Money exchange may be big issue for many travellers who aim to take tours in Myanmar. What is currency notes? Where to change money? How can withdraw money from ATM? How to cash travellers’ checks ? You can find all information from the below article , planning an enjoyable travel holiday to this destination.
The official currency of Myanmar is the Kiat (MMK) despite many Burmese preferring the US Dollar which has become the country common currency. The bank notes come in denomination of K1, K5, K10, K20, K50, K100, K200, K500, K1000, K5000, K10000 while the coin is K1, K5, K10, K50, K100. The Kiat fluctuates around K985 to a dollar and 1€ or $1.30 is equal to K1280. View update exchange rate and travel tips at Myanmar Investment and Commercial Bank Myanmar and Asianventure Tours Myanmar.
Exchange: Currently, tourists can change their dollars at banks, hotels, and authorized exchange bureaus. The best places to exchange are at the airport and the banks. They offer the best rates while smaller hotels , shops … may charge an extra fee for exchange. Banks are now found throughout the country, and even smaller towns off the main tourist track. You need to note that most banks are closed on weekends and holidays and banks are closed for 1-2 weeks during Thingyan (the water festival every April). At many banks , the damaged notes will not be accepted. If you deposit a damaged note, the bank will charge you some fees.
ATM Service: The sanctions began to be lifted in mid/late 2012, modern-ish international banking for travelers began in November with a partnership between CB Bank and Mastercard that allowed withdraws from a handful of special ATMs in the major centers. Actually, even more banking options for foreigners arrived with partnerships between Visa, a handful of local banks, and more than 100 ATMs in the country making it even easier to withdraw cash. ATMs dispense the local currency ( Kyat) and charge approximately $5.50 USD (5000kyat) each cash withdraw. The withdraw limit per transaction in Myanmar, is approximately $300, but may differ from bank to bank.
Credit Cards: They are quite limited usage in Myanmar since very few businesses themselves will accept credit cards. Banks in Myanmar have partnerships with Visa and Mastercard only. That means no Discover, American Express and no other funky cards.
Written by Peter Garbiel
Asianventure Tours
