What is the Currency of Malaysia?Malaysian Ringgit is the official currency of Malaysia, that is generally accepted both at a professional anda local level. The currency code is MYR and 100 sens (cents) make up 1 MYR.
Each of these colourful notes contains a picture of Tuanku (King) Abdul Rahman, Malaysia’s first yand di-pertuan agong (paramount ruler) in its obverse while its back features pictures of Malaysia’s economic infrastructure.
Currency Exchange RateCurrency of Malaysia to Indian Rupees
1 MYR = 17.49 INR.
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. Currently 1 U.S dollars stands for 4.10 MYR and 1 Euro stands for 4.58 MYR.
Places to Exchange Currency in Malaysia
- Banks and licensed money changers are the best option if you want the best exchange rates.
- Hotels and airports are also an option. However, their rates are just not as viable as the other mentioned above and are much higher.
- You are strictly warned to avoid street corners of the busy city of Kuala Lumpur.
- 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
Note: Always check with your bank regarding withdrawal limits and transaction fee before you travel.
Tipping in MalaysiaIt is not usual for someone to tip in the country of Malaysia. There’s a ten percent 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.