Currency of Malaysia - An Essential Guide to the Malaysian Ringgit
Malaysian Ringgit is the official currency of Malaysia, that is generally accepted both at a professional and at the local level. The currency code is MYR and 100 sens (cents) make up 1 MYR.
Malaysian Currency Code: MYR Malaysian Currency Symbol: RM Top MYR Conversion: Into USD (US Dollars) Malaysian Coins: sen5, sen10, sen20, sen50 Malaysian Currency Notes: RM1, RM5, RM10, RM50, RM100 Issuing Bank: Bank Negara Malaysia
Currency Exchange Rate
Malaysia practises a floating exchange rate system. It is determined solely by the demand for and supply of the currency on the foreign exchange market.
1 MYR (as on 1 February 2020)
RM1, RM5, RM10, RM20, RM50 and RM100 are the banknotes accepted in Malaysia. These are issued by Bank Negara Malaysia.
The Malaysian notes contain a picture of Tuanku (King) Abdul Rahman, country’s first yand di-pertuan agong (paramount ruler) in its obverse while its back features pictures of Malaysia’s economic infrastructure.
5 sen, 10 sen, 20 sen and 50 sen are the Malaysian coins issued by Bank Negara Malaysia. They have the name of the bank engraved on them.
Places to Exchange Currency in Malaysia
U.S Dollars, Australian Dollars, British Pound, Indian Rupees, Euro, Canadian Dollars and more can be exchanged for Malaysian Ringgit. One can easily exchange funds in the larger cities of Malaysia for a small fee.
Banks and licensed money changers are the best options if you want the best exchange rates.
Hotels and airports are also an option. However, their rates are just not as viable as the others mentioned above and are much higher.
Bank hours are 9:30 AM - 4:00 PM during weekdays and 9:30 AM - 11:00 PM on a Saturday.
ATM and Credit Cards
ATMs are available in most Malaysian cities- in banks, shopping malls, transport hubs, etc. However, they charge a fee for every transaction on top of your bank charging overseas fees. They do accept Mastercard and Visa.
Note: Always check with your bank regarding withdrawal limits and transaction fee before you travel.
American Express traveller’s cheque is usually accepted even though there’s a decline in their usage. One has to pay a fee per cheque to the bank so it is advisory to bring larger denomination. Recording serial number is suggested as they can be replaced if or when damaged or stolen.
Tipping in Malaysia
It is not usual for someone to tip in Malaysia. There’s a ten per cent service tax already added to your final bill. However, luxury establishments and five-star joints do accept tips.
Tips for Currency Exchange in Malaysia
You’ll need cash to experience some of the best food and culture Malaysia has to offer, therefore don’t be too dependent on your card.
Malaysia’s alcohol tax rate is the third-highest in the world, so you may want to think before you splurge much on your favourite margaritas.
Save your cash for night bazaar and the world-famous street vendors, while using your debit and credit cards for major shopping outlets.
Don’t haggle too much with the vendors for a bargain as it is not a part of Malaysian shopping culture.
These are some of the best tips you can use in order to have a stress free vacation in one of the world’s most beautiful countries. Now, with money out of the way, be sure to experience everything this unique and diverse culture has to offer!