Travel Reference
In-Depth Information
Money
Banks & ATMs
The most useful of the local banks (which are open 9.30am to 3pm Monday to Friday) are
CB and KBZ, both of which now issue and accept Mastercard and Visa cards and have
ATMs in which you can use overseas-issued cards for a K5000 charge per transaction.
You'll find these ATMs all across Yangon and in other major cities and tourist spots.
Black Market
Since the exchange rate has been stablised, Myanmar's black market for changing
money should be avoided. Do not change money with people on the street - there are fre-
quent reports of scam artists conning tourists in places such as downtown Yangon and
Mandalay.
Cash
Myanmar remains a predominantly cash economy. The national currency, the kyat (pro-
nounced 'chat'), is divided into the following banknotes: K1, K5, K10, K20, K50, K100,
K200, K500, K1000, K5000 and K10,000; you'll rarely come across the smaller denomina-
tions and if you do they're often in tatters.
The US dollar acts as an alternative currency with most guesthouses and hotels quot-
ing prices and accepting payment in the greenback. Prices in our reviews alternate
between kyat (K) and US dollars ($), depending on the currency in which prices are
quoted.
Items such as meals, bus tickets, trishaw or taxi rides, bottles of water or beer and mar-
ket items are usually quoted in kyat.
These days most places will accept either currency but a few government-run services
(such as archaeological sites, trains and IWT ferries) continue to insist on payment in dol-
lars. You'll also be expected to pay for flights with dollars.
Also, when paying in US dollars, check your change carefully. Locals like to unload
slightly torn bills that work fine in New York, but will be worthless for the rest of your trip in
Myanmar.
Credit Cards & Travellers Cheques
Credit cards and travellers cheques remain largely useless. However, the situation is rap-
idly changing and in Yangon and other major tourist spots you'll increasingly find credit
cards accepted by top-end hotels, restaurants and some shops.
