Sounds like there is a big potential for arbitrage here: buy creased dollars for a discount, bring them to the US and get the full value back. The bigger question is why the mentioned Singaporean bank won't accept imperfect notes. That's the lead that the reporter should have followed.
Craparella Smørrebrød I may have missed something. So you can buy creased bills with perfect ones at a discount? Or exchange perfect bills for their money and then buy creased bills at a discount, still profiting in the end?
DirtyyDom you buy creased or damaged US bills for less than face value in the local currency, because they cant exchange it there they will be forced to buy from you for a price. You then take the bills to the states where they are worth the face value despite condition.
IT'S THE SAME all over the region not just Myanmar, Thailand , Cambodia Laos, etc etc etc... and it's not just Dollars, its Sterling and Euros too. ONE of the worst places to get ripped off for money (in my experience) is Cambodia..... ....THERE - many people and places will not accept their own indigenous currency from foreigners and insist on Dollars or Sterling (but mainly Dollars). This can lead to violent and life-threatening situations. Especially if you have used a service and have no foreign currency on you, expecting to pay in Local rag-notes or coins. PROBLEM: The Government, Banks and Police are Ultra Corrupt so don't go looking for their help or you could end up in officially sanctioned theft which you will have to buy your way out of. SOLUTION: Stay in one place for a while. Make friends with some sincerely amiable locals or ex-patriots and take your time to find a recommended back street dealer. Also scrutinize the bills at your own bank at home (as show) before you set sail. GOOD LUCK. ;-)
Many currency exchanging business have been victims of black money from tourists, they are just trying to be more careful. Take it from a burman. And if ur not sure of anything, might as well shut up. 😍
This isn't remotely specific to Myanmar. I've encountered this in a number of third world countries on several continents. It never stops being frustrating. Just use ATMs to get local currency and avoid this insane hassle.
I was there a few months ago. I had brought some crisp 20s from the U.S. and they were accepted fine. More key was the fact I mostly used the ATMs there to get local cash. No having to deal w crisp US bills & also a better exchange rate :)
Yes, they do that. I had brand new 100 bills and were still offered less rate because on some bills the fresh ink was was kind of smudged. Whatever you do, do not fold your bills, get uncirculated bills and if possible only in 100 nominations. Anything else you will get lower rate
The red color that you said looked like blood on the money is most likely qat (betel nut) that a lot of the men like to chew up and spit out. Presumably quite a bit of it gets on the bills.
I was born and raised in Yangon (Rangoon) , Myanmar (Burma). I know this is crazy but when everyone's in it (all people in Myanmar), I can't be the odd one out. Yes, smaller denomination are less valuable to Myanmar. Now the money changers only accept the newly pressed blue inked $100 bills.
We've experienced similar issues when visiting China. Best to bring brand new $20 or $50 bills. Last time we were there (10+ years ago) they didn't seem to like $100 bills.
I had this same problem a few months ago. However the ATMs at the airport and at large western hotels (e.g. Sule Shangri La) work to provide local funds - but some are limited to US$ 150/day. If you venture out of Yangon, forget about ATMs and make sure your funds are not only pristine, but also the newest issued notes (preferably in US$ 100 denominations - with the blue stripe)
Small tears just make them harder to use in automatic counters and checkouts, but I’ve never had one turned away in a hand to hand transaction. If they won’t take it, go to the bank, and they’ll exchange it and send the torn one back into the government to shred in exchange for a bright, new one.
Same thing down here in Indonesia. They even only accept bills with a certain serial number. If your bills happens to be an old bill (old serial number) chances are you won't be able to exchange it.
So as a solution to this problem...I would worry about losing or being robbed of wads of pristine hundreds...can you withdraw Burmese cash with debit cards or use travelers cheques?
not only in Myanmar, also in Peru. The currency exchangers in Lima don't take ripped dollars. so I guess it is common in some countries that they don't take it.
In my country it is the same. It's stupid. My bills are nice but with some brownish stains that i cannot even tell. I think as long as you are in Asia it's difficult to change USD notes that are not in pristine condition which is kind of dump because people who uses real notes will never get it in pristine condition. Maybe they want fake money then they can definitely get pristine bills each time!
Cambodia is the same struggle. I've learned over the years to check every bill I get back from sellers. They like try to pawn off old tattered bills on expats and tourists.
This all sounds like more of a ploy to give you a worse rate and skim some money off of you (since you can afford it). I seriously doubt they ever have any problems passing off the bills.
+Gene Dexter If you're from the West, it's about as safe as North Korea.. no joke. They have very small sections where foreigners can now visit, but kidnappings are common even for guys.
Same thing in New York: once I went to New York with some very old 100 notes and many small stores where I tried to buy something they were not accepted. Only big stores accepted. I went to currency exchange stores and asked what was wrong with my 100 dollar bills and they told me that the only problem was that the notes were very, very old. Late I discovered that maybe these notes were out of circulation for the last 30 years. Funny.
deounb The employees and owners of smaller stores might be less willing to take the personal risk of accepting a large denomination bill that lacks modern security features. An employee at a larger retailer assumes far less personal risk.
