Currency
The official currency of Malaysia is Ringgit (code MYR; symbol RM), divided into 100 sen.
The Ringgit is also known as 'Malaysian Dollar'. Notes are available in the following denominations: RM 100, RM 50, RM 10, RM 5 and RM 1. Coins are in denominations of 50, 20, 10, 5 and 1 sen. The Ringgit is often referred to as the Malaysian Dollar.
The import and export of local currency is limited to RM 1,000. There are no limits on foreign currencies, but amounts above US$ 10,000 have to be declared.
Foreign Currency Exchange
Foreign currencies can be exchanged at banks, airports or at licensed money exchange offices, often found in major shopping malls. The exchange offices typically give the best rates, that many times are negotiable, particularly if exchanging larger amounts.
Travelers should not exchange their currency for ringgit before arriving in Malaysia - the exchange rates outside of the country are much worse. Also, travelers to Malaysia should only take notes that are in good condition - notes that are damaged (torn, ripped) or marked may not be accepted.
ATMs
Automated Teller Machines (ATMs) are widely available in cities. Most ATMs accept major international credit cards such as Visa or MasterCard.
Malaysia has a high rate of of credit and debit card fraud, often associated with skimming devices attached to some ATMs. Travelers should preferably use ATMs that are inside banks, during business hours and pay attention when using their cards.
Credit Cards
Major credit cards, such as Visa, MasterCard and American Express are widely accepted in cities. Some merchants also accept Diners Club cards. Outside of cities cash is often the only option to pay bills (sometimes traveler's checks will be also accepted).
Traveler's Checks
Travelers' checks are accepted by banks, hotels and large department stores.
For best rates it is recommended that travelers to Malaysia bring checks in US dollars, Australian dollars or pounds sterling.
Banking Hours
Typically banks are open from 9:30am to 4:00pm, Monday to Friday. Some banks are open on Saturdays (9:30am to 11:30am), with the exception of first and third Saturday of a month.
Banks in the states of Kedah, Kelantan and Terengganu are open 9:30am to 4:00pm, Saturday to Wednesday, and 9:30am to 11:30am on Thursdays.
Current Malaysian Ringgit Rates
For other currencies or conversion amounts go to Currency Converter
