Money

The official currency of Myanmar is the kyat (pronounced chat). The official exchange rate, as of May 2011, was 6.4171 kyat to 1 US Dollar. The following denominations are now in use: K1, 5, 10, 15, 20, 45, 50, 90, 100, 200 and K5. But be sure your bills are labelled Central Bank of Myanmar, as unscrupulous dealers try to palm these older bills off on to unsuspecting visitors. A sum of 100,000 is called thein in Burmese, so K100,000 is called thein kyat.

Cash economy

While traveling in Myanmar, the most convenient way to pay is with the local currency. Most credit cards and travellers’ cheques are not accepted and those that are can only be used at the Myanmar Foreign Trade Bank in Yangoon or at major hotels in Yangon and Mandalay. If you do bring travellers’ cheques, know that they will not be cashed unless you present your original purchase document.

Take note

Euro Card/Mastercard is not accepted anywhere. For this reason, it’s a good idea to bring sufficient cash in US dollars – in small denominations – to last for the duration of your visit and to use at small restaurants and shops. Ensure US dollars are all nice and clean, as old marked notes are not accepted in Myanmar.

There are official money change counters in Yangon, Mandalay, Inle Lake and Bagan, where you can convert your US dollars into the local currency. Although the crime rate in Myanmar is very low, it’s best to only carry the amount of money you need at any one time which, depending on your budget, should be between $US100 and $US200 per day. If you are caught out and need to change money at a hotel, the service charge may vary from 20 to 40 per cent, so it’s worth drawing up a budget that includes all travel-related expenses – everything from taxis and souvenirs, to food and admission fees into historic buildings. Note: all foreign currencies (above $US2000 per person) must be declared at Customs.