How to exchange money in Myanmar

Image by Quique from Pixabay 

Several years back, travellers to Myanmar had to undergo a difficult time in terms of money exchange. With no ATMs and no certified money exchangers, everyone who needed to exchange money had to rely on the black market trader who sold Kyats at ridiculously expensive rates. However, recent times have brought about changes for the greater good in Myanmar with its economic liberalisation. Nowadays, travellers can follow the same rules in exchanging money that apply everywhere else in the region. Here are some things you should know about exchanging currency in Myanmar.

The local currency in Myanmar

Kyat is the local currency in Myanmar or Burma and it is the main form of currency used in the country. It is pronounced as ch-yat. Earlier, travellers were able to pay hefty bills that come with accommodation and tours in US Dollars. However, as at present, the government prefers the payments to be done in kyat since the value of the local currency dropped by one quarter some years back. Although payments in kyat may still be accepted in some places, the travellers to the country should be prepared to pay in kyats at all times.

The type of currency to bring into Myanmar

Apart from the US Dollars, the Yangon airport and banks let you easily exchange both Euros and Singapore Dollars. Some might even exchange Thai Baht, though it might require a bit more effort to find these places. If you're in a hurry and find yourself exchanging funds in the streets, probably at a jewellery store or if you're unfortunate, the black market, your best bet would be to use US Dollars.

How to get the best rates for your dollars

Although the currency exchange places in Myanmar were advised against accepting the most pristine of the foreign currencies, you may find that they still keep rejecting or exchanging bills at lower rates if they are creased or not in their perfect condition. Therefore, make sure you take pretty bills that are crisp and fresh to grab the best deals in this country. Before you leave for Myanmar, you may be able to get your hands on the currency you need from your local bank. Just make sure to ring them up a couple of weeks in advance to request for pristine bills, so that they can make a special order to address your needs if they don't have that many crisp bills on hand. However, at present, most banks would be able to provide you with pristine bills at request.

Where to exchange money in Myanmar

Contrary to what people may say, the black market is not the perfect place for you to give up your dollars. Your best options would be to exchange at the airports or the banks in Myanmar. You can also find facilities to exchange currency close to many a hotel in Nay Pyi Taw, Myanmar, the likes of PARKROYAL Nay Pyi Taw. These places offer some of the best rates, and most importantly, you can be certain that you won't be hoodwinked by offering low rates. However, note that the banks are closed on weekends and special holidays, and even for up to two weeks each April, during the water festival of the country. However urgent it is, do not opt to exchange money in the streets as this is a notorious way of being robbed under bright daylight, especially in Yangon where the streets are brimming with shady money changers that hang out near Bogyoke market or the Sule Pagoda. Keep in mind that you should exchange your kyats back to your home currency at a bank or at the airport before you leave as it would be difficult to find a place that would be willing enough in exchanging your extra Myanmar currency. It is rather important that you remember to get rid of the kyats before you leave the country.