Best place to change money and current rate...
Replies: 3 - Last Post: Jan 16, 2012 10:27 PM Last Post By: sinkaic
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Best place to change money and current rate...
Hi,I have three money queries for anyone who's in Myanmar at the moment or been there very recently.
1. I've read on this forum that the best place to change your crisp dollars for kyat is at the airport. Is that still the case or do banks in Yangon give you a better rate?
2. Anyone know how many khat you get for your dollar at the moment? Seems to be dropping all the time.
3. Can anyone recommend a minimum amount to keep in dollars? (As opposed to changing into kyat.) I know this is kind of impossible to answer as everyone's trip is totally different, but any recent experiences of 'dollars vs. kyat' might be helpful.
Thanks very much!
1
What what I have read the airport gives a good rate, also the Gov. money exchange in the centre of town, do not use the banks as you will get about 6 kyat to one $. ROE is about 800 kyat to $, has not fallen recently. I would change about $100 per week into kyat, keep rest in $s. If you are from Europe you can also change Euros into kyat in Yangon. If fromm UK use this guide for changing £ into $: http://travelmoney.moneysavingexpert.com/holiday-money/#resultsEdited by: Herbie47
2
You cannot actually exchange money at a bank, You can only exchange money at bank-owned exchanges or stores or the black market. Bank owned exchanges either at the airports or in Yangon give the best rates. Current rates are in the 760-800 kyats to the dollar. We got 780 per dollar in Nov/Dec. We exchanged $300 into kyat for just over two weeks and it was the perfect amount for us. We stay at upper range hotels, so those were all paid in dollars. Upper and mid-range places you'll pay in dollars, budget places will often accept (or even request) payment in kyat. Don't forget that admission fees must be paid in dollars.3
1. Yes, I think the best place to change USD into kyats is at the airport! We've only found out that on our last day when we left Yangon! The rate for USD is about 8xx (USD1=MMK8xx), if you compare that to the really low rates of 750-790 elsewhere. In general, rates are higher in Yangon and for 100-dollar bills, and drop as you are further away from Yangon. For example, I just got USD1=MMK750 for a 50-dollar bill in Nyaung Shwe (Inle Lake). I think things are changing fast in Myanmar, I do not recommend you to change in your hotel (rates are lower) or black market (rates may be good but a lot of them are scams). The exchange booths at the airport are safe and reliable. They issue receipts and you can count your money carefully. They accept Euro and Singapore Dollars too.2. Range from USD1 = 7xx - 8xx kyats. (We traveled from 25 Dec 2011 to 6 Jan 2012.)
3. For us, we are really on a budget trip, so we've only spent about USD600 for 2 person. We've changed USD400 into kyats, while remaining USD200 was for accommodation and entrance fees.
