This guide was written prior to the military coup in Myanmar in February 2021 and is therefore not reflective of the current situation. Travel to Myanmar is currently not advisable due to ongoing civil unrest, armed conflict, and severe restrictions on communications and transportation.
Myanmar's banking infrastructure is still developing, and the country is cash-driven. With increased foreign investment and renewed trust in banks, Myanmar is making strides in modernising its systems.
You can find English-speaking assistants at most international banks, but if you’re looking to set up an account at a local bank, you should enlist the help of a Burmese-speaking colleague or friend.
Money in Myanmar
The official currency is the Myanmar Kyat (MMK), subdivided into 100 pyas. It is available in the following denominations:
- Notes: MMK 50, MMK 100, MMK 200, MMK 500, MMK 1,000, MMK 5,000, MMK 10,000 and MMK 20,000
- Coins: MMK 1, MMK 5, MMK 10, MMK 50 and MMK 100
The country previously used the US Dollar (USD) as an alternative currency, especially for large purchases and payments in hotels and high-end restaurants. However, Myanmar has banned the use of the USD for all domestic payments since 2022, with only the Myanmar Kyat now accepted for local transactions.
Banking in Myanmar
Myanmar is a largely cash-based society due to years of distrust in the country’s banking system, which led to a lack of financial infrastructure development. Large improvements have been made in the past decade, and the country now boasts foreign banks operating as branches and subsidiaries, including the State Bank of India, MUFG Bank, and OCBC Bank.
Banks have recently started promoting digital services, so you can find a range of financial products on offer.
Opening a bank account
You will need your visa and passport to open an account at a local or international bank in Myanmar. You will also need the minimum deposit. The amount required differs between banks. Your visa must be valid for at least three to six months to be eligible to open a bank account in the country.
Credit cards and ATMs
ATMs are widely available in Myanmar’s major cities, such as Yangon, Nay Pyi Taw and Mandalay. These ATMs accept international bank and credit cards, so you needn’t worry about being able to access the local currency. The only limitation in ATM use in Myanmar is frequent internet outages, so it’s best to always keep sufficient cash on hand.
Taxes in Myanmar
Foreigners who reside in Myanmar for 183 days or more are considered tax residents. These individuals are taxed on their income on a progressive sliding scale. You who are permanent residents will be taxed on your worldwide income as legislated by the Myanmar Income Tax Act, while those who are non-residents are only taxed on income derived from within the country.
Residents who earn an annual salary below the income tax threshold will pay no taxes at all. Your tax matters in Myanmar can be complex, so it is best to consult a qualified tax specialist.