Myanmar's Obsession With Clean Cash

Myanmar's Obsession With Clean Cash | The New York Times

Рет қаралды 96,525

9 жыл бұрын

A particular quirk persists from the days of Myanmar's authoritarian rule: the country remains obsessed with pristine dollar bills. Visitors discover that banks and foreign exchange counters pore over greenbacks with the fussiness of a diamond merchant. Bills that are creased, ripped or marked are rejected.
Produced by: Pailin Wedel
Read the story here: nyti.ms/1TuQq3M
Subscribe to the Times Video newsletter for free and get a handpicked selection of the best videos from The New York Times every week: bit.ly/timesvideonewsletter
Subscribe on KZfaq: bit.ly/U8Ys7n
Watch more videos at: nytimes.com/video
---------------------------------------------------------------
Want more from The New York Times?
Twitter: / nytvideo
Instagram: / nytvideo
Facebook: / nytimes
Google+: plus.google.com/+nytimes
Whether it's reporting on conflicts abroad and political divisions at home, or covering the latest style trends and scientific developments, New York Times video journalists provide a revealing and unforgettable view of the world. It's all the news that's fit to watch. On KZfaq.
Myanmar's Obsession With Clean Cash | The New York Times
/ thenewyorktimes

Пікірлер: 111

@CraparellaSmorrebrod 9 жыл бұрын

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.

@DirtyyDom 9 жыл бұрын

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?

@SufferDYT 9 жыл бұрын

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.

@indocarsdiary 9 жыл бұрын

Same here in Indonesia... If the banknote isn't in perfect condition.. They'll give you less money

@nah7856 4 жыл бұрын

Why?

@MrAsh-cw5cq 9 жыл бұрын

That's crazy, that's one place I'm not going to

@scottyh2843 9 жыл бұрын

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.

@mayarabrito9675 2 жыл бұрын

TRUE. SURINAME HAS THIS PROBLEM TOO.

@89cadi 9 жыл бұрын

This is not the only place, though they take it to an extreme. I ran into the same thing in India and Vietnam.

@minical3213 9 жыл бұрын

Cambodia too

@kathleenaortiz6113 9 жыл бұрын

of all the things to be OCD about, they should focus more on getting their country cleaner.

@b.bennie 4 жыл бұрын

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. 😍

@JediBuddhist 9 жыл бұрын

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. ;-)

@sojutime 9 жыл бұрын

JediBhuddist I've never had any problem exchanging creased U.S. currency in Thailand, Laos, or Cambodia.

@JediBuddhist 9 жыл бұрын

+sojutime Thats excellent. Congrats.

@starwarsman176 2 жыл бұрын

Hello I am a Cambodian, I am sorry about your experience in our country

@tonyyourewelcome8086 9 жыл бұрын

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.

@busybeez194 9 жыл бұрын

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

@11joe111100 9 жыл бұрын

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 :)

@Markwinsige 5 жыл бұрын

they should just keep a steam iron on the counter and iron the bill if they need crisp bills that bad.

@garchauro 9 жыл бұрын

Same thing with Peru!

@miahm1 3 жыл бұрын

i had same problem in soudi arabia mecca city with old 100 us dollar or 10 20 dollar bill you get less for it.

@313pine 9 жыл бұрын

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)

@BernardFarrell 9 жыл бұрын

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.

@prakashkarki1715 3 жыл бұрын

great informatation.....

@morrismorris8090 3 жыл бұрын

Thank you Chesutinbader Mingalarbya

@evilsharkey8954 2 жыл бұрын

So this is why there are so many KZfaq videos from that part of the world showing how to clean and flatten money.

@verathawda2910 6 жыл бұрын

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.

@ish1241 9 жыл бұрын

wtf

@MrRhomas913 9 жыл бұрын

Same in Bolivia

@BuzzZu 6 жыл бұрын

Never got a good explanation

@faridhabibi918 Жыл бұрын

The same goes in Egypt too 😞

@bill3209 9 жыл бұрын

It's a similar situation in Guatemala.

@DanishKhan-gl7hx 8 жыл бұрын

i still didn't got it why they do not accept ripped bills?

