What Currency to use in MyanmarWhich currency should be used in Myanmar?
What I learned about Myanmar - Myanmar Message Board
I would be given 5000 kilo accounts that I would take into the bench and modify for 1000 and 500 term for purchasing on the spot (food etc). Usually you take a number for the services in the atelier. Myanma plane in Kyoto. And I had to put US money - Prince Bill' s - on the air.
When I arrived in June and all the information was excellent, I decided on a small locally based ATM that didn't require any fees for sea operations and only had withdrawn the max. amount of K300,000 from ATMs - which makes the K5,000 ATM very sane. I found it tough to get a clear response to the question "what kind of currency would I need in Myanmar" - not too tough to figure out if you are reading some of the articles here.....?
1 - Viv....also notice that you can now modify OZ $$, only at Farmer Xchange branch offices - located in Yangon, Mandalay and Mandalay airports.....so take a heap of Australian $100/50 bills with you, save yourself the purchase of US currency and then switch to Kyat. Ms. Fugaru, who do you work with?
I am confident with TD Canada and I wonder if my ticket works there. I have a bench with CIBC. I would be interested in the information if you know of a Canada bank/credit unions.
There are a number of ATMs in Myanmar today, so it is not necessary to take money (USD or Euro) with you when you are visiting Myanmar. We have had poor experiences with ATMs in both Yangon and Bagan, at least with Dutch debit cards (which we use to make withdrawals from ATMs worldwide).
First, many of the ATMs are (temporarily) out of order. Second, we could only use our Rabobank debt collection cards to make withdrawals in currency, but never our ING-Bank debt collection cards. All we could do was make withdrawals from CB-Bank ATMs. Not at ATMs of other commercial institutions (KBZ or others).
Most importantly, the CB bank will limit the payout amount to 20,000 Kyat per year. There is a 5,000 Kyat payout for each payout, i.e. you are paying 25,000 Kyat to receive 20,000 Kyat (an insolent 20% fee!!). Besides, the currency rates were really low. In total, Rabobank's fees and charges are about 950 Kyat per Euro instead of the 1320 Kyat per Euro face value.
It is much better to bring along currency (USD or Euro): the currency rates seem to be set by the authorities and are quite stable: $1 = around Kyat 960 and Euro 1 = around Kyat 1320. However, please be aware that the US dollar banknotes must be correct (no wrinkles, etc.), otherwise the rates will be lower or in the worse case the acceptance of the US dollar banknotes will be refused.