If you're planning aholiday in Malaysia,this is what you need to know about currency, cash and credit cards.
Currency
The unit of currency is Malaysian Ringgit indicated as RM. £1 is roughly equivalent to between RM5.5 - RM6. Bank notes come in denominations of 100, 50, 20, 10, 5 and 1.
Taking cash & cards to Malaysia
ATM's are widespread throughout Malaysia and cash advances can be obtained, but these can incur a relatively large fee so it's best to check with your card issuer before travelling. Cirrus/Maestro are the most prevalent cards accepted, and you will also be able to use your Visa andMastercard for cash advances. You may want to notify your bank before leaving home, as some will automatically cancel your card after withdrawals from exotic destinations as a fraud prevention method. The more remote areas have few or no ATM's so it is worth planning your expenditure to ensure you have enough money to survive in these areas.
You will find money changers all over Malaysia, and GBP Sterling and US dollars are the most useful foreign currencies to bring as they are the most widely accepted currencies (USD more so in non-touristy and more rural areas). There are plenty of ATM's and money changers at the airport on arrival, so purchasing Ringgit before leaving home is not really necessary. If you do wish to change money before you arrive be aware that the rates will not be as good as those you will get in Malaysia so it is probably worth changing as little as possible. Foreign currency can be converted at banks and money changers throughout the country. In most states the banking hours are Mon - Fri: 9.30am to 4.30pm. Sat & Sun: Closed.
Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. AmEx is also accepted in a few places in the major tourist areas, but will not be quite as useful.
Best pre-paid cards forMalaysia
Prepaid credit cards are now the safest way to travel with "cash", and are much more cost effective and convenient than Travellers Cheques which are now slowly becoming obsolete. We recommend the Caxton FX Global Traveller card which offers a fixed exchange rate at 2.75% below the prevailing interbank rate when spending overseas and withdrawing local currency from ATMs. Unlike credit cards the application process is straightforward, but you need to allow 7 days for delivery of the card.
If you have less time there is the Travelex Cash Passport which can be applied for up to 24 hours prior to departure, then picked up at branch in a number of airports (including London Heathrow, Manchester, Liverpool, Leeds Bradford, East Midlands, and Newcastle).
Using credit cards inMalaysia
If you travel regularly it will pay to apply for one of the specialist credit cards for travellers that offer excellent rates of exchange and charge zero "load" fees when purchasing items, or withdrawing local currency from ATMs whilst abroad. For up to date information on the best specialist credit cards for travellers we suggest visiting one of the price comparison websites.
See our fullrange of tours of Malaysia. To discuss your travel needs, you can complete anenquiry formor call our Asia experts on 020 7720 9285.
FAQs
The new rule, which came effective on 6 February, requires people who are changing less than RM3,000 to provide their full name, identification card (IC) number, and date of birth. Foreigners will need to show their passports.
Should I exchange money in Malaysia? ›
You may want to exchange money to MYR before you leave, but it's also usually convenient to make ATM withdrawals locally once you arrive in Malaysia. You'll usually find you can use a card to make payments in Malaysia, but carrying some cash in MYR is also reassuring.
What is the best way to exchange currency in Malaysia? ›
Exchanging Local Currency In Malaysia
Source We recommend currency exchange in Malaysia after reaching the place, at the many exchange centres and money changers in cities. Airports, hotels and banks charge high commission fees for exchange and are not very favourable.
Should I convert currency when using credit card? ›
While there are some situations where it may make sense to use DCCs, it's usually better to pay in the local currency – especially if you use a credit card that doesn't charge foreign transaction fees.
Do you need a passport for money changer in Malaysia? ›
The law requires the Money Changer to register the ID (MyKad) of Malaysians or Passport (for foreign nationals) for each transaction. They are supposed to view the actual document. Driver's License will not cut it.
How much US dollar can I carry to Malaysia? ›
Taking money into Malaysia
You can import or export up to the equivalent of 10,000 US dollars in Malaysian ringgit without prior approval. On entry to or exit from Malaysia, declare any cash or travellers cheques if the value is 10,000 US dollars or more.
Are credit cards accepted in Malaysia? ›
Credit cards are accepted throughout the country, but you should be aware of the risk of fraud. If possible, ensure your credit card remains in your presence during every transaction. ATMs can be a safer means of obtaining Malaysian Ringgit.
How much is $100 US in Malaysia? ›
US Dollars to Malaysian Ringgits: exchange rates today
| USD | MYR |
|---|
| 100 USD | 426.93 MYR |
| 250 USD | 1,067.33 MYR |
| 300 USD | 1,280.80 MYR |
| 500 USD | 2,134.66 MYR |
8 more rowsIf you do wish to change money before you arrive be aware that the rates will not be as good as those you will get in Malaysia so it is probably worth changing as little as possible. Foreign currency can be converted at banks and money changers throughout the country.
How to avoid credit card currency conversion fees? ›
The following steps will help you avoid foreign transaction fees:
- Open a Credit Card Without a Foreign Transaction Fee. ...
- Open a Bank Account Without a Foreign Transaction Fee. ...
- Exchange Currency Before Traveling. ...
- Avoid Foreign ATMs. ...
- Ask Your Bank About Foreign Partners.
The charge will be converted to dollars using the current exchange rate. Both Mastercard and Visa calculate exchange rates to convert all foreign-denominated transactions to USD. Foreign transaction fees are charged based on the USD transaction after currency conversion has taken place.
Can I use my credit card to exchange money? ›
Yes, you can use a credit card to purchase travel money.
Is there a limit on currency exchange in Malaysia? ›
There is no limit for a resident and non-resident to carry into and out of Malaysia foreign currency notes and traveller's cheques but need to declare in Customs Form 22 (Borang Kastam 22) if total amount exceed USD 10,000 equivalent.
How much capital needed to start money changer in Malaysia? ›
What is the rule for currency exchange? ›
When you exchange foreign currency through your bank or any money changer, you are required to provide them with you KYC (Know Your Customer) documentation. RBI has instructed all banking institutions and authorised money changers to ensure the customer's identity and address proof.
What are the exchange control laws in Malaysia? ›
No person is allowed, among others, to buy or borrow foreign currency from, or sell or lend foreign currency to any person, to make any payment in Malaysian ringgit to a non-resident in and outside Malaysia, or to deal in ringgit assets in Malaysia without the prior permission of the Controller.
