Money & financials aren’t exactly the most exciting part of trip planning.  However, it is the key to a smooth and successful execution of your itinerary.  Also, I really don’t like the feeling of being scammed, as I am sure you must agree.

Here are a few tips I have learned throughout my travels, and also specifically for Myanmar:

Bring new, crisp USD bills.  Banks and money changers in Myanmar only accept new bills, so ensure that you ask your bank for new currency before leaving.  This means that you need to keep your bills nice and straight throughout your trip as well.  Rates vary depending on the amount you are exchanging.  Rates for exchanging $50 and $100 USD are generally better than rates for exchanging smaller bills (i.e. $10 or $20 USD).

Make sure to exchange what you need in US dollars before leaving home.  In Myanmar, there will be cases where the Euro will be given the exact same exchange rate as the US dollar.  It is just best to either carry US Dollars or Myanmar Kyats.  Other currencies will get very poor exchange rates.

Pay in Cash using Local Currency.  Generally, it is more beneficial so that you don’t get charged whatever exchange rate is dictated by the retailer.  Most of our larger expenditures in Myanmar were to pay for hotels or bus rides.  If possible, check with your hotel what their exchange rate is in advance.  This way, you can decide whether to just pay in USD or in their Kyats (MMK).  There were occasions where paying in US dollars was more beneficial.

About ATMs…  This is still open for debate with regards to Myanmar.  ATMs have popped up in almost every major city, and also the well-touristed areas.  So getting money has become much more convenient in comparison to about 2 years ago.  Carrying your debit card and not a large wad of cash is also much more desirable for travelers on the move.  However, electricity is intermittent in Myanmar, and technology isn’t the most advanced (you’ll notice wifi is available everywhere, but service is sporadic).

I have heard stories where people have used the ATM and were charged the service fees several times before getting their cash.  They did not receive any official receipt and no indication that each of their attempts had failed.  The only reason we could think of is that the electricity might have blinked in/out during the transaction.  We have also seen travelers successfully withdrawing cash from ATMs with no issue.

Using Credit Card.  This is becoming increasingly available in the main cities and tourist areas.  We noticed some retailers/restaurants setting up point of sale machines while we were there.

What I did.  I carried only new US Dollars (mostly $50 and $100 denominations).  I carried a few smaller denominations to pay for archaeological zone fees or some hotels.  On arrival, I exchanged some US Dollars to Kyats at the Yangon airport (the rate was competitive to what I got in the city).  Throughout the trip, I exchanged currency at banks, and noticed that the rates were relatively consistent.

Happy Travels!