Money in Myanmar: A Tourist Guide to ATMs, Cards and Exchange

Going to Myanmar (Burma)? The money situation is a bit complicated, especially now that the country is going through a renewed dark period of military dictatorship.

There are effectively 4 different prices for everything:

• Price in MMK (sometimes only for locals)
• Price for foreigners in USD
• Price for foreigners in MMK at the official exchange rate
• Price for foreigners in MMK at the black market exchange rate.

Wow…this means that things can be quite expensive or very cheap.

It’s tricky but I am here to help with everything you need to know about money in Myanmar for tourists.

Best foreign currency to bring	USD
Where to exchange?	Exchange bureaus using the black market rate
ATMs without a fee	None. All charge 5000+ MMK access fee. Max 300.000 MMK per withdrawal.
Can you withdraw USD directly?	No
Can you use Revolut, Wise, Monese, Curve etc?	No
Cash or card?	Cash
Pay in USD or MMK?	Always pay in MMK cash when possible

Currency in Myanmar

The currency in Myanmar is the Myanmar Kyat with ISO currency code MMK, or ကျပ်.

It’s pronounced “Jet” despite what the Latin spelling may lead you to believe.

The Kyat banknotes used in Myanmar are 50, 100, 200, 500, 1.000, 5.000, 10.000, and 20.000.

Important: Careful with the 100, 200, and the new 1000 notes as they have very similar colors. The 500 and 5.000 MMK are also easy to mix up.

During my 10 days in the country, I never saw the largest 20.000 banknotes, thus relying on 10.000 MMK notes as a store of value.

10.000 MMK was worth around 2$ on the black market rate (and dropping) which meant I had to carry a thick stack of cash during my travels in Myanmar.

No coins are used in Myanmar.

Can you use your card in Myanmar?

Although paying by card is theoretically possible in big cities like Yangon and Mandalay, the international sanctions imposed on Myanmar effectively mean that most foreign cards do not work in the country.

I tried to pay by card a few times using my Revolut, Monese, and Curve cards. I tried in a supermarket, in a restaurant, and online for a bus ticket. All transactions were rejected.

Do not rely on using a foreign card in Myanmar.

ATMs in Myanmar

There are many ATMs in big cities in Myanmar. At least 3 working ones at Yangon Airport and plenty in the city.

Fewer in smaller towns like Bagan and Kalaw but not 0.

However, as mentioned above, foreign cards may not work in Myanmar and that includes withdrawing cash from an ATM.

Moreover, by getting MMK from an ATM you will be charged the official interbank rate which is 50% (or more) WORSE than what you can get in the city on the black market.

With fees of at least 5.000 MMK per withdrawal and a limit of 300.000 MMK per transaction, it all adds up to a horrible deal.

Withdrawal Fees

All ATMs charge a withdrawal fee of at least 5000 MMK.

Honestly, this should be the least of your worries. When you withdraw cash from an ATM, your bank will exchange your money at the official interbank rate, which is artificially kept low by the Myanmar Junta government.

You will end up paying more USD/EUR/GBP, etc, and get less MMK. Not worth it. Bring cash.

Exchanging Money in Myanmar

This is what you should be doing to get the most bang for your buck.

There is both an official rate and a black market in Myanmar. Let’s take a closer look.

Official Rate (White market)

For a long time, the value of the Kyat was set at 2100 MMK for 1 USD.

Note that I am not using the term “pegged” which would require the Myanmar Central Bank to hold enough reserves to convert every single kyat into dollars.

Instead, the Junta just kind of decided that this should be the rate and set it. This is a horrible way to conduct monetary policy – short-term gains for few, big losses for the masses.

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Then in June 2024, the official rate was changed to around 3200 MMK for 1 USD.

This is the rate you will get if you pay in MMK by card or if you withdraw MMK from an ATM. This is also the rate you will get (minus the spread/margin) if you exchange money at the airport. This is what I refer to as the “Official Rate” or “White Market Rate”.

Ideally, you want to exchange as little money as possible at this white market rate and most of your foreign currency at the black market rate instead.

Black Market Rate

When I arrived in Myanmar on 20 July 2024, the black market rate was ~4800 MMK for 1 USD.

