Money in myanmar / burma: the current situation

[jan2557]

Will soon be going to myanmar / burma for the 1st time, & am trying to figure out how money works there; information on the internet (etc.) can be conflicting and not very recent, so I'd like to get advice & hear about the experiences of people who have *recently* been to the country.

Specific questions would be -- does US currency really need to be in mint condition? (and if so, where's the best place in Bangkok to obtain?) Can I use / exchange Thai baht (and would it need to be in mint condition?) Experiences using ATMs, exchanging currencies in banks, etc. To what extent can I just use kyat? Any other pertinent observations would be appreciated.

Note that since I will cross overland, my 1st destination will be Mawlamyine -- won't hit Yangon (or other larger cities) till later in the trip.

Thanks!

[onthemoon]

I always use ATMs, so they work. They charge MMK 5,000 (about US$ 5.00) per time, so it is better to get more money per time.

I always pay everything in Kyat only. Years ago, I used USD in Yangon and the taxi drivers would also accept bills that where not 100% in mint condition, but I have since chagned to paying everything in the local currency.

I am currently in Mandalay, the fourth time in Myanmar this year. I am always either in Yangon or in Mandalay, so I cannot speak for the villages.

[craigt3365]

They came out with a ruling that all transactions need to be in Kyat. A week after that date, I was still paying in dollars.

Yes, they have to be absolutely pristine. ATMs are pretty much everywhere. You really need to pay attention to the exchange rate when paying. Some times, it's drastically different. Favoring dollars one time and Kyat somewhere else....LOL

[phuketrichard]

most places would prefer you pay in Kyat,

when i was there in Dec i paid for everything but one hotel in Myeik in Kyat

Heading back in 2 weeks and will once again pay in Kyat and take clean us Bills with me

[jan2557]

Thanks for the info! BTW, I was able to get mint condition USD at Superrich (I used the branch across from Centerworld).

[jan2557]

Follow up post: spent 4 weeks in myanmar (yangon & points east and south of there), & able to pay for everything in kyat, and also to withdraw kyat from ATM (used KZO, MMK 5000 fee). Did pay for a couple of the guesthouses I stayed at in USD , just to get somewhat better price. Used mint conditi on USD from Superrich (see above), but at one point paid with a moderately used (creased etc) $10 bill, which the guy accepted (though from look on his face, could tell he wasn't happy).

Exchanged USD couple times (bank, guesthouse), no problem.

FYI: ATMs are open only during business hours (despite signs proclaiming 24 hours). And if you want to exchange THB for MMK, do so at border areas -- I exchanged at myawaddy, on the street, got a good rate. Once away from border areas, I think it will be hard to exchange THB for MMK.

[jan2557]

Correction -- bank was KZB, not KZO.

[craigt3365]

I really had to pay attention to exchange rates. Sometimes, paying in Kyat was better, sometimes paying in USD was better. And at times, the difference was significant.

[jan2557]

Even banks offer different exchange rates -- it pays to shop around, if you can.

[uptheos]

So how much are you experts getting for your dollar in the ATM machines?

[uptheos]

Come on guys it's not a trick question. I want to know how many Kyat you got to the dollar at an ATM machine please?

[craigt3365]

It changes every day. And my memory is not that good! Generally speaking, you get the best rates from an ATM. Generally speaking....my bank charges no ATM or foreign transaction fees.

[uptheos]

It changes every day. And my memory is not that good! Generally speaking, you get the best rates from an ATM. Generally speaking....my bank charges no ATM or foreign transaction fees.

Thanks Craig but how much on average?

Better rate than my guy in Bogyoke Aung San market you reckon?

[phuketrichard]

2 weeks ago got 1205 at an atm using my scb card

changing $ i got 1230 at the Mandalay airport ....March 1st

changing Kyat back to $$ was 1225 at the airport ...March 12th

ON traveling never used $$ only Kyat

[onthemoon]

It changes every day. And my memory is not that good! Generally speaking, you get the best rates from an ATM. Generally speaking....my bank charges no ATM or foreign transaction fees.

What bank is that? I keep paying ATM fee MMK 5,000 and another THB 100 for foreign transaction every time.

Edited March 26, 2016 by onthemoon

[craigt3365]

Schwab. USAA refunds atm fees but charges 1%. Schwab has no charges.

[jan2557]

So how much are you experts getting for your dollar in the ATM machines?

On 25 February at Asia Green Development Bank in Mawlamyine, I exchanged USD 100 for MMK at a rate of 1235.

On 7 March at a KZB ATM, the rate I got was 1222 kyat per dollar.

Also, on the street in Myawaddy, on 19 February, I got somewhere around 34 kyat per THB -- but can't remember the precise numbers.

[onthemoon]

Schwab. USAA refunds atm fees but charges 1%. Schwab has no charges.

Thanks. I thought there was a Thai bank that refunds ATM charges.

[Tomtomtom69]

So how much are you experts getting for your dollar in the ATM machines?

On 25 February at Asia Green Development Bank in Mawlamyine, I exchanged USD 100 for MMK at a rate of 1235.

On 7 March at a KZB ATM, the rate I got was 1222 kyat per dollar.

Also, on the street in Myawaddy, on 19 February, I got somewhere around 34 kyat per THB -- but can't remember the precise numbers.

Whenever I enter Myanmar, which is usually by land and so far always at Myawady, I exchange money either in Mae Sot, at this old lady's shop near the market or in Myawady next to the bridge. Exchange rates are more or less the same either way, 33-34 Kyat per Baht is about right. The Kyat exchange rate varies a lot so you can't say for certain how much it will be next week for example.

If heading to Myanmar via Mae Sai/Tachilek, a very good money changer in Mae Sai, located a few hundred metres before the border crossing on the left hand side of the road (don't remember the name of the shop) will exchange Baht into Kyat at competitive rates. Note that if only heading to Tachilek, there is no need for Kyat since every merchant there will take Baht. For travel further into the country, you'll want to exchange Baht for Kyat.

When travelling to Myanmar, all goods and services are now priced in Kyat - this includes high-end hotels. There is no need to pay in USD anymore and I have long since stopped bringing in USD on my travels. Well, if you enter by land you better bring in Baht as that's the only currency they'll exchange on the Myanmar side of the border anyway. Elsewhere, USD, EUR, SGD and increasingly Baht, MYR and some other major currencies can be exchanged, at least in the bigger cities.

ATMs are everywhere, on every trip I notice new ATMs in places I hadn't seen before. A huge change to just a few years ago.

[jan2557]

Just an FYI for travelers regarding ATMs -- I noticed signs saying the ATMs were open 24 hours a day, but in reality a lot of them seemed to only be open during banking hours.