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Money Exchange in Myanmar - 2023.
Dual-currency and Dual pricing.Myanmar is one of several Asian countries that use a Dual-currency money system, which involves the common use of two different currencies within a country. Dual pricing, a common practice in dual-currency countries, is typically implemented to make foreign tourists pay more than locals. For instance, many hotels and airfares in Myanmar are payable in dollars, resulting in higher prices for foreigners compared to Burmese nationals. This pricing strategy is not unique to Myanmar. For instance, the Taj Mahal charges Indian nationals an entry fee of 40 Rupees, while foreigners pay a much higher fee of 1000 Rupees. Similarly, at Sigiriya rock fortress in Sri Lanka, foreigners pay 30 dollars, which is 60 times higher than the fee for locals. Local flights can be about 20 to 40 percent lower for Burmese people. Myanmar people can choose the option "Myanmar National" when booking airline tickets online, and pay the lower rate for people with a Myanmar passport. Foreign tourists can pay hotels and guesthouses in kyats but - not at the lower rate for Burmese citizens. Many Burmese people cannot afford the luxury hotels for foreign tourists, and stay in local guesthouses and hotels. These cheap hotels do not have a license to allow foreigners to stay there. The railways are the exception, because trains have the same price for foreigners as for Burmese citizens. Tickets are payable in kyats, which makes train trips very cheap. Just like hotels, some restaurants in Myanmar also practice dual pricing. In Yangon and Bagan, restaurants often have separate menus for foreigners, written in English with higher prices, and for locals, written in Burmese with lower prices. While western tourists usually end up paying more, they may not be aware of this unless they can read Burmese.
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Currency exchange, black-market and ATMs.There are many money exchange counters throughout towns in Myanmar; they will change euros, US-dollars and Singapore dollars to kyat and vice versa. Thai baht can be exchanged in Yangon, Mandalay and in border towns. And notice that changing cash can be done without commission at quite good rates in most towns and villages in Myanmar; and thus the exchange of cash is always a better deal than using an ATM. One of the limitations of the ATMs is the maximum withdrawal of 300.000 kyats, because 300.000 kyats is less than 150 US dollars. One can make a maximum of three withdrawals per day, but the ATM service fees will add up. Inflation has surged the last few years, and the value of the national currency, the Kyat, has depreciated significantly. In 2024 the black market rate is 3900 kyat to the dollar (april 2024). There are many ATMs but - it might be smart to bring cash money. An ATM gives kyats at the "official exchange rate", but since 2023 there is a black-market rate at money exchange offices. Therefore, taking cash Euro or Thai baht, and exchanging these to Kyat when needed is the smartest way. Avoid withdrawing from an ATM where one pays the "official exchange rate". The Euro and Thai baht are easier to change, due to the official restrictions on changing US dollars. The black-market is officially prohibited. The official Thai baht rate is 57,20 Myanmar Kyat, the real (black market) rate is almost 100 Kyat.
List of Myanmar's banks.KBZ or Kanbawza Bank is the largest bank and has the most ATMs and exchange desks. There are no international banks in Myanmar.
Note: You need your passport (or a copy) at the exchange counters. All banks are closed on weekends, but many exchange counters are open.
List of currency exchanges.Airport exchanges (everyday service, limited hours)NOTE: This list was compled in 2019; before the corona crisis and the army coup in 2021. Some currency exchanges may have closed since then. The official exchange counters at the airport will give you the official exchange rate, which is less than the actual black market rate. There are several exchange counters at Yangon airport. Usually the exchange counters are open until 11 PM in the new Terminal 1 of the Yangon airport. Terminal 1 is the international terminal, Terminal 3 is the domestic terminal. The new terminals are visible on OpenStreetMap.
When leaving Myanmar make sure you don't have many Kyat left before you leave. One can change kyats to US-dollars or to euro in the airport.
Yangon Money exchanges.Bogyoke Aung San Market, which is open from 9:30AM to 5:30PM and closed on Monday, used to be the best place to exchange money. Nowadays there are exchanges all over Yangon city.
The best money exchange offices, in Bogyoke Market, and PCL Money Changer on Anawrahta Road are on the Yangon map: Yangon map
Mandalay Money exchange
Nyaung Shwe - Inle lake Money exchangeNOTE: exchange rates are not as good as in Yangon and Mandalay.
Nyaung-U / BAGAN Money exchangeNOTE: exchange rates are not as good as in Yangon and Mandalay.
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Zone fees and budget for Myanmar - 2020An eVisa for Myanmar is 50 dollars on the official government's website. Do not click on the Google Ads for visa service; all these third-party "services" cost more and take longer than the official site of the Myanmar government. The following is a list of the Archaeological Zone fees in 2020. The Mandalay Archaeological Zone fee is the only one that can be avoided, for example by skipping the Royal palace and the Shwenandaw Monastery. Yangon startup cost
Bagan startup cost
Inle lake startup cost
Mandalay startup cost
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Tipping in Asia.Tipping in Asian countries is rarely expected, and only done with small amounts. For example, in Japan it is considered offensive and quite rude to tip. Money is not the most important thing in life for Burmese people. Only very few people believe that "Money makes the world go round". On the contrary, the national obsession of most Burmese is stupa building for making merit, from the giant golden Shwedagon pagoda in Yangon, to the many small stupas in all villages across Myanmar. So, sometimes Burmese people are surprised when you tip. Burmese people are very reluctant to accept tips, because they do not like to be rewarded for a service. For example, in Bagan a guide or tout will show you around, but refuse money. Instead, he will show you his paintings afterwards, and try to sell one to you. Selling a product is an honest profession, selling a service is not. Nevertheless, a small tip of one or two dollars can make a waiter happy, and a few thousand kyats tip can make a taxi driver's day. And a small tip can be more rewarding than tipping in Europe where a tip is often received with indifference.
Magic fix for dollar notes.One needs to arrange pristine dollar bills for Myanmar, so what to do if you get stuck with a note that has a small tear in it? In the US, or even in Cambodia, one can exchange a damaged bill at any bank. In other countries that will not work, because the US dollar is not the official state currency. However, you can fix a small tear almost invisibly with a small piece of transparent tape (cello tape or scotch tape). There is even a special tape used for fixing rare manuscripts and books, which is very thin, and much more costly than normal tape. Both types will work though. And what about a large tear in a banknote? Well, you can fix it with tape, but it certainly will not be accepted anywhere in Myanmar.
The Kyat is a non-convertible currency!Note that the kyat is a non-convertible currency, and taking kyats out of the country is prohibited. Non-convertible means not exchangeable outside of Myanmar. Kyats cannot be exchanged anywhere outside of Myanmar, except at a few small exchange agents in Chiang Mai.
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