Money and Business, Myanmar

Currency and Costs

Banks and Money Changers

Business Guide

Currency and Costs

Currency: Kyat

If you're a FIT - Free Independent Traveller- that is, if you aren't part of a tour group, or haven't booked through a travel agent, then you'll be required to buy between US$200 and 300 worth of FECs (Foreign Exchange Certificates) as soon as you enter the country. This is an officially enforced rule, and you'll need the FECs to pay for 'officially approved' accommodation and transport. However, it isn't really essential to buy only FECs- you can buy local currency on your own too, and use it to make your own arrangements for accommodation and travel. In fact, free-market kyats (not FECs) will work out much cheaper- you can actually rent a room for as little as US$1 a night, and eat at around US$ 6-7 a day.

Although the country doesn't have any ATMs where you can make international transactions, some large hotels in the bigger cities accept major international credit cards (watch out, though- not all cards are accepted).

What's even better is that Myanmar a good place to go to even if your budget is limited- the areas around the river in West Yangon and the railway station are reasonable places to stay, and there's lots of good local food available around the Shwedagon Pagoda. And if you take a trishaw locally called a 'sai-kaa', a bus (usually crowded, invariably an adventure) or a three-wheeled Mazda taxi, you should be able to get around with very little too,

Banks and Money Changers

Choices for places where you can exchange foreign currency for kyats are fairly limited in Myanmar. If you want to go totally `legal', you'll have to get your dollars (or pounds or whatever) exchanged at the 'official' exchange counter at Yangon's international airport. Other than that, there are authorised money exchange counters at banks and at some government stores: some of these, like the Myanmar Foreign Trade Bank in Yangon, also allow you to purchase Foreign Exchange Certificates (FECs) against an international credit cards,

Business Guide

In Myanmar, government offices work Monday to Friday, 9.30 to 4.30. Private offices and enterprises generally work slightly longer hours, usually opening at about 9.30, but staying open till much later- at least 5.30 or 6. Shops and markets say open till much later, but their working hours vary.

Banking Hours: Banks all over Myanmar usually open by 10, and work till 2, Monday to Friday.

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