Money and Banking System in Myanmar (Burma)

Being travelers, first thing we seriously got to consider about is the budget. In budgeting, knowing the banking systems and currency value in our perspective destinations is very much helpful. If we are not wise at planning and budgeting scheme, we can easily be in trouble. If we are in trouble particularly in relation to money in a foreign country, don’t you know that it is the toughest matter to encounter ever.

First of all, you have to bear in mind that banking system in Myanmar is not as smooth as the West and even as most of other Asian countries. Before visiting the country, you might need to know the currency exchange rate in the country.

Although major credit cards such as Master and Visa are accepted in many hotels and restaurants, you may need to check first whether your visiting place will accept credit card payment.

The major popular banks in Myanmar are Myanma Economic Banks (run by the government), Yoma Bank (Under FMI Company, Singapore based), Myanmar Universal Bank, Asia Wealth Bank etc… and Myanma Foreign Trade Bank. In the country, Myanma Foreign Trade Bank is the only bank authorized to deal with foreign currencies.

Likewise, if you would like to transfer foreign currencies into Myanmar, you can use only that Myanma Foreign Trade Bank. But 10% of the total amount will be cut for Tax.

Even world famous money transfer such as PayPal, Money gram, and Western Union are not available in Myanmar.

However, there are ways to transfer foreign currencies if you are smart enough to look for private company that deal with those kind of business.

Seemingly, the government wants all foreign currencies to go into her national treasure. The government produces Foreign Exchange Certificate (locally known as FEC). The FEC value is set to be equal as USD. But normally FEC is a little bit lower than USD in value.

As you land at the Yangon International Airport, they will ask you to buy or exchange your Dollar into FEC. I am not sure the exact amount but you will be asked to buy at least USD 200. P.S. the amount is subject to change.

Since credit cards are not widely utilized inside the country, you have to carry your cash with you all the time. If you are only to visit and only stay at Hotel, dine at hotel you may be able to use your credit card not necessarily to pay in Cash.

The current exchange rate is about 900 Kyats (local money) per 1 USD. It can be less or more. The rate is not stable. So you will need a big money bag if you are seriously visiting the country with a plan to explore. Your pocket size wallet will not be enough. So prepare a bigger money bag.

If you don’t know where to find money exchange, you may always ask at your Hotel Receptionist counter. You will not find a money exchange Shop with Sign “Foreign Money Exchange.”

If you would likely to ask, is it safe to carry money inside the country? Yes, it is safe. Snatchers and robbers are rare to encounter although it is always wise to be careful wherever it is in the world.

For tourists, Burmese people are friendly though they may seem to be shy at first. Whatever you ask they would try to help you at the level of their best.