The official currency of Myanmar is the Kyat (pronounced Chat), and there are 100 Pyas to the Kyat. The currency comes is notes of the following denominations; 10,000, 5,000, 1000, 500, 200, 100, 50, 20, 10, 5, 1, and 50 pyas. (see pictures below)
While travelling in Myanmar the most convenient way to pay is with the local currency. It is recommended that travellers bring sufficient cash in US dollars to last their time in Myanmar as most credit cards and travellers cheques are not accepted and those that are can only be used at the MFTB (Myanmar Foreign Trade Bank) in Yangon.
Please Note: If you bring US$2,000 cash or more with you, it must be declared upon arrival.
There are official money change counters in Yangon, Mandalay, Inle lake and Bagan where you can convert your US dollars into the local currency.
The Official Exchange Rate as of 1 May 2014 was 960 Kyat to 1 US Dollar. (please note exchange rates may vary)
Banking hours in Myanmar are from 10:00am to 2:00pm Monday to Friday only. (excluding gazetted holidays)
If you are considering bringing Travellers Cheques, be warned, they may be very time consuming to transact, and you MUST bring the original purchase agreement for the Traveller’s Cheques with you as proof of ownership when cashing your cheques.
Whilst the crime rate is not high in Myanmar, it is recommended that you keep you cash and valuables in your hotel room safe and take only what you need with you at any time.