So basically their currency isn’t worth as much as the US dollar (cause the US owns most of the central banks), so in effort to “win” like he mentioned, they need to convert their currency into US assets (cash). And they’re doing this by only accepting “perfect” bills. Kinda genius but idk if that’s legal or not 😂😂
New York Times - this story makes you look naïve. Many countries follow the same policy, and not just with US currency. Furthermore, many countries offer different rates for Benjamins than Jefferson, Lincoln or Washington notes. Worse for some travelers is many locations only will accept the latest series of any note.
Sounds like there is a big potential for arbitrage here: buy creased dollars for a discount, bring them to the US and get the full value back.
The bigger question is why the mentioned Singaporean bank won't accept imperfect notes. That's the lead that the reporter should have followed.
Craparella Smørrebrød I may have missed something. So you can buy creased bills with perfect ones at a discount? Or exchange perfect bills for their money and then buy creased bills at a discount, still profiting in the end?
DirtyyDom you buy creased or damaged US bills for less than face value in the local currency, because they cant exchange it there they will be forced to buy from you for a price. You then take the bills to the states where they are worth the face value despite condition.
Same here in Indonesia... If the banknote isn't in perfect condition.. They'll give you less money
Why?
That's crazy, that's one place I'm not going to
This is not the only place, though they take it to an extreme. I ran into the same thing in India and Vietnam.
Cambodia too
IT'S THE SAME all over the region not just Myanmar, Thailand , Cambodia Laos, etc etc etc... and it's not just Dollars, its Sterling and Euros too.
ONE of the worst places to get ripped off for money (in my experience) is Cambodia.....
....THERE - many people and places will not accept their own indigenous currency from foreigners and insist on Dollars or Sterling (but mainly Dollars). This can lead to violent and life-threatening situations. Especially if you have used a service and have no foreign currency on you, expecting to pay in Local rag-notes or coins.
PROBLEM: The Government, Banks and Police are Ultra Corrupt so don't go looking for their help or you could end up in officially sanctioned theft which you will have to buy your way out of.
SOLUTION: Stay in one place for a while. Make friends with some sincerely amiable locals or ex-patriots and take your time to find a recommended back street dealer.
Also scrutinize the bills at your own bank at home (as show) before you set sail.
GOOD LUCK. ;-)
JediBhuddist I've never had any problem exchanging creased U.S. currency in Thailand, Laos, or Cambodia.
+sojutime Thats excellent. Congrats.
Hello I am a Cambodian, I am sorry about your experience in our country
of all the things to be OCD about, they should focus more on getting their country cleaner.
Many currency exchanging business have been victims of black money from tourists, they are just trying to be more careful. Take it from a burman. And if ur not sure of anything, might as well shut up. 😍
This isn't remotely specific to Myanmar. I've encountered this in a number of third world countries on several continents. It never stops being frustrating. Just use ATMs to get local currency and avoid this insane hassle.
TRUE. SURINAME HAS THIS PROBLEM TOO.
Thank you Chesutinbader Mingalarbya
I was there a few months ago. I had brought some crisp 20s from the U.S. and they were accepted fine. More key was the fact I mostly used the ATMs there to get local cash. No having to deal w crisp US bills & also a better exchange rate :)
Yes, they do that. I had brand new 100 bills and were still offered less rate because on some bills the fresh ink was was kind of smudged. Whatever you do, do not fold your bills, get uncirculated bills and if possible only in 100 nominations. Anything else you will get lower rate
The red color that you said looked like blood on the money is most likely qat (betel nut) that a lot of the men like to chew up and spit out. Presumably quite a bit of it gets on the bills.
they should just keep a steam iron on the counter and iron the bill if they need crisp bills that bad.
Same thing with Peru!
i had same problem in soudi arabia mecca city with old 100 us dollar or 10 20 dollar bill you get less for it.
I was born and raised in Yangon (Rangoon) , Myanmar (Burma).
I know this is crazy but when everyone's in it (all people in Myanmar), I can't be the odd one out.
Yes, smaller denomination are less valuable to Myanmar. Now the money changers only accept the newly pressed blue inked $100 bills.
We've experienced similar issues when visiting China. Best to bring brand new $20 or $50 bills. Last time we were there (10+ years ago) they didn't seem to like $100 bills.
great informatation.....
I had this same problem a few months ago. However the ATMs at the airport and at large western hotels (e.g. Sule Shangri La) work to provide local funds - but some are limited to US$ 150/day. If you venture out of Yangon, forget about ATMs and make sure your funds are not only pristine, but also the newest issued notes (preferably in US$ 100 denominations - with the blue stripe)
i still didn't got it why they do not accept ripped bills?
So this is why there are so many UA-cam videos from that part of the world showing how to clean and flatten money.
Never got a good explanation
Can I use ripped dollars bills in US?
Yes as long as you at least have 75% or 3/4 of the bill or more is intact and fairly legible
Small tears just make them harder to use in automatic counters and checkouts, but I’ve never had one turned away in a hand to hand transaction. If they won’t take it, go to the bank, and they’ll exchange it and send the torn one back into the government to shred in exchange for a bright, new one.