@JeremyRamadhiIrawan 9 жыл бұрын

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.

@anobody5313 2 жыл бұрын

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

@aaaada 9 жыл бұрын

LOL Myanmar. Lol. Seriously? Out of many issues. Lol

@vister6757 2 ай бұрын

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!

@sumoclift 9 жыл бұрын

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 ..

@globaldenny 9 жыл бұрын

This is not unique to Myanmar. This absurd double standard is also found in Cambodia

@Luster520 9 жыл бұрын

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.

@js.gobinyadav6516 4 жыл бұрын

Can I use ripped dollars bills in US?

@chuckdieselkicksdisks2380 2 жыл бұрын

Yes as long as you at least have 75% or 3/4 of the bill or more is intact and fairly legible

@evilsharkey8954 2 жыл бұрын

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.

@rbclarksondesign 9 жыл бұрын

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?

@maungthomas 5 жыл бұрын

You can withdraw from ATMs or you can transfer yourself using western union when you need it online.

@win-eo2jq Жыл бұрын

Cambodia also

@julianarbelaez2928 11 ай бұрын

This reminds me to Venezuela, so ridiculous

@josh8676 4 жыл бұрын

2:16 why does this guy nod his head so much?

@LuDimezofKush 9 жыл бұрын

Credit Card companies must be loving this lol.

@drone1238 9 жыл бұрын

Won't be going there.

@mikenaylor8305 7 жыл бұрын

Same story in Cambodia

@goodhmm8657 2 жыл бұрын

Hmm

@zdanieldegki1528 2 жыл бұрын

wow

@ShehaazSaif 9 жыл бұрын

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.

@henryi9738 8 жыл бұрын

+Shehaaz Saif Correct, there's no way they cannot accept Bitcoin over toilet paper fiat money.

@hydra-overpower 6 жыл бұрын

I wonderif is only usd we use the SAR , I want a stack of kyat

@farmerbrown08 8 жыл бұрын

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.

@jimbig3997 8 жыл бұрын

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.

@tripthongUwU 4 жыл бұрын

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

@lindagracelee 9 жыл бұрын

what about vietnam where you get a higher rate for your benjamins ($100) than any other bills.

@nathanieltyler6610 9 жыл бұрын

not in thailand definitely

@ranestorypictures1738 9 жыл бұрын

Meanwhile, you'd couldn't pay me to go to that place.

@miuky3340 3 жыл бұрын

Just iron the crease bro

@maudepotvin8660 9 жыл бұрын

You can Iron your bills, they will look brand new ! (dont use water !)

@26TptCoy 4 жыл бұрын

Wet the notes and hot iron them. They will be crisp and flat like new.

@SandraCherry 5 жыл бұрын

same in Ukraine. Even for less money you cant change

@GeneDexter 9 жыл бұрын

This country is not on my To Do list.

@Glorious_Kim_Jong_Un 8 жыл бұрын

+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.

@kyawzayya9072 6 жыл бұрын

Thats Myanmar for you....

@m1productions639 4 жыл бұрын

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 😂😂

@samarioharris5347 5 жыл бұрын

All you have to do is iron your money

@simongaywanjala598 Жыл бұрын

This is Indonesia LMAOOO

@joebazooks 9 жыл бұрын

imf clause

@deounb 9 жыл бұрын

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.

@dtosky 9 жыл бұрын

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.

@deounb 9 жыл бұрын

Now I understand, thank you.

@tesmith47 9 жыл бұрын

deounb sue the bastards, it says on the money " legitimate tender for ALL TRANSACTIONS"

@freaksuyash 9 жыл бұрын

What? I just don't get this.. Silly people.

@ShehaazSaif 9 жыл бұрын

***** The Singaporean banks don't accept broken bills. Watch @ 2:15

@James-qd4ox 5 жыл бұрын

“The bills need to looks brand new” 0:30 *Trows a stack of crash over the room* Hmmmm makes sense??

@llVIU 3 жыл бұрын

what's the problem?

@kamisamaz 9 жыл бұрын

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.