In Myanmar, Cash Remains King, and It Had Better Be Clean

[Jonathan Fairfield]

In Myanmar, Cash Remains King, and It Had Better Be Clean

By THOMAS FULLER

YANGON, Myanmar — Some of the practices of Myanmar’s dictatorship have eased in recent years: Political prisoners have been released, censorship of news media has been lifting, and the erstwhile empty roads of the country’s largest cities are now jammed with imported cars.

But a particular quirk persists from the days of authoritarian rule. Myanmar remains obsessed with crisp, clean dollar bills.

Foreign visitors discover that banks and foreign exchange counters will pore over greenbacks with the fussiness of a diamond merchant. Any bills that are creased, ripped or scribbled on are rejected.

Credit cards were introduced here only in the past few years, so cash — it’s about 1,100 kyat to the dollar — is still king. And finicky bank clerks block all but the most pristine American bills from entering the banking system.

Read more: http://www.nytimes.com/2015/06/20/world/asia/in-myanmar-cash-remains-king-and-it-had-better-be-clean.html?_r=0

[canuckamuck]

I wonder how hard it is to find ATM's over there?

[NeverSure]

Strange. In the US clean, crisp bills would be suspected of being counterfeit and would be subjected to the most scrutiny. Right off the printing press I guess.

[bkkbarnstormer]

I wonder how hard it is to find ATM's over there?

In Myanmar now.

ATMs are reasonay available in Yangon. Less so in eg Bagan where if you find one it might not be working.

Have had my USD scrutinized and rejected too but don't think they are any more picky than Superrich in Thailand

[jacko45k]

Glad to see this, as I am considering a short trip to Burma, likely Yangon.

I don't have US bills so what are my options there?

UK ATM cards, Thai ATM cards and what about credit cards and Thai currency?

[MB1]

Strange. In the US clean, crisp bills would be suspected of being counterfeit and would be subjected to the most scrutiny. Right off the printing press I guess.

Not so srtange,I remember not ten years ago coming to Thailand and if the notes were marked by pen or torn in any way I could not exchange them, so when coming to Thailand the UK notes I brought were unmarked in any way....I brought new ones.....Otherwise they were rejected..,. TRUE.....

[rijit]

4 years ago Bought dollars from a bank in bangkok and had them refused as counterfits in a bank in yangon

rijit

Edited June 21, 2015 by rijit

[Ulic]

Same, same for banks and money changers in many African countries as well.

Nothing before 2003 either.

[chasggg]

Strange. In the US clean, crisp bills would be suspected of being counterfeit and would be subjected to the most scrutiny. Right off the printing press I guess.

Not so srtange,I remember not ten years ago coming to Thailand and if the notes were marked by pen or torn in any way I could not exchange them, so when coming to Thailand the UK notes I brought were unmarked in any way....I brought new ones.....Otherwise they were rejected..,. TRUE.....

Still the same in the banks around Kalasin....... Scrutinise every detail, and any little flaw sees it handed back...... I went through the lot and changed all the marked/torn notes in a currency exchange in Bangkok before I came up.

[bkkbarnstormer]

Glad to see this, as I am considering a short trip to Burma, likely Yangon.

I don't have US bills so what are my options there?

UK ATM cards, Thai ATM cards and what about credit cards and Thai currency?

. If you are in Yangon you will find ATMs which will accept UK/Thai arm cards. Just watch out for the ones with only 1000 or 5000 local notes which limits withdrawals and is prohibitively expensive given arm fees. Credit cards are accepted in some places

[SugarMags]

Heading to Myanmar this weekend and wanted to know if USD is used on the streets (i.e. food vendors, t-shirts stalls, etc...) or is all this attention to pristine USD is just to facilitate exchange into Kyat?

Also, can I exchange THB to Kyat at Rangon Airport? If so, do the THB notes need to be pristine also?

Thanks!

[rijit]

Went 3 ish.year bac seems not 2 much changed barring a few holes in the wall and found it best 2 just buy dollars in bangkok and cash them in when u r there. big banks were harsh on notes but smaller ones and shops not so bad. never changed thai bht but seem to remember thinking the rate was pretty crap.

Oh change money in cities found the rates were more competative.

And as its Burma and its had banking.restriction s might b.an idea to let ure credit card co know u r goin not sure on that but as i said it might be an idea.

rijit

[jphasia]

Glad to see this, as I am considering a short trip to Burma, likely Yangon.

I don't have US bills so what are my options there?

UK ATM cards, Thai ATM cards and what about credit cards and Thai currency?

Hi, I am working in Myanmar for the last 3 years. Based in Mandalay, but often in Yangon for meetings and in going around anywhere in Myanmar. I am using only my Thai ATM's cards (SCB and Bangkok Bank) to withdraw cash without any problem. Most popular ATM's bank I am using is KBZ bank but others also work. Thai Baht cannot be change in Myanmar as far as I know. USD notes still need to be clean and recent to be accepted.

You can pay in dollars but easiest way for small expenses is to pay in local currencies.

Unless you are very strict in calculating exchange rate and wish to know the exact change, I use a basis 1,000 kyats = 1 USD

When withdraw cash from ATM, the charges are 5,000 kyats per withdraw. So for me, I withdraw the maximum amount in one time, which is 300,000 kyats.

[siam2007]

Glad to see this, as I am considering a short trip to Burma, likely Yangon.

I don't have US bills so what are my options there?

UK ATM cards, Thai ATM cards and what about credit cards and Thai currency?

get yourself US$, simply as that. the $ rules in Myanmar. Superrich has usually a spread of only 0.2 - 0.3 % for Dollar transactions, so this has to be the easiest way to obtain crisp $ - tell than you go to "Baamaar" and they know you need crisp bills.

Baht will not be accepted at many moneychangers out of Yangon and the rates can be poor

[bkkbarnstormer]

Heading to Myanmar this weekend and wanted to know if USD is used on the streets (i.e. food vendors, t-shirts stalls, etc...) or is all this attention to pristine USD is just to facilitate exchange into Kyat?

Also, can I exchange THB to Kyat at Rangon Airport? If so, do the THB notes need to be pristine also?

Thanks!

Came back yesterday. I used USD with taxis, souvenir shops and supermarkets - where exchange rate not so good. They won't accept 2003 series USD notes or earlier but most locals like to get USD especially if larger denominations. 1USD etc too much hassle for them to change

Didn't try THB but expect they need to be pristine ......in case they fall into some mitary general's pocket at some point for a BKK shopping trip?