Before you start

Passport with a business visa and stay permit
Foreigner Registration Certificate, where the bank asks for it
An employer letter or evidence of your employment
A functioning bank account outside Myanmar — treat this as essential, not optional

Step-by-step

1
Keep a working account outside Myanmar
Before you open anything locally, make sure you have an account elsewhere that you can operate. Inbound and outbound transfers to Myanmar are unreliable, correspondent banking relationships are limited, and international card acceptance is patchy. Everything else in this guide assumes you have this.
OnlineWho: YouBefore you moveFree
2
Open a foreigner's local-currency account
KBZ, AYA and CB Bank all offer accounts to foreigners working or residing in Myanmar for day-to-day kyat banking. Bring your passport, visa, stay permit, FRC where requested and an employer letter. Downtown branches handle foreign customers most regularly.
In personWho: You~1–2 hoursSmall opening deposit
3
Consider a foreign-currency account, and understand its limits
The same banks offer foreign-currency accounts in USD and, at some institutions, EUR and SGD. These are useful for holding value but are subject to the Central Bank's foreign-exchange regime, including limits on what you can convert and withdraw. Ask precisely what you can and cannot do before you fund one.
In personWho: YouSame visitAccount fees vary
4
Establish which exchange rate applies to you
The Central Bank of Myanmar's reference rate has been MMK 2,100 to the dollar since January 2025, while the rate used for trade-related transactions has been several times higher through 2026. Which rate a given transaction attracts is a technical question with a very large financial consequence. Get it in writing from the bank before converting anything significant.
In personWho: You (with local advice)Before any significant conversionPotentially very large if you get it wrong
5
Use the local mobile wallets for daily life
Bank-linked mobile wallets are widely used in Yangon for everyday payments and transfers and are far more practical than cash for routine spending. They are domestic systems and do nothing to help you move money in or out of the country.
Mobile appWho: You~30 minFree
6
Carry cash, and keep reserves
Power cuts take card terminals and sometimes bank systems offline, and ATM availability is inconsistent. Keeping a meaningful cash reserve at home is normal practice here rather than a sign of paranoia.
In personWho: YouOngoingFree

Documents you’ll need

Passport with business visa and stay permit
Foreigner Registration Certificate
Employer letter or employment contract
Proof of Yangon address
Opening deposit

Things most newcomers don’t know

There are effectively two exchange rates, and the gap is enormous.

The Central Bank of Myanmar has held its reference rate at MMK 2,100 to the US dollar since January 2025, while the rate used for trade-related transactions ran several times higher through 2026. Which rate applies depends on the transaction type and the counterparty, so a salary, a rent payment and a remittance can each be converted very differently. Never assume the rate you saw quoted is the one you will get.

Source: Central Bank of Myanmar reference rate and foreign-exchange market pages

Sanctions due diligence is your problem, not just your employer's.

International sanctions since 2021 reach a significant part of Myanmar's banking sector and its state-linked conglomerates, and ownership and control structures have changed. Choosing a bank, accepting a payment or signing a lease with a corporate landlord can all raise questions your home-country bank will eventually ask. Take specialist advice rather than assuming a locally normal counterparty is internationally acceptable.

Source: international sanctions programmes; law-firm guidance on Myanmar compliance

Getting money out is harder than getting it in.

Myanmar's foreign-exchange regime restricts conversion and outward transfer, and the mandatory conversion rules applied to export earnings — relaxed to a 15:85 split from 1 January 2026 — illustrate how actively the Central Bank manages the flow. Even where salary remittance is permitted, expect documentation requirements and delays. Do not let significant savings accumulate inside the country by default.

Source: Central Bank of Myanmar foreign-exchange notifications; DFDL and Tilleke & Gibbins updates

Power cuts are a banking problem too.

Yangon's grid rationing takes card terminals, branch systems and sometimes ATMs offline for hours at a time. Residents keep more physical cash than they would elsewhere, and pay attention to which branches and merchants have working generators. It is a small thing that becomes a large one on the day you need money and nothing is powered.

Source: community-reported; Yangon electricity rationing reports

Common mistakes to avoid

Moving to Myanmar without a functioning bank account outside the country
Assuming a quoted exchange rate applies to your transaction — establish which rate in writing
Letting savings accumulate inside Myanmar, where conversion and outward transfer are restricted
Choosing a bank or counterparty without sanctions due diligence
Relying on cards during grid rationing hours

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.