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Malaysia - Malaysian Ringgit - Currency Guide

 

Foreign exchange guide to Malaysia and the Malaysian Ringgit (MYR)

   

General Currency Info - Malaysian Ringgit

The word ringgit is an obsolete term for "jagged" in Malay and was originally used to refer to the serrated edges of silver Spanish dollars which circulated widely in the area during the 16th and 17th century Portuguese colonial era.

Between 1995 and 1997, the ringgit was trading as a free float currency at around 2.50 to the US dollar, but following the onset of the 1997 East Asian financial crisis, the ringgit witnessed major dips to under 3.80 to the dollar by the end of 1997 as a result of capital flight. During the first half of 1998, the currency fluctuated between 3.80 and 4.40 to the dollar, before Bank Negara Malaysia moved to peg the ringgit to the US dollar in September 1998, maintaining its 3.80 to the dollar value for almost seven years while remaining floated against other currencies. In addition, the ringgit was designated non-tradeable outside of Malaysia in 1998 to stem the flow of money out of the country.

On 21 July 2005, Bank Negara announced the end of the peg to the US dollar immediately after China's announcement of the end of the renminbi peg to the US dollar. The ringgit would experience more acute plunges in its value since mid-2014 following the escalation of the 1Malaysia Development Berhad scandal that raised allegations of political channeling of billions of ringgit to offshore accounts, and uncertainty from the 2015–16 Chinese stock market turbulence and the effects of the 2016 United States presidential election results.

   

MYR News, Forecasts and Trends

Malaysia was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it added to negative sentiment, which then spurred a rise in USD/MYR to a 6-month high (MYR low) of RM4.2.

Among factors contributing to the ringgit’s weakness over the past year has been political uncertainty relating to Malaysia’s ruling Pakatan Harapan coalition, late-2018’s crash in oil prices, global trade tensions and higher US interest rates.

For more MYR currency market forecasts you can read the full article Malaysian Ringgit Forecasts. The below interactive chart shows the USD to MYR exchange rate, trend and recent alerts for the last 90 days.

   
Recent USD to MYR 90-day trend
 
ALERTS:1-DAY0.6% | 90-DAY LOWS |
USD to MYR at 4.195 was trading 2.3% below AVG:4.2922 with LO:4.1945 and HI:4.3635 (90 days). ALERTS: Today USD/MYR was DOWN 0.6% and also dropped to 90-DAY LOWS.

US Dollar to Malaysian Ringgit - Historical Rates

USD/MYR rateChangePeriod
29 Jul 2020 : 4.24301.1% ▼1 Week
06 Jul 2020 : 4.27751.9% ▼30 Days
07 May 2020 : 4.32453% ▼90 Days
06 Aug 2019 : 4.19280% ▲1 Year
07 Aug 2015 : 3.91727.1% ▲5 Years
08 Aug 2010 : 3.143833.4% ▲10 Years
USD/MYR 10 year historic rates & changes to 05-Aug-2020 : 4.1945
 

U$1,000 USD
=
RM4,195 MYR

Converted at USD/MYR wholesale exchange rate, compare foreign transfer and spend/travel exchange rates.

 
 

US Dollar to Malaysian Ringgit - Quick Conversions

USD MYR
U$ 1 RM 4.1950
U$ 5 RM 20.98
U$ 10 RM 41.95
U$ 20 RM 83.90
U$ 50 RM 209.75
U$ 100 RM 419.50
U$ 250 RM 1,049
U$ 500 RM 2,098
U$ 1,000 RM 4,195
U$ 2,000 RM 8,390
U$ 5,000 RM 20,975
U$ 10,000 RM 41,950
U$ 50,000 RM 209,750
U$ 100,000 RM 419,500
More amounts
USD MYR
U$ 0.2384 RM 1
U$ 1.1920 RM 5
U$ 2.3840 RM 10
U$ 4.7680 RM 20
U$ 11.92 RM 50
U$ 23.84 RM 100
U$ 59.60 RM 250
U$ 119.20 RM 500
U$ 238.40 RM 1,000
U$ 476.80 RM 2,000
U$ 1,192 RM 5,000
U$ 2,384 RM 10,000
U$ 11,920 RM 50,000
U$ 23,840 RM 100,000
More amounts

Frequently Asked Questions

 

What currency should I use in Malaysia?

The domestic currency in Malaysia is the Malaysian Ringgit.

What is the Malaysian Ringgit currency code and symbol?

The three letter currency code for the Malaysian Ringgit is MYR — symbol is RM.

Which countries use the Malaysian Ringgit?

It is the domestic currency in    Malaysia.

Is the Malaysian Ringgit a closed currency?

No, the Malaysian Ringgit is freely available and convertible. See guide: What is a closed currency?

 

Travel, Currency and Money saving tips for Malaysia

Travel money for Malaysia

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.

 

Sending money to Malaysia

When searching around for information on how to get a good exchange rate when sending money to Malaysia you need to start with finding out the latest Malaysian Ringgit exchange rate for foreign-transfers, which can be very different to the wholesale rate.

Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save - we make that calculation easy in the below table.


Get a better deal for foreign transfers 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 4 simple steps :

  1. Open an account with a BER reviewed FX 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.

Use the above Send to Malaysian Ringgit calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Malaysian Ringgit deposited into the recipient bank account and less margins and fees kept by the banks!


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