Currency in Malaysia MYR - Things to know
Foreign exchange guide to Malaysia and the Malaysian ringgit
What's in this Malaysia currency guide?
What currency is used in Malaysia?
The official currency of Malaysia (country code: MY) is the Malaysian ringgit, with symbol RM and currency code MYR.
Loading rates...
|
|
|
Things to know about the 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.
The Malaysian ringgit banknotes and coins
The physical currency consists of coins and banknotes. The coins come in denominations of 5 cents, 10 cents, 20 cents, and 50 cents.
The banknotes come in denominations of RM1, RM5, RM10, RM20, RM50, and RM100. The banknotes feature images of famous Malaysian historical figures, such as Tunku Abdul Rahman, Tun Dr. Mahathir Mohamad, and Tun Hussein Onn. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
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.
Travel Ideas and Money Tips for Malaysia
Malaysia is a country in Southeast Asia. The capital city is Kuala Lumpur, and the country has a population of over 30 million people. Malaysia is a federal constitutional monarchy, and the official religion is Islam. The currency is the Malaysian ringgit.
Malaysia is a popular tourist destination, and visitors can enjoy the country's tropical climate, beaches, rainforests, and cuisine. There are also many interesting places to visit, such as the Petronas Towers and the Batu Caves. Expats can find work in a number of industries in Malaysia, such as oil and gas, banking, and manufacturing.
Best things to do and see in Malaysia
There are many things to do and see in Malaysia. tourists can enjoy the beautiful scenery, visit the country's many cultural attractions, and sample the delicious food.
Top Travel tips for Malaysia
1. Avoid travelling during the country's wet season, which runs from October to February.
2. When exploring Malaysian cities, beware of pickpockets and scams.
3. Be sure to haggle when shopping in markets.
4. Make use of Malaysia's excellent public transport system.
5. Be respectful of Malaysia's religious and cultural customs.
Is it safe in Malaysia?
Malaysia is a relatively safe country, although road safety and crime are both concerns. There have been reports of racist attacks against foreigners, most notably against Australians, and it is always advisable to be cautious when travelling to new and unfamiliar places.
What is the cost of living in Malaysia?
The cost of living in Malaysia varies depending on the city you choose to live in. In Kuala Lumpur, the cost of living is relatively high, while in other cities such as Penang or Johor Bahru, the cost of living is relatively lower.
USD/MYR Market Data
The below interactive chart displays the USD/MYR change and UP📈 DOWN📉 trends over the past 1 Year.
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?
What are equivalent amounts of USD and MYR?
Here are some popular conversion amounts for USD to MYR (US dollar to Malaysian ringgit)*.
*Converted at the current USDMYR interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Send Money to Malaysia - Best Rates
To get a good (and fair) exchange rate when sending money to Malaysia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists 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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Malaysian ringgit amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- 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 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!
Expat Money & Business Guide to Malaysia
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Malaysia.
How is the expat life in Malaysia?
The expat life in Malaysia can be quite comfortable, depending on where you live. Most expats live in urban areas like Kuala Lumpur, where they have access to international schools, western supermarkets, and hospitals. There are also many expat-friendly activities and events in the city.
Any laws in Malaysia that foreigners should be aware of?
There are several laws in Malaysia that foreigners should be aware of, such as the Sedition Act, the Communications and Multimedia Act, and the Official Secrets Act.
What is doing business like in Malaysia?
Doing business in Malaysia is relatively easy. The country has a well-developed infrastructure and a relatively business-friendly regulatory environment. Corruption is a problem, but it is not as prevalent as in some other countries in the region.
How is the economy in Malaysia?
The economy in Malaysia is doing well. The country has a strong manufacturing sector, and its exports have been growing steadily. The government has been investing heavily in infrastructure and has been working to attract foreign investment. The unemployment rate is low, and the country has a relatively high level of economic freedom.
Managing your finances in Malaysia
Here we list some key points for expats and businesses to consider when managing financial dealings in Malaysia:
Understand Malaysian ringgit currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the MYR exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Malaysian ringgit bank account: A local MYR bank account can make it easier for you to manage your finances and pay bills while you are in Malaysia. It may also be more convenient to use a local MYR bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Malaysia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Malaysia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Malaysia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.
You can read about the best providers and compare the latest deals for international money transfers to Malaysia in our Send Money to Malaysia guide.