Before moving to Myanmar I had heard that to exchange money it must be clean and unfolded. That is no lie!
U.S. dollar is king, but Euros and other Asian dollars are also excepted. If you're working as a foreigner here it's likely they will pay you in U.S. dollars, cash. It's a little weird, but it will make more sense in a few minutes.
Your dollars must be PRISTINE. Not a crease, not a mark. Not a dot. They will inspect each dollar very carefully. They will also not accept older bills. They really do think it's fake if it's not perfect. Those of us that have spent time in the U.S. know that U.S. dollars are dirty, wrinkled, and sometimes written on. And the Kyat you get in exchange is filthy, wrinkled, and smells like a moldy sweat sock.
You may want to get bank account. It's not easy but it can be done for a foreigner. It's worthless. Myanmar is also not linked up to the international banking system. I have heard rumors that you can use your Bank of America card at certain locations, but that can be hit and miss. A bank account in Myanmar cannot be used to purchase things outside Myanmar. There are ways around that with s
ome pre-paid credit cards, but not all of them work on the outside. Some banks can make transfers to western banks, but they come with hefty fees. And as with most things in Myanmar, the rules can change without notice. Western Union is one way to send money home if you have someone at home to accept the money. You are limited to how much you can send at once and per year.
I'm writing this in 2019 and things are constantly changing, maybe soon the money and banking system will improve for foreigners.
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