URRECNY, EXCHANGE RATES, ATMS AND BANKS
When we travel, we need to be informed about the local currency of the country, its international exchange rates, their rules and regulation and what kind of system they have to alternate the currency.
As Myanmar is a developing country, some international banking systems are not practicedyet. However, you can travel without any problemby following the below tips.
Myanmar currency is “Kyat“and it is mostly mentioned as a single “K“inshort or “MMK”. We have only notes and no coins.
Use of currencies
Myanmar use US dollar as an alternative currency and accept other currencies for purchases. Most of the payments such as high categories hotels, decent restaurants, tourists site entrance fees and your travel service purchase have to be paid in US dollar and purchases and other local services can be paid in other currencies and in local currency (Ks).
Status of currencies
All currencies notes should be new and flawless without any folding trace, any ink mark, dirty and old. Especially you should bring USDwhich areprinted with blue stripe and pristine older notes are rarely accepted now. Please remember also NOT to have USD bills with the serial numbers of CB (pre 2006) in USD 100 notes, serial numbers of AB in USD 50 notes.
The exchange rate is not constant and the rate changes from day to day.we cannot provide you the exact rate of exchange. Thus please go to www.xe.com or use the below currency converter to know the current exchange of your currency in MMK or USD.
Where to exchange the Currencies
You can exchange Us dollar or some other currencies at the banks exchange counters and some private exchanges counters in the city and you can find them easily at all airports. There are several banks and the exchange rates are slightly different from bank to bank. Thu you can compare their rates and chose the most interesting one. As for the private exchange counter, the exchange rates are almost the same as bank rate.
The foreign currencies which we exchange at the Banks and the exchange counter are very few. USD, SGD, EUR, THB, MYR are currently changeable at the banks and similarly private exchange counters also exchange these currencies. Thus it is safer to take enough amount USD if your home currencies are not one of them.
There is some economic sanction from some countries to Myanmar and most credit cards can be restricted in Myanmar. However, credit cards can be accepted in large hotels and big international boutiques. But the transaction charges must be high (5%). Main majors credit cards such as Visa, Master, Discover and American Express are mostly used and preferable.
You can use ATM at anywhere in Myanmar, mostly in most big cities. It charges 5000 k for each transaction and maximum withdrawal K300,000 and only three time maximum withdrawals are allowed.
There are no international banks in Myanmar and we have only our local Banks which provide ATM System in Myanmar.
All your questions on these tips are always welcomed and just leave a message to us and we will reply you in 24 hours