Are you considering a journey to Malaysia? Malaysia is a Southeast Asian gem. Explore the best vacation spots in Malaysia, such as Langkawi and Kuala Lumpur. If you are travelling there for business or pleasure, you will want to know how to pay for your expenses. This guide provides an in-depth look at the Local Currency in Malaysia.
What is the Currency in Malaysia?
The official currency in Malaysia is the Malaysian Ringgit. It is represented by the symbol RM and abbreviated as MYR. One Malaysian Ringgit is subdivided into 100 sen. The currency is available in various denominations. Paper notes include RM 100, RM 50, RM 20, RM 10, RM 5, and RM 1. Coins are issued in 50, 20, 10, and 5 sen. The notes are easily distinguished because of their vivid colours. The colours are orange, purple, pink, green, blue, and teal. Thailand, Vietnam, the Philippines, and Indonesia are more countries where MYR is accepted. The Bank Negara Malaysia is the organisation that issues currency in Malaysia. It is the National Bank of Malaysia.
A Brief History of the Malaysian Currency
The Malaysian currency has evolved over the years. After the Malayan and British Borneo dollars were replaced in 1967 by the Malaysian Ringgit or MYR, the currency was referred to as the Malaysian dollar. The word Ringgit referred to the jagged edges of Spanish silver dollars used during colonial times.
Exchanging Local Currency in Malaysia
Travellers can exchange money in Malaysia in a variety of ways with ease. Banks, exchange counters, and authorised money changers are where you may exchange most foreign currencies for Malaysian Ringgit. Many hotels provide currency exchange services. Their prices could be more than those of dedicated exchange centres.
It is important to note that currency exchange in Malaysia is regulated. This guarantees that visitors get competitive and reasonable rates. Make sure that you are dealing with approved exchange services to stay away from scammers and fraudulent transactions.
Tips for Exchanging Currency
1) The mid-market rate represents the actual exchange rate. Make sure you obtain a fair rate when you buy your travel money. Use an online currency converter to gauge the value of your money before you leave.
2) Always opt to pay in the local currency.
3) Currency exchange desks at hotels and airports frequently mark up the currency rates they use and can add on extra costs.
4) When comparing rates across banks and hotels, choose certified money changers as they provide the greatest deals.
Conversion or Exchange Rate in Malaysia
The Malaysian Ringgit varies according to the world economy. The following is the current exchange rate for the major currencies.
- 1 USD – RM 4.16
- 1 EUR – RM 4.60
- 1 INR – RM 0.058
Before your travel, it is a good idea to check online or use a currency conversion app to get the most recent rates.
How Much Currency to Carry?
The amount of local money you should bring will depend on your travel schedule and spending habits. Budget travellers may spend between RM 200 and RM 300 per day, including lodging, meals, transportation, and sightseeing, according to a standard Malaysia travel guide. For a luxurious experience, you may require between RM 500 to RM 700 per day.
It is essential to carry enough cash for smaller purchases like food stalls, taxis, and local markets. Remember that any exchange exceeding RM 3000 needs to have proof of identity, usually a passport. Carry only the necessary amount of cash when sightseeing because pickpocketing is an issue in Malaysia.
Top Currency Exchange Centres in Malaysia
Malaysia has several reliable currency exchange options. These are a few of the best locations for currency exchange.
1) Mid Valley Megamall, Kuala Lumpur
Mid Valley Megamall is one of the biggest malls in Malaysia. It is located in a popular shopping area. It offers excellent exchange rates for Asian currencies. The opulent shopping centre features a hotel, movie theatre, quick fashion boutiques, an exquisite watch store, and prominent foreign retailers. Great discounts are available on toys, wallets, toiletries, and other items.
Location – Lingkaran Syed Putra, Mid Valley City, Wilayah Pesekutuan Kuala Lumpur
Timings – 10 am to 10 pm
2) Central Market, Kuala Lumpur
Travellers who want to see the art-deco architecture, historical sites, and flea markets should visit the Central Market. Visitors can get great prices on traditional idols, sculptures, lamps, lanterns, scarves, souvenirs, and home furnishings. Enjoy Malaysian culture by visiting the Peranakan shops. Exchange money at the numerous kiosks that offer good exchange rates.
