The US dollars is most desired currency and the most basic to the country's overall economy. It is advisable to bring US dollars only. Other currencies usually get a poor rate of exchange on the free market and official money changer.
Visa and Maaster can be used in some ATM. They are mostly located in private banks and airport money changer. POS acceptance is still in its infancy. But it is possible to use credit cards to pay for stays in some mid-range hotels and for purchases in upmarket shops in Yangon and Mandalay. There is usually a fee of 6% for credit card transactions. All transactions paid for with foreign credit cards in Myanmar are charged in US dollars, then converted to your home currency by the card's bank of origin. Some travel agents offer the transactions of credit cards with a fee.
FEC, a state-issued proxy for the U.S. dollar, is officially due to scrap by the end of June. The period of exchange is extendable to March 31, 2014 for those who fail to do so during the initial exchange period for special reason, said the report.
Due to unexpected volume of tourist arrivals in 2012 and 2013, there has been a shortage of hotel rooms, and as a result, room rates has been skyrocketed during the peak season (September to March). Car rental, tour guide services, other tourism related services are virtually not affected.
Goods and services may be priced either in kyat or in US dollars. Hotel rooms, some train tickets, air tickets, car rental and guide services are generally priced in US dollars - for some of these services, US dollars may be the only currencies accepted. Duty-free items at the airport are also priced in US dollars/FECs. Food, taxis, buses and just about everything else in Myanmar are priced in kyat.