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Foreign Exchange Guide to Malaysia

Country Code:
MY
Domestic Currency:
Malaysian Ringgit
Currency Code:
RM MYR
Telephone Prefix:
+60

In this guide we review :

  1. Buying Malaysian Ringgit Cash Online - Travel money for Malaysia
  2. Malaysian Ringgit (MYR) - Currency Market News
  3. Sending Money to Malaysia - Save on Malaysian Ringgit bank transfers
  4. Malaysian Ringgit Exchange Rates - Latest info & charts.

Travel Money for Malaysia - Buying Malaysian Ringgit (MYR)

Save money and time by Ordering your Malaysian Ringgit Online from Travelex, you get better rates and can pick up the MYR cash locally or even on travel day at the airport.

Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.

For card purchases if offered a choice of currencies always select to Pay in Malaysian Ringgit otherwise you may get much worst exchange rates.


Malaysia Trip Checklist   

  1. Compare MYR Travel Cash Rates - probably why you are here!
  2. Hotel Deals - Save on your accomodation in Malaysia
  3. Travel Insurance - for those unexpected travel adventures...
  4. Lonely Planet - Travel Guide 3 for 2 offer

Malaysian Ringgit (MYR) - Currency Market News

The Malaysian ringgit was Asia’s best performing currency in September. While many Asian currencies lost ground against the US dollar, the ringgit finished the month 1.2% stronger than it had been in August, buying $0.236 (USD/MYR 4.232). The ringgit’s year-to-date gain over USD rose to 6%.

The ringgit’s recent stability marks a refreshing change for those in Malaysia. The currency had been Asia’s worst performer in 2016.

Recent economic data from Malaysia has been excellent. Export growth is now above 30% per annum, industrial production above 6% and inflation ticked up to 3.7% in August, from 3.2% in July.

The team at BMI Research said in September that the ringgit would appreciate further against USD to $0.244 (USD/MYR 4.1) by the end of Q1 2018. BMI cited continued efforts by Malaysia’s government to reduce its fiscal deficit and strength in the Chinese yuan as their reasons. BMI said that risks to the ringgit included American protectionism and the Federal Reserve hiking interest rates faster than markets were expecting.

Important trading partners for Malaysia include Singapore and China. Against the Chinese yuan, the ringgit had its best month in fifteen as it gained 2.2% to ¥1.576. Against the Singapore dollar, the ringgit had its best month in five, gaining 1.3% to S$0.321.


Sending Money to Malaysia

When sending money to Malaysia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :

  1. Open an account with a provider (id docs may be required)
  2. You specify the local or Malaysian Ringgit amount you want to transfer
  3. Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
  4. Once your funds are received by the provider the converted MYR amount will be transfered to the recipient account you specify in Malaysia.

You can save around 5% and maybe more - end result is more Malaysian Ringgit deposited into the recipient bank account in Malaysia and less margins and fees kept by the banks!

Compare Transfer Exchange Rates to Malaysia


Malaysian Ringgit - Latest Rate Info

Popular Malaysian Ringgit Cross Rates
View Full List (A-Z)
1MYR=

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