10 days later when I was about to leave, it had gotten up to ~5100 MMK for 1 USD. As of early August 2024, I hear it’s up to 5600.

Back in January 2024, it was ~3400 (then the official rate was 2100).

As you can see, it changes fast. So no, I cannot tell you what the rate is now, i.e. the moment you’re reading this or when you intend to go to Myanmar.

Exchanging Kyats for Dollars

You may be thinking that you can use the black market rate to obtain Kyats, then change them back for USD on the white market for easy profit. Think again.

Any exchange on the official rate requires you to present a receipt for the cash you’ve obtained.

However, you can exchange extra kyat back to USD on the black market rate (minus ~10% Buy/Sell margin).

It’s best if you exchange just enough for your needs in Myanmar and not more. The Kyat is completely worthless outside of Myanmar.

Exchanging money at the airport

When I arrived, all the exchange bureaus were closed. Believe it or not, Yangon International Airport at ~19:00 has not a single open money changer around.

I asked at Information and they pointed me to the nearby policeman who agreed to change 10 USD for me at 3200 MMK for the dollar – the white market rate.

I was told that exchange bureaus at the airport always use the official rate. This means you want to exchange just enough (10-20 USD) to get to Downtown Yangon where you will use the Black Market.

How to Exchange Money at the Black Market in Myanmar

First of all, what even is a Currency Black Market?

No, it’s not a physical market. You can’t go to a specific place full of exchange bureaus using the black market rate.

It’s a currency market. When two parties agree on a price, an exchange happens. It’s black because it’s not official.

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In Yangon and Mandalay, finding someone willing to give you the black market rate is pretty easy. Exchange bureaus in the city center are likely to give you the black market rate right off the bat so you don’t need to seek dodgy guys around the markets.

Outside of the big cities, it is much more difficult, even impossible. Nobody offered the black market rate in Bagan. There was no black market in Kalaw or Nyaung Shwe (Inle Lake) either.

It’s best to exchange your money in Yangon before you venture deeper into Myanmar.

Where to exchange in Yangon

You ask about the rate at any exchange bureau in Downtown. There is a good chance they have the official rate displayed but will then show you the black market rate on a calculator.

Such areas are:

• Chinatown, especially between Lanmadaw Street and Shwedagon Pagoda Road;
• Around Sule Pagoda;
• At or around Bogyoke Aung San market

Moreover, around these areas, men will approach you asking if you want to exchange money. They aren’t necessarily out to scam you but be on the lookout. Exchange in daylight and count the money well before setting off.

A typical black market transaction will be as follows:

1. Ask for the rate. The clerk/man on the street will show you the amount of Burmese Kyat for 1 USD (or another currency). In late July 2024, this was 4800 (kyat to the dollar).
2. Agree to the rate and hand over the money.
3. Receive a thick stack of Burmese Kyats, mostly in 10.000 notes. I exchanged 200 USD at once and received almost 100 notes (96 to be precise). The stack was as big as a brick. The clerk used a counting machine and ran the money through twice so I was confident the amount was right.

You don’t need your passport and you will not sign any documents. This is the black market after all.

I exchanged at EvaTrading Moneychanger on 21st Street in Chinatown.

Is using the Currency Black Market Legal?

No, it is not.

But it’s safe to exchange on the Black Market as nobody is interested in busting you for that.

Whoever changes your money is liable too and many are doing it already anyway, so no, they won’t report you or get you arrested.

Despite widespread scaremongering, I found Myanmar pretty safe as a genuine tourist.

Is using the Currency Black Market ethical?

Yes, it is.

The black market is the true free market – if the currency was allowed to freely float as in most economies, then the black market rate would be the real rate, i.e. what people agree on.

Yes, you receive more money, which increases inflation. But the money is already printed and in circulation – it’s not you who inflates prices – it’s macroeconomic policy.

Ultimately, you will be spending this money inside Myanmar helping locals.

Using the Black Market is ethical and the right way to go.

4 Different Prices?

At the beginning of this money guide, I said there could be up to 4 different prices in Myanmar.

To simplify your choices and to save money, the rule of thumb is to always pay in Myanmar Kyat.

