard (Maestro/Cirrus), China’sUnion Payand Japan’sJCBcan be used; the biggest providers of compatible ATMs areCB (Co-operative) BankandKBZ (Kanbawza) Bank. Others include AGD Bank, AYA Bank and United Amara Bank.
For ATM cash withdrawals, there is typically aK5000transaction fee, and a withdrawal limit ofK300,000per transaction. Depending on the conditions set by your own bank at home, you may be allowed multiple withdrawals per day. The use of ATMs in Myanmar is sometimesrestricted by internet failure.
There areno international banks in Myanmarat the moment, and local banks are in the process of becoming part of the international banking system.
KBZ Bankand CB Bankare the largest local banks and have country-wide network of ATMs that accept Visa, Mastercard, Union Pay and JCB. Yangon locations include Yangon airport, all major shopping centres and markets, as well as many smaller branches dotted around town. Outside of Yangon, they have branches and ATMs in all major cities, airports and tourist spots.
Point of sale payments
The use of international bank and credit cards to pay for goods and services at outlets in Myanmar iscurrently limitedbut, as with so much in the country, the situation is changing fast; in Yangon and some of the more popular spots around the country, cards can be used at point of sale – although a significanttransaction chargemay be incurred.
Traveller’s chequesare not generally accepted in Myanmar.
