What is the local currency?
Kyat is the local currency.
What denominations does it come in?
10000, 5000, 1000, 500, 200, 100, 50, 20, 10 and 5 kyats.
What is the best way to exchange currency?
There are money changers available in town.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
You must pay in kyat, however, limited hotels, restaurants and shops accept in US Dollar or credit cards.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Use of credit cards is very limited outside of hotels. You will need cash most of the time.
By what method are bills (such as rent and utilities) paid?
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
You will need your passport and the foreign exchange declaration form that you completed at the airport and duly declared at customs. You can open an account with a minimum of US$100. In addition, you will need to furnish a contact address.
Will foreign residents be able to find banking services in their native languages?
Most of the managers at banks can speak English.
Are there any restrictions on services for those who are new to your country?
Credit cards and travelers checks are not widely accepted. Therefore, it is better to keep cash on hand.
What are typical banking hours?
10 a.m. to 3 p.m. is standard.
Are automatic teller machines (ATMs) available around the clock?
Is there any other money information that might help me?
While foreign currency exchange is illegal, FECs (foreign exchange certificates) can be legally held.Â
Regarding the kyat, it is useful to know that the government exchange rate is around six kyat to the US dollar, while the open market rate is around 1000 kyat to the US dollar. The government rate does not vary (in fact it is never used), but the open market rate varies greatly.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.