Money Matters in BurmaAndrew Mason
Myanmar’s official currency is Kyat, pronounced “Chat” and usually written as K. The Kyat comes in K1, K5, K10, K15, K20, K45, K50, K90, K100, K200, K500, and K1000 notes and is the best way to pay for small items. US Dollars are also accepted throughout Myanmar and larger fees such as hotel rooms and transport are quoted and paid for in US Dollars.
Changing your Money
Plenty of people will offer to change your money for you as you travel around Myanmar, although the best places to change money are guesthouses, shops and travel agencies. Of course, exchange rates fluctuate between places, so make sure you take a good look around before handing over your cash.
You can only exchange US Dollars and Euros, and rates tend to be slightly better in Yangon than in the rest of Myanmar. Check the serial number on your bank notes carefully as US Dollars that start with AB or BC are often refused.
There are no ATMs at all in Myanmar, so it is a good idea to stock up with cash or traveller’s cheques before entering the country. Traveller’s cheques can be changed at a few chic hotels in Yangon for a commission of between 3% and 10%.
Although not widely accepted, some major hotels, airlines, international shops and restaurants will accept credit cards, but Master Card is not currently accepted in Myanmar.
It is common practice to add 5 to 10 per cent to hotel and restaurant bills as a tip.
It is important to remember that the import and export of local currency is strictly prohibited.