The national currency in Myanmar (MMK) is the Kyat, divided into 100 pyas. There are notes of 1, 5, 10, 20, 50, 100, 200, 500 and 1000 kyat. Coins are actually worthless and are rarely used. In addition, the U.S. Dollar is often used as payment. It is forbidden to carry kyats in or out. For a dollar you receive 1229 kyat (Feb 2016). For a current exchange rate see: www.oanda.com.
With U.S. dollars you can go anywhere in Burma. In some places in Yangon you can also exchange Euros, but only sporadically and the rate is not good. Traveller's cheques, credit cards and debit cards are not usable. Money exchange on the black market is illegal in Burma, but quite common. Until October 1, 2011, this was even the place where you could get the best rate for your dollars. Nowadays you are best exchanging your dollars at the bank. At the airport and in Yangon itself you can easily find a bank. In the other places there are not many banks to find so it is important to plan where you change up your dollars for Kyats.
NOTE: In Yangon, Mandalay and Bagan, you can now withdraw cash with Visa credit card. Please keep in mind however that ATMs often can be faulty and that ordinary debit cards are not accepted. It is advisable to bring U.S. dollars cash. For $ 100 bills you get the best price. It is also useful to bring some small bills.
VERY IMPORTANT: Make sure all your dollar bills are new and at least unbroken because crumpled banknotes are refused!