Money in Myanmar

Myanmar, also known as Burma, is a beautiful and culturally rich country located in Southeast Asia. As a tourist, it's important to be familiar with the local currency and the financial landscape to make the most of your trip. Understanding the basics of money in Myanmar can help you budget your trip, avoid scams, and make informed decisions when exchanging currency. Here is what you need to know about money in Myanmar!

How About money in Myanmar

The official currency of Burma – Myanmar is Kyat. As all countries, money has gone through a long history and witnessed many changing events of the country, Kyat had changed a lot from the shape, size to the color, unit and invisible meaning.

Kyat is the official currency of Myanmar

In the 19th century, before 1889, the first Kyat was released as both gold and silver coins. At that time, 16 silver Kyats is equal 1 gold Kyat. When Burma loosed sovereignty and became a colony of Britain, the British used Indian Rupee to replace the Kyats and value of silver Kyats was corresponding to the Indian Rupee’s.

In 1942, when the Japanese occupied Burma, they issued another money unit to replace the Rupees. In next year they decided to use the Kyats again. But in 1945, when The World War II ended and the Japanese fascists were defeated, the Kyat was debased and the Rupee was one more time used.

The current Kyats were started using from Jul of 1952. They replaced the old Rupees at par.

The code for Kyat is MMK with the current symbol is K. The latest updated paper notes have 10 face values: K5, K10, K20, K50, K100, K200, K1000, K5000, and K10.000. And each of them has its own color, famous symbol and image containing the Myanmar’s tradition and spirit value. You can see the 10 Kyats - K10 – it has the main color is purple with the image of Chinthe (a legendary creature like lion) which is often seen at the 2 sides of entrance into temples, pagodas and Karaweik – the Royal Regalia Boat of Myanmar.

Coin is the first form of Kyat currency used in Myanmar. Nowadays it has 7 face values: K1, K5, K10, K50, K100 and 10 pyas, 50 pyas. In compare with currency value of almost other countries, the coins are too small. Because of that fact, they are used as souvenirs only but not in the circulation.

Many locals are willing to accept US dollars while trading or exchanging but you may need to pay little more. They will round your dollars up but not exact in the bank. With small amount, this way is fine and brings you convenience. Besides US dollars, other currencies such as Euros, Pounds, Singaporean dollars, Vietnam Dong… are can be easily exchanged to Kyats at airports, banks in big cities and main destinations like Yangon, Mandalay, Bagan…

For your overview about the value of Kyats in 2023, here are some exchange rates between Kyats and some currencies (updated March 2023) you need to know before visiting Myanmar

1 USD = K 2,097
1 EUR = K 2,257
1 GBP = K 2,564

Read more:

Tips for spending money in Myanmar

When travelling here, bring all the money that you plan to spend in cash and back up with your Visa or Master cards.
Banks are the best place to exchange the money because of the legal brings safety with best rates you can get. Exchange counters in airports are good too. Exchanging in hotels is fine with small amount but the rate is not as good as at banks of course. The black market or money exchangers in streets are not recommended due to its risk. They will try to lure you and also try to cheat you some.
When exchanging in hard cash, there is a small fee for every USD10, but this still works out cheaper than the ATM’s fee or credit card’s fee.
You are advised to use the brand new Dollar bills here. The bills need to be crisp, un-marked and un-creased, no stains, no rips

How to exchange currency Myanmar

For the safest and most favorable exchange rates, it's recommended to exchange your currency at banks or authorized money changers in Myanmar. Major banks in cities like Yangon and Mandalay offer currency exchange services, providing transparent rates and requiring a valid passport for identification. Always check the current exchange rate before making a transaction.

Ways to exchange currency in Myanmar

While banks and official money changers are the safest options for currency exchange in Myanmar, you may find better rates at unofficial places like airports or night markets. However, be cautious as these places may have higher risks of counterfeit or damaged money. Always count and check the bills carefully before accepting them, and consider exchanging only small amounts at these locations.

Some tips to identify counterfeit currency Myanmar.

To check for counterfeit currency in Myanmar, you can:

If the denomination on the note is written with ink that doesn't change color, it's likely counterfeit. Because when you hold a genuine Myanmar note and tilt it left or right, the color will change.
Genuine Myanmar banknotes have crisp, clear images and text. If you notice any blurring or smudging, the note is likely counterfeit. Counterfeit printers often struggle to replicate the high-quality printing of authentic banknotes.

Currency exchange process in Myanmar

To authenticate Myanmar currency, look for security features like a security thread and watermark. Hold the note up to the light to check the watermark. A clear watermark is a sign of genuine currency.
Authentic currency is printed on high-quality paper that feels smooth and durable. Counterfeit notes often feel thin, flimsy, or like photocopy paper.

That is all you need to know about money in Myanmar! So note this article and prepared for you unforgettable trip to this beautiful land!

Our tours you may like:

***
Travel Authentic Asia Company is your best choice for discovering the beauty of Southeast Asia. Our experienced and knowledgeable travel advisors are committed to helping you create a tailor-made tour and extraordinary experiences in this majestic region.

If you're looking for an authentic cultural experience, do not hesitate to contact Travel Authentic Asia to choose a Vietnam tour, Southeast Asia tour package or to customize your own style tour to South East Asia.