This means you should avoid booking accommodation online where you will be charged in USD. Instead, pay the hotel directly in MMK. They will exchange at the official rate (saving you money).

What currency to bring to Myanmar

The US dollar is the best foreign currency to carry to Myanmar. It’s accepted everywhere in the country and has the lowest margins. You will get the best rates out of 100 USD notes.

The second best option is to bring big Euro notes.

You may exchange these currencies too:

• British Pound
• Chinese Yuan
• Thai Baht
• Australian Dollar
• Singaporean Dollar

Higher denominations will give you better rates. Your notes must be new (for dollars – issued after 2006) and without visible signs of wear & tear.

How much cash to bring to Myanmar?

This depends on your way of traveling and your budget. You should bring all the cash you will need with you to Myanmar as cards are not reliable.

For budget backpackers, my advice is to have at least 40 USD per person per day.

You can get by with as low as 15 USD per day. Those seeking luxury or more convenience will go up to 100 USD per day.

Myanmar is cheap, except for some accommodation, but you must have a buffer for unforeseen circumstances.

Example prices

These are actual price ranges from 2024. Prices are in MMK. I used the black market rate of 4800 MMK = 1 USD.

• Burmese tea: 700-1500
• Noodle Soup: 2000-5000
• Paratha: 600-1500
• A can of soft drink: 1000-2000
• Can of beer (supermarket): 2000-4000
• Can of beer (bar): 5000-10000
• Cafe latte in a coffee shop: 5000-7000
• Public transportation in Yangon: 200-500
• Shwedagon Pagoda entrance fee: 20.000
• Taxi from Yangon downtown to Yangon Airport: 15.000-20.000
• Overnight bus from Yangon to Bagan (JJ Express): 28.500
• 5 hours eBike rental in Bagan: 5000-8000 (9 hours is between 10.000-15.000)
• Minibus from Bagan to Inle Lake: 40.000
• Overnight bus from Kalaw to Yangon (Elite Bus): 40.000
• Budget hostel in Yangon: 15-20 USD
• Private room in a mid-range hotel: 35.000 (Kalaw/Inle) up to 100.000 (Yangon)
• Boat tour at Inle Lake: ~15 USD per person
• Trekking Kalaw to Inle Lake: <=2 people, 25 USD/pp; >2 people, 15/20 USD/pp.
• Travel Insurance from SafetyWing (covers you in Myanmar): ~22 USD for a 10-day trip.

Bargaining

Always bargain at markets in Yangon and Mandalay, less or never in the countryside.

But don’t bargain too hard. Things are already cheap in Myanmar and the locals are struggling. You can get 10% off at a market in Yangon easily – be happy with it and move on.

Tipping

Tipping is not customary in Myanmar.

It’s not expected but will be appreciated.

Someone may come to you at Shwedagon Pagoda to give you a tour – it happens quite often. They will expect a tip. Some people give 10.000, others 50.000. It’s up to you but local insights for this place are very interesting.

Frequently Asked Questions

Let’s answer some of your most burning questions about money in Myanmar.

Can I withdraw from the ATMs in Myanmar?

Maybe.

None of my cards worked in Myanmar and many cards don’t because of international sanctions.

More importantly, even if you can, the fees are high, the exchange rate will be the official one and the withdrawal limit is low (300.000 MMK).

Don’t use ATMs and bring foreign currency in cash.

Can you use US dollars in Myanmar?

Mostly no. Even though some things are priced in USD, you will pay in MMK.

The exchange rate depends on the establishment – in my experience, most use the official rate (or close to). This is good for you if you’ve exchanged at the black market rate.

Can you use Revolut in Myanmar?

No, Revolut cards do NOT work in Myanmar.

Monese and Curve also didn’t work for me in Myanmar. Other fintech banks like Wise, Starling, and N26 may also NOT work in Myanmar

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If you are going to other Southeast Asian countries, you may want to read my money guides for them too:

• Tourist Guide to Money in Thailand
• Tourist Guide to Money in Laos
• Tourist Guide to Money in Cambodia
• Tourist Guide to Money in Malaysia
• Tourist Guide to Money in Vietnam
• Tourist Guide to Money in Indonesia
• Tourist Guide to Money in Timor Leste