Foreign Exchange Guide to Myanmar
In this guide we review :
- Myanma kyat info - general info about the Myanma kyat
- Travelling in Myanmar - currency & money saving tips
- Buying Myanma kyat cash online - travel money for Myanmar
- Sending money to Myanmar - save on Myanma kyat bank transfers to Myanmar
- Myanma kyat exchange rates - latest info & charts.
Myanma kyat (MMK) general currency information
Myanmar currency and money saving tips
The kyat (pronounced ‘chat’) is the official currency of Myanmar, abbreviated as ‘K‘ or 'MMK' and usually placed before the numerical value (i.e. K500). Kyat come in notes, no coins are used. There are now many International ATM's in towns, hotels, and at most airports that take UnionPay, Plus, Cirrus, MasterCard, and Visa Cards and issue Kyats. Do note however that there is a fixed charge of 5000 Kyats (plus your own credit card charge) which makes small withdrawals expensive.The US dollar, however, is used as an alternative currency, particularly for larger purchases: foreigners are sometimes expected to pay in dollars for hotels, high-end restaurants and flights (international credit cards can also be used for many of these purchases). Blemishes of any kind – creases, marks, folds and so on – may result in getting a far worse rate of exchange or the money may not be accepted at all.. Smaller purchases, such as taxi rides, buses and cheaper to mid-range meals are quoted and are almost always paid for in kyat.
Getting around Myanmar is never less than fascinating, with plenty of opportunities to mix with the locals and take in the scenery – but land transport is, in general, slow and unreliable; probably more so than most people would be used to. Allow for a time buffer between locations, especially if you have a hard travel date such as booked flights. Myanmar’s bus and railway networks allow travellers access to most popular destinations, and boats (principally on the Irrawaddy River that runs north-south through Myanmar) can be a interesting way to get around. If you are on a relatively tight schedule, flying is usually the best option – and for some destinations in border areas, it’s the only option.
Myanmar Trip Checklist
Travel money for Myanmar
Save money and time by Ordering your Myanma kyat online from Travelex, you get better rates and can pick up the MMK cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Myanma kyat otherwise you may get much worst exchange rates.
Sending money to Myanmar
When sending money to Myanmar it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Myanma kyat amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted MMK amount will be transfered to the recipient account you specify in Myanmar.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Myanma kyat deposited into the recipient bank account in Myanmar and less margins and fees kept by the banks!