Foreign Exchange info - Airport

Replies: 7 - Last Post: Dec 4, 2012 8:02 AM Last Post By: montyman

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Nov 24, 2012 10:28 PM
Posts: 10

Foreign Exchange info - Airport

On my previous trip to Myanmar in July 2011, I changed US cash at Bogyoke market and at Bagan market for the best rates, compared to hotels. http://apparently the official bank rate was a lousy 6.7K per USD.

As reported in many posts this year money changing is much easier and the following is info from my visit in October 2012.
On arrival, at Yangon airport, there was a foreign exchange forex in the customs area, which had the slightly better rate of bank buys USD for 849K, which I missed seeing.

Outside customs and in the arrival hall, there were two forex booths.

The second, KBZ Bank had the better rates of:
USD - bank buys/sells of: with no commission charges:
847 / 856 for USD bills of 100 & 50s
837 / 856 for 20 & 10s
827 / 856 for 5, 2 & 1s

I changed 2 x USD100 at 847 for 169,400K which I received in new 5,000K bills + the remainder in smaller notes.

They also displayed forex rates for Euro, FEC and Singapore $:
Euro 1102 / 1118 for 500, 200, 100 & 50s
1092 / 1118 for 20 & 10s
1082 /1118 for 5 & 1s
FEC 847 / 856
SGD 689 / 699 for 1000, 100 & 50s
679 / 699 for 10s
669 / 699 for 5, 2 & 1s,

The first booth was AGD Bank, with lower buy/sell rates of:
USD 842 / 847
FEC 0 / 0
SGD 675 / 685
Euro 1080 / 1090
I think they displayed declining rates for smaller denomination foreign bills.

On Yangon streets near Sule Paya I was offered 900K per USD – Previously it was said that you would most likely be short changed on the street. I don’t know how safe/honest it is now.

On leaving: In the Yangon airport departure lounge ~~past/after immigration and customs~~, there was an AGD Bank Exchange. Their forex rates were:
For USD - bank buys / sells 844 / 851K
FEC 0 / 0
SGD 678 / 693K
Euro 1084 / 1093

I had 59,900K left after 10 days travel.
The bank sold me USD70 at 851K with no commission for 59,570K. The remaining 330K I put into the red cross donations box.

Overall – I spent $333 for 10 nights & days in Yangon (6n), Mawlamyine (2n) and Hpa An (2n), traveling by land transport and budget accomodation.

Cocodrilo

Nov 24, 2012 10:50 PM
Posts: 6,074

Thanks for the info! I hope the prices haven't gone up again since you've been, seeing we're in the midst of peak season now...

jonappleton

Nov 24, 2012 11:19 PM
Posts: 787

Good Info, but Wow!, you have a great memory for figures with all those exchange rates. .

Cocodrilo

Nov 24, 2012 11:29 PM
Posts: 6,074

I'm quite sure he took the time to write a lot of that stuff down in order to come back here and be the big help that he was! :-)

montyman

Nov 25, 2012 4:38 AM
Posts: 3,589

Thanks for the report I'm sure many here will appreciate the comparison between exchanging $'s at airport and €uros etc

voodooguy2

Nov 27, 2012 3:08 AM
Posts: 2,225

ATourist rocks!!! This is proper information not the usual 'well, I can't remember exactly how much but the bank rate was quite good' kind of stuff most people post.

Well done.

soulbro

Dec 4, 2012 7:47 AM
Posts: 24

Thanks for that post that was very helpful. I was looking to clarify whether it is better to still exchange money in the black markets or not, and thanks to your post I know.

Question, are counterfeit Kyats a common phenomenon? Do you have to be very careful choosing a black market vendor when exchanging?

Thanks!

montyman

Dec 4, 2012 8:02 AM
Posts: 3,589

are counterfeit Kyats a common phenomenon?
Ha! Ha! you have made my day Ha! Ha! you will hand over pristine as newly printed $ bills and often in return especially smaller denominations you will get back Kyat as if it has been re-used as toilet tissue many times over and smells as such, sometimes its so bad you will get the pieces in a sealed palstic bag hardly even recognosable as currency lol as for balck market at moment banks tend to be offerering best price and often they will offer you the bills in tens and some folded over to deceive you by sleight of hand, sometimes they take you $bills and when ripping you off yousay no hadv esxchanged your $100 for a twenty or a refusaed $100 with aCB number so never part with your $100 until you have counted every single 1,000kyat note they have given you and watch them as they try and distract you best palce I fouind cetral aisle Bogyoke tall indian guy Norman or green century next st down on left towards bogyoke from Traders. But avoid the street guys they are usually just dodgy agents for others so make as much as they can from ripping you off, sometimes even up to 30% of agreed price is missing.

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