Location – Jalan Hang Kasturi, City Centre, Wilayah Persekutuan Kuala Lumpur
Timings – 10 am to 9.30 pm
3) Sungei Wang Plaza
Sungei Wang Plaza is a shopping mall located in KL’s Golden Triangle. It is a convenient stop to shop for necessities and souvenirs. The mall, which boasts an outstanding golden facade provides terrific photo opportunity. It holds frequent contests and competitions for shoppers. This is an excellent location in Malaysia for exchanging Thai Baht.
Location – Jalan Bukit Bintang, Bukit Bintang, Wilayah Persekutuan Kuala Lumpur
Timings – 10 am to 10 pm
4) Brickfields
Little India, a lively area in Malaysia is a popular tourist destination. Brickfields is an excellent place to shop, with many restaurants, temples, clothes boutiques, and jewellery stores. Visitors can get excellent deals on home goods, accessories, handicrafts, souvenirs, and Indian clothing. This currency exchange centre in Malaysia offers great prices for USD and EUR.
Location – Menara Kembar Bank Rakyat, Jalan Rakyat, Kuala Lumpur
Timings – 9 am to 7 pm
5) Chow Kit
The best spot to get a taste of the local Malay culture is Chow Kit. It is a well-known street bazaar. Visit this lively market with fresh food, colourful veggies, and spices. You may haggle for the best exchange rates in this market.
Location – Jalan Haji Hussein, Kuala Lumpur
Timings – 9 am to 6 pm
6) KLCC, Kuala Lumpur
Suria KLCC is located at the foot of the famous Petronas Twin Towers in Malaysia. It is an excellent place to shop for luxury designer clothing. There are many renowned European, American, and Asian designer boutiques. Enjoy a meal at a popular restaurant while admiring the Twin Towers. Electronic display boards reflect the current exchange rates. You can be assured of good exchange rates for USD at this currency exchange in Malaysia.
Location – 241 Jalan Ampang, Kuala Lumpur
Timings – 10 am to 10 pm
7) Jalan Sentul
Jalan Sentul is one of the busiest streets in Kuala Lumpur. There are many centres for currency exchange. It houses the Metro Exchange headquarters, where enquiries can be answered. An innovative new feature here is the drive-in money changer facility.
Location – Jalan Sentul Road, Kuala Lumpur
Timings – 9.30 am to 6 pm
8) Services for Online Currency Exchange
Reliable online exchange services with flexible delivery options and competitive rates can be found on websites like marcopolee.com, maxmoney.com, and travelex.com.my. With these services, commission charges can also be reduced.
Travel Tips for Managing Money in Malaysia
Here are a few helpful tips to ensure smooth bank transactions while travelling.
1) Airports, shopping centres, and cities all have ATMs that take foreign cards if you run out of cash.
2) The majority of businesses, particularly those located in cities, accept major credit cards. It is advisable to carry cash if you plan to visit rural areas.
3) Notify your bank of your upcoming trip to prevent any problems with foreign transactions.
4) Use a prepaid credit card if you want to make currency conversions and withdrawals in Ringgit.
5) Exchange only the amount you need.
6) Always look out for card-skimming devices at card machines and ATMs.
7) Before departing, verify and tally the money you have exchanged in front of the money changer.
8) When buying on the street, carry smaller amounts of currency.
9) Tipping is not common in Malaysia. A service charge of 10 per cent on your bill could be applied at high-end restaurants.
FAQ’s about Malaysian Currency
When is the ideal time to convert money in Malaysia?
Is it possible for me to use US currency in Malaysia?
Are credit cards accepted everywhere in Malaysia?
What are the denominations of Malaysian Ringgit notes?
Is it safe to use ATMs in Malaysia?
In Summary
Organize your finances before leaving for your vacation to Malaysia. Make sure you get Malaysia visa online before travelling.