The Australian Dollar in Myanmar: A Guide for Travelers and Businesses
The Australian dollar (AUD) is a popular currency among travelers and businesses in Myanmar. While the official currency is the Myanmar kyat (MMK), the AUD is widely accepted in many parts of the country, especially in tourist areas and major cities.
Reasons for the Australian Dollar's Popularity in Myanmar
- Stronger currency: The AUD is generally stronger than the MMK, making it a more stable currency for transactions.
- Tourism: Many Australian tourists visit Myanmar, leading to increased demand for the AUD.
- Remittances: There are significant remittance flows from Australia to Myanmar, boosting the AUD's use.
- Ease of exchange: The AUD is readily exchanged at banks, money changers, and even some hotels in Myanmar.
Using Australian Dollars in Myanmar
Exchange Rates: The exchange rate between the AUD and MMK fluctuates daily. You can find the latest rates at banks, money changers, and online currency converters.
Where to Exchange:
- Banks: Banks offer the most competitive rates, but may have longer queues.
- Money changers: Money changers are widely available, especially in tourist areas, but rates can vary.
- Hotels: Some hotels may exchange currencies, but they usually offer less favorable rates.
Spending:
- Tourist areas: Many businesses in tourist areas accept AUD, especially hotels, restaurants, and shops.
- Major cities: The AUD is more widely accepted in Yangon and Mandalay than in smaller towns.
- Credit cards: Credit card use is not as widespread in Myanmar, so it's advisable to carry cash.
Tips for Using Australian Dollars in Myanmar
- Exchange only what you need: Don't exchange all your AUD at once, as you may get a better rate later.
- Compare rates: Check the exchange rates at different locations before exchanging.
- Negotiate: In some cases, you may be able to negotiate a better exchange rate.
- Carry smaller denominations: It's easier to spend smaller denominations of AUD.
- Be aware of scams: Be wary of money changers offering inflated rates.
Conclusion
While the official currency of Myanmar is the Myanmar kyat, the Australian dollar is widely accepted in many parts of the country. Understanding the reasons behind its popularity and how to use it effectively can be beneficial for travelers and businesses in Myanmar. Always check exchange rates, compare offers, and be aware of potential scams to ensure a smooth financial experience.