The same goes in Egypt too 😞
It's a similar situation in Guatemala.
Same in Bolivia
This is not unique to Myanmar. This absurd double standard is also found in Cambodia
wtf
Same thing down here in Indonesia. They even only accept bills with a certain serial number. If your bills happens to be an old bill (old serial number) chances are you won't be able to exchange it.
2:16 why does this guy nod his head so much?
Idk why but In Myanmar, we use tore money that are taped and some don't bother with the writing. Even in banks there would be money like that
So as a solution to this problem...I would worry about losing or being robbed of wads of pristine hundreds...can you withdraw Burmese cash with debit cards or use travelers cheques?
You can withdraw from ATMs or you can transfer yourself using western union when you need it online.
This reminds me to Venezuela, so ridiculous
not only in Myanmar, also in Peru. The currency exchangers in Lima don't take ripped dollars. so I guess it is common in some countries that they don't take it.
Credit Card companies must be loving this lol.
Ohh yes . I'm used to it already .. Like I'm literally scared to own an imperfect note since it could be useless and wasted in my country ..
In my country it is the same. It's stupid. My bills are nice but with some brownish stains that i cannot even tell.
I think as long as you are in Asia it's difficult to change USD notes that are not in pristine condition which is kind of dump because people who uses real notes will never get it in pristine condition. Maybe they want fake money then they can definitely get pristine bills each time!
Won't be going there.
Not only Myanmar, Indonesia also. Maybe it considered as something luxury so that's it and they care so much only to US dollar notes
Cambodia is the same struggle. I've learned over the years to check every bill I get back from sellers. They like try to pawn off old tattered bills on expats and tourists.
This all sounds like more of a ploy to give you a worse rate and skim some money off of you (since you can afford it). I seriously doubt they ever have any problems passing off the bills.
Same story in Cambodia
LOL Myanmar. Lol. Seriously? Out of many issues. Lol
Meanwhile, you'd couldn't pay me to go to that place.
same in Ukraine. Even for less money you cant change
Wet the notes and hot iron them. They will be crisp and flat like new.
Bitcoin or any cryptocurrency can help with this problem. It is a shame we are putting, so much faith in paper bills that the Fed simply prints.
+Shehaaz Saif Correct, there's no way they cannot accept Bitcoin over toilet paper fiat money.
All you have to do is iron your money
“The bills need to looks brand new” 0:30 *Trows a stack of crash over the room* Hmmmm makes sense??
what's the problem?
what about vietnam where you get a higher rate for your benjamins ($100) than any other bills.
This country is not on my To Do list.
+Gene Dexter If you're from the West, it's about as safe as North Korea.. no joke.
They have very small sections where foreigners can now visit, but kidnappings are common even for guys.
You can Iron your bills, they will look brand new ! (dont use water !)
Just iron the crease bro
I wonderif is only usd we use the SAR , I want a stack of kyat
not in thailand definitely
Thats Myanmar for you....
Hmm
Same thing in New York: once I went to New York with some very old 100 notes and many small stores where I tried to buy something they were not accepted. Only big stores accepted. I went to currency exchange stores and asked what was wrong with my 100 dollar bills and they told me that the only problem was that the notes were very, very old. Late I discovered that maybe these notes were out of circulation for the last 30 years. Funny.
deounb The employees and owners of smaller stores might be less willing to take the personal risk of accepting a large denomination bill that lacks modern security features. An employee at a larger retailer assumes far less personal risk.
Now I understand, thank you.
deounb sue the bastards, it says on the money " legitimate tender for ALL TRANSACTIONS"
This is Indonesia LMAOOO
Same in Iraq
So basically their currency isn’t worth as much as the US dollar (cause the US owns most of the central banks), so in effort to “win” like he mentioned, they need to convert their currency into US assets (cash). And they’re doing this by only accepting “perfect” bills. Kinda genius but idk if that’s legal or not 😂😂
New York Times - this story makes you look naïve. Many countries follow the same policy, and not just with US currency. Furthermore, many countries offer different rates for Benjamins than Jefferson, Lincoln or Washington notes. Worse for some travelers is many locations only will accept the latest series of any note.
wow
same in the Philippines.
What I think about is go elsewhere, There are a lot of better country in Asia than Myanmar.
What? I just don't get this.. Silly people.
***** The Singaporean banks don't accept broken bills. Watch @ 2:15
Its interesting but super funny as well. It was surprising to see how people care about bank notes in that part of world!
imf clause
Imagine robbin dat Place Man I would by myself a r34 gtr
Shut up and take my money..... sorry sir it is folded, o......
Lol to get pay back i would give them a fake note its perfect fake money in exhcnage for real money that would be my pay back
American money for crap money
It's because in drug buying you get more attention with cleaner money.
Just like in philippines
That's bcuz the dollar bill is not valuable any more like it used to be
Absolute nonsense I am glad India doesn't do this.........
This is an exaggeration, It really isn't that bad. Also, Myanmar is an amazing place and the people are super nice, highly recommended.