Myanmar 101 - How Money Works Here

I want to start sharing more about Myanmar culture on here. It’s so different, in both good and “are you kidding me?” ways and I thought it would be fun to share some of these things with you all. I’m no pro because, really, I’ve only been here 6 months, but we will pretend like I am one, ok? 

So let’s get started shall we? Today we are talking about money! 

For starters, let me tell you that Myanmar is a cash only society. Literally! If you go into the grocery store and hand them a Visa credit card you will walk out with no groceries.  Everything is paid for in cash! 

Even our apartment was paid in cash and rent is paid for the entire year, upfront. One year’s worth of rent up front! Here is our ‘rent money’. It was kind of crazy, funny and a (hopefully) once in a lifetime experience. 

Although it is a cash society they do have ATM’s…sort of. 

There are two types of ATM’s: 

ATM’s as the rest of the world knows them and Myanmar ATM’s. Here is how they work – I can not go to an ATM and put my American card in. They don’t work like that. See, if I want to use an ‘ATM’ I have to go get a Myanmar bank account and then get a pre-paid ATM card where I can withdraw cash. Like a pre-paid Visa card you get for your birthday. 

They do have a few ATM’s here that you can use for a debit card but I haven’t used my card in so long that I forgot my pin number (which I realize that could be a real problem at some point) and I don’t know that I trust the ATM’s here. 

So Dave and I do everything in cash! Which means we brought in a big chunk of change and when people come and visit they are our ‘bank’. 

Now here is another Myanmar thing – they only accept perfect, brand new, rarely used, must have no marks, straight from the US Mint dollar bills. 

It might not sound like a big deal but let me tell you, I have had to haggle and get down right mean to get them to take my beautiful and crisp American dollars. 

Recently, I made a grocery trip to the Western grocery store. It is the nicest one in town and I go once a month to stock up. They also have a money changer there and we were low on Myanmar money so I figured I’d convert there. I had three $100 bills, all which I wanted to convert. Here are a picture of two of the pretty ones, that they refused to convert:

Do you see the bend in the bill? GASP! 

Now, the attendant meticulously studied, analyzed and looked at those bills. Almost like the world’s best scientific discovery was about to happen … then she looked at me and said she wouldn’t take any of my money because one bill had been folded, one had a red stamp on it and one had a small smudge of black ink on it. 

ARE YOU KIDDING ME? 

I, in a very stern way, informed her that this was very good American money and that there was nothing wrong with it. I told her I drove super far to come here and that I HAD TO BUY GROCERIES! I felt like the world’s meanest missionary but I also knew I wasn’t driving another hour to bring her more USD. 

So after a heated discussion, mostly on my end explaining to her that the bills were good, I told her she was absolutely going to switch over at least one of those bills, which she reluctantly did and I bought my groceries, and still felt like a mean and horrible Christian person…. 

Now they are picky about bills, right? But what will they give me? See below...

Sometimes people in stores try to give me torn money because I’m an ignorant Westerner, and for a good long while I was, but now? If it is super crumpled and disgusting I give it right back, smile and tell them I need a different one. 

I will say that although this all sounds crazy it eventually all works out just fine. There is a nice man downstairs who will take just about any kind of money and I am so thankful for that man!

It also is teaching me to appreciate how financing works in America. We really do take that for granted. 

Do you prefer to use cash or a card? 
Does anyone know of other places in the world that operate like this?things!

PS – Are you on Instagram? I’m sharing more pictures on there with the hashtag #Myanmar101 to showcase more fun local things from around here. And don't worry they won't be dramatic as this post was. =)