Money
You are advised to bring hard currency with you (preferably US $). There are NO
ATMs in Myanmar. Credit cards are not in general use although a few large
international hotels do accept them.
Until very recently, tourists holding Tourist Visas will be asked to exchange US
$200 into FEC on arrival at the airport. Business visa holders are exempt from
this rule (as are members of organised tour groups).
The requirement to change $200 at the airport into local funny money was quietly
dropped recently. In typical Government style there was no announcement and no
formal notification has been made. However, for the last few weeks the
ubiquitous official money changers have been conspicuous by their absence at the
immigration area. I wish I could say that this was due to the Hash event but I
cant and I suppose there is always a chance that the requirement could just
as quietly be resurrected. However, it seems unlikely for the moment.
Myanmar has a complex currency system. There are three currencies in circulation
US dollars, FEC and Kyat. It is technically illegal for most Myanmar people to
hold US dollars. FEC (Foreign Exchange Certificates) have a face value equal to
that of US dollars and are legal tender. Kyat is the local currency and the
exchange rate with the US dollar varies on a daily basis. Currently the exchange
rate is hovering at near 1000 Kyat to the dollar. You will get slightly less if
you exchange FEC (the differential varies see below). Retail outlets that are
authorised to accept dollars (essentially just a few large hotels and
restaurants plus a few travel agencies catering for foreigners) will usually
accept either US dollars or FEC on a one-for-one basis.
Exchange Rates
The various banking crises (see general Information) have resulted in a roller
coaster ride for exchange rates.
Since the beginning of the year the Kyat has varied between 820 and 1240 to the
US dollar and has varied between 540 and 1010 to the FEC. Although 1 FEC is
theoretically worth US$ 1, the two rates do not vary in unison and the
differential between them has varied between 80 and 455! As of the time of
writing the FEC seems to be recovering and the differential has closed again to
around 100 Kyat. One dollar currently buys you 940 Kyat while an FEC will buy
you 860 Kyat. The rates can fluctuate wildly from day to day or even hour by
hour so take this as a guideline only. However, since you may not have to
change your dollars into FEC in the airport anymore it might all become
academic or there again it might not!