Currency, Credit Cards and Changing Money in Myanmar

Currency
The official currency of Myanmar is the Kyat (pronounced ‘Chat'). Banknotes come in denominations of K1, K5, K10, K20, K50, K100, K200, K500, K1000, K5000, K10,000, and coins to the value of 100 and below.

Taking cash to Myanmar
Things are changing very quickly in Myanmar. A country that was once without any real banking facilities now has a host of small banks, and ATM machines are ubiquitous in many places around the country. However international banking is still in its infancy and recent financial developments are taking a while to filter through to the population at large. As a result cash is still important in Myanmar. Myanmar’s official currency is the Kyat (pronounced ‘chat’) but the US Dollar is widely used in daily transactions. Also as you may not be able to rely on the use of ATMs / credit cards once you arrive in Myanmar we recommend that you take a significant proportion of your spending money in cash, preferably US Dollars. The US Dollar bills that you bring should be in pristine condition and you should take predominantly higher denomination notes as these will attract a better rate of exchange (into Kyat) with money changers. That said a number of small denomination notes will be useful for tipping or the purchase of small items.

The US Dollar exchange rates on offer in the UK vary considerably, so it pays to shop around. As a general rule always avoid exchanging money at the airport unless you have pre-ordered to secure a favourable rate. One of the most convenient ways to get a decent exchange rate is to order in advance to secure the best rates and collect the currency at the providers’ outlet, or arrange delivery. The Post Office’s pre-ordering service is also usually competitive and convenient for collection. You can check the best rates available on price comparison websites.

Best pre-paid cards for Myanmar
Although cash, in the form of US dollars, is the most effective thing to take to Myanmar there are some hotels & restaurants that will take cards. Prepaid credit cards are now the safest way to travel with ‘cash’, and are much more cost effective and convenient than Travellers Cheques which are slowly becoming obsolete. We recommend the Caxton FX Global Traveller card which offers a fixed exchange rate at 2.75% below the prevailing interbank rate when spending overseas and withdrawing local currency from ATMs. Unlike credit cards the application process is straightforward, but you need to allow 7 days for delivery of the card.

If you have less time there is the Travelex Cash Passport which can be applied for up to 24 hours prior to departure, then picked up at branch in a number of airports (including London Heathrow, Manchester, Liverpool, Leeds Bradford, East Midlands, and Newcastle).

Using Credit Cards in Myanmar
If you travel regularly it will pay to apply for one of the specialist credit cards for travellers that offer excellent rates of exchange and charge zero “load” fees when purchasing items, or withdrawing local currency from ATMs whilst abroad. For up to date information on the best specialist credit cards for travellers we suggest visiting one of the price comparison websites.

Find out more about our tours of Myanmar. To discuss your travel needs, you can complete an enquiry form or call our Asia experts on 020 7720 9285.