Best Tips for Money Exchange & Currency in Myanmar

What is Myanmar Currency?

It has become a perception that whoever plans to travel to Myanmar (Burma) has to bring a lot of new US dollar bills to pay for all expenses in this country. This matter has changed gradually since 2015 when the government wants to encourage locals to use their own currency – kyat as its value witnessed a drastic drop.

The kyat (pronounced ch-at, code K or MMK) – the official money currency of Myanmar – comes in notes varying from K50, K100, K200, K500 to K1000, K5000 and K10.000. 

The money situation in Myanmar is complicated for tourist due to the combined usage of both US Dollar and Burmese kyat. Mid-end to high-end hotels, restaurants, transportation fees, entrance tickets, etc. types of large bills are normally quoted and accept payment in USD, whereas other expenses like foods small restaurant, street convenience stores, souvenirs, etc are in Burmese kyat.

Should You Bring Cash Only to Myanmar?

Travelers once had to bring all cash along to survive in Myanmar as there were almost none of any other payment methods which left travelers with no back-up plan in case of emergency. 

Up to recent years (after 2012), Myanmar’s domestic banks have launched thousands of credit card machines (as known as point-of-sale terminals) supporting businesses swipe the cards proffered by travelers from all around the world. Most common payment networks in Burma are Visa, MasterCard and Chinese’s Union Pay.

This method of payment might come with a considerable fee or unexpected exchange rates or uncertainty of the system’s function as well as the fact that not every retailer has the machine given not all Burmese think they can wholly rely on the plastic.  It is suggested that tourist should contact the bank prior to the trip to Burma, ask if their cards are usable in Myanmar and if yes, how much the rate and transaction fee are.

Also, call or email your hotels, restaurants, airlines, stores etc., to ask if they accept credit card. It is better to always think about plan B even you have your cards on.

Despite the widespread credit cards, antiquated method of using cash remains preferred in Myanmar. Other than tourist frequent medium to big establishments, cash covers most of the day-to-day transactions in local businesses.

Beware and prepare necessary actual bills to bring to Myanmar, credit cards should only be a back-up when you are running low on cash.

For your information, traveler’s cheques are useless in Myanmar.

Which Currency to Bring to Myanmar?

As stated, a mixed use of US dollar and Myanmar kyat is still happening in the country. As such, you are best off to have USD along your way. Many establishments will give you options between US dollar and Myanmar kyat. Pop-up stores or markets accept kyat only.

Although Burma government did urge banks and money exchangers to accept old and creased dollar bills, this it takes time for practices to change thoroughly.

Whether for money exchange or for direct purchase, it is still recommended to bring new US dollar in perfect condition without any blemishes (folds, crumples, tears, marks, stamps…) to Myanmar. Bills with minor damage that look totally decent to you can be rejected or get an undesirable exchange rate. Below are some tips for your US dollar preparation before going to Myanmar:

In spite of less favorable rate, bring some smaller denominations ($1, $5, $10, $20), you would definitely need it for taxis, bus tickets, historical sites entrance fee, etc.

Before your trip, insist on getting pristine dollar bills from your bank (or your money exchangers) even if they assure you it is no longer the situation. Check the money one by one on spot.

Carry your bills in a small safe, a flat folder or a ziplock bag with cardboard inside, anything to preserve your bills shape, obviously not in a folding wallet.

Since you have to bring all the necessary cash, store them in different places, not in one place even though Myanmar is considered a safe country for visitors. Keep them away from eyes of opportunists.

Nowadays, Euros and Singapore dollars are available to exchange to Kyat too, mostly at the airports and banks. Some places do exchanges on Thai Baht but surely will take times to find them.

Where to Exchange Burmese Kyat?

In Myanmar, the most reliable money exchangers are the banks and those at the airport. Updated from travelers in 2019, money exchange counters in public area of airports (Yangon and Mandalay) have best rates, you can get kyat at arrival and change back to your original currency upon departures.

They can be a bit picky on your bills but it has been a norm in Myanmar when it comes to foreign currency, only pristine bills are acceptable. An important thing to note: larger notes bring better rates. You can check the rate online before deciding where you should opt to. There are banks throughout the country ready for your need, especially places nearby tourist zone. The only drawback is they closed on weekends hay public holidays (even a week or two during Thingyan water festival in Aprils).      

In that case, you hotels or local jewelry shops or other private licensed exchange booths are decent places for money exchange with slightly poorer rates in comparison with the banks. Authorized money changers make black market no longer appealing for tourist, do not bother to do business with random people on the street as if it doesn’t seem shady enough. Yes, the street used to be where exchangers had reasonable rates but that was ancient history as the economy is growing fast.

ATMs can be seen almost everywhere in big cities like Yangon, Bagan, Mandalay, Inle Lake, etc. This is a massive change in Myanmar. ATMs by local banks allow visitors to withdraw money from overseas-issued credit cards under a limit of K300.000 per transaction.

Main providers of these machines are Myanmar’s CB Bank and KBZ Bank with numerous branches dotted in major cities, airports and tourist-friendly destinations. Kyat withdrawal from any of Myanmar’s ATMs will incur K5000 charge per transaction, plus exchange fee and any other fee your issuing bank may charge.

Not to mention, ATMs might not be available in remote areas or even if they are, they might not always work due to internet failure. That said, ATMs should not be the only source of cash for your trip, simply just an alternative if a contingency arise.Money in Myanmar is complex but do not let over-calculating ruins your excitement for your Myanmar trip.

Similar to the country itself, Myanmar’s money situation is changing and improving expeditiously to provide Myanmar residents as well as thousands of incoming visitors with most updated financial services in every part of the country.