Us Dollar and Myanmar Kyat Exchange RateUsd Dollar and Myanmar Kyat Exchange Rate
Usually what is paid and USD and what in local currency?
Banking & Finance
It' better to have the latest $100 note with a $100 striped red dollar and a good exchange rate than the old dollar, although untouched older bills are acceptable. Now ( (January 2014) there are many international ATMs in cities, as well as at most of the major international airfields that accept UnionPay, Plus, Cirrus, MasterCard and Visa Cards and use them.
However, please be aware that there is a flat fee of 5000 Kyats (plus your own debit card), which makes small cash outs costly. You can compare the exchange rate before the Kyats 5,000 fee and that of your own house with the rate you get at a hospital. It is better to modify $'s (see first comments) at the authorized airport or inner city banks changer - all have authorized goverment prices.
Don't alter $'s on the road! A few current guides still say you need to modify $300= (F. E.C.) p/p for a poor exchange rate. As a result, now (March 2014) Kyats are preferred over US dollar, especially for small notes. CYAT ( "chat") is the Myanmar language.
While guesthouses and smaller ones are still due in Kyat, most of them are in $ and paid for. While high-end businesses still charge in US$, many Kyat places are now affordable. The best way to avoid exchange rate loss is to always make the payment in the indicated currencies.
They are spoilt for choices of bank drafts at airports and they all have practically equal exchange rate. Notice that you can convert your idle Kyat back to $ on sailings at a minimum (20 kyat?) spread between the buy and sell-rate. They are NOT an internationally convertable money and are unlikely to be exchangeable outside Myanmar, although you may be able to dump them at Bangkok Aiport or try to pass them on to prospective travelers from your own state.
You may be able to exchange other currency (£, AUS$, THB), but the number of banks they will exchange is very small and the exchange rate may be quite bad unless you are willing to invest your money in your purchases. Farmers Bank branch offices switch AUS$. Lately only one of the 9 banks in Yangon would be changing the THB - at a very bad rate.
Sometimes, if you are paying the shopkeeper/taxi in $, you get small dirty Kyat cash that you want to give away quickly. It is still the preferred money for airlines, travel agencies, travel guides, top quality hotel and restaurant accommodation and for some admission charges.
It is best to keep it new, maybe between two cards. 100s and 50s get the best exchange rate, so use lower denomination for the payment of hotel and restaurant - again the state is important. That $ is still royal and cabs, leaders and restaurant will still take it if Kyat is lacking.
Myanmar now has over 2000 ATMs with a selection of large airport locations and extensive city centre access. They' re only spending Kyat. Notice that there is a set fee of 5000kyat, plus the fee of your own bank and a max payout of 300,000kyat, up to three time a day. While many smaller cities and cities do not yet have ATMs, those who have a bank in the city will either have one or will soon have one.
Sittwe, for example, only has an ATM and until recently there was none at Ngapali Beach, but there is now an ATM (KBZ Bank) outside the Amata Hotel. In some countries, there are still some banks that are still following the obsolete US ban, so please verify with your bank if your credit or debit cards are used.
A lot of top class restaurants, especially for corporate and group travel, accepts payment by banker. On the other hand, many touristic resorts and guesthouses do not take payment via banker. A lot of Irish Island cruisers claim that they do not take money on board, but there are reviews that when people say that is all they have after they have all their Kyat and $, a map plane will appear wondrous.
Due to the high charges for credit cardholders (up to 5%), many agents favor the bank wire deposit with the remaining amount in $ on arriving in Myanmar. Due to US restrictions, Myanmar's banks are not yet connected to the international bank wire system, so many businesses have Myanmar bank account in Singapore or Bangkok to which bank wire can be transferred.
This also applies to the International Irrawaddy Cruise Societies. The situation is rapidly shifting, funds can already be transfered from Western Union, and Myanmar Banking System will one day be linked to the international community and KBZ Bank and CB Bank are currently behind schedule to get it up and running.