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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
 
ALERT:4-DAY1.8% |
USD/MYR at 4.2675 was trading 1.1% below AVG:4.3144 with LO:4.1614 and HI:4.4425 (90 days). ALERT: USD/MYR is DOWN 1.8% this 4-DAY period.

US Dollar to Malaysian Ringgit - Historical Rates

USD/MYRPeriod to 04-JunDateRate
1.8% ▼1 Week28 May 20204.3505
0.7% ▼30 Days05 May 20204.3025
2.4% ▲90 Days06 Mar 20204.1715
2.3% ▲1 Year05 Jun 20194.1750
14% ▲5 Years06 Jun 20153.7472
28.2% ▲10 Years07 Jun 20103.3317
USD/MYR 10 year rates & changes to 04-Jun-2020 (4.2725)

US Dollar to Malaysian Ringgit - Quick Conversions

USD MYR
U$ 1 RM 4.2675
U$ 5 RM 21.34
U$ 10 RM 42.68
U$ 20 RM 85.35
U$ 50 RM 213.38
U$ 100 RM 426.75
U$ 250 RM 1,067
U$ 500 RM 2,134
U$ 1,000 RM 4,268
U$ 2,000 RM 8,535
U$ 5,000 RM 21,338
U$ 10,000 RM 42,675
U$ 50,000 RM 213,375
U$ 100,000 RM 426,750
More amounts
USD MYR
U$ 0.2343 RM 1
U$ 1.1715 RM 5
U$ 2.3430 RM 10
U$ 4.6860 RM 20
U$ 11.72 RM 50
U$ 23.43 RM 100
U$ 58.58 RM 250
U$ 117.15 RM 500
U$ 234.30 RM 1,000
U$ 468.60 RM 2,000
U$ 1,172 RM 5,000
U$ 2,343 RM 10,000
U$ 11,715 RM 50,000
U$ 23,430 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.

 
 

USD to MYR - Travel Money & Cards

Provider Amount MYR(RM) Exchange RateFee USDDeal Links
RM4,224.97
1%
Best Overall
4.2462U$5.00
U.S. Bank Foreign Cash
U.S. Bank logo
RM3,994.6
6.39%
RM230 less
3.99460
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
RM3,955
7.33%
RM270 less
3.994615
Wells Fargo Bank logo
RM3,914.71
8.27%
RM310 less
3.9946U$20
Travelex Online logo
RM3,728.6
12.63%
RM496 less
3.72860^
 
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TransferWise: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$5.00 USD (0.5% + U$1)
Exchange Rate:4.2462 (-0.5% from mid-rate)
To Amount (MYR) RM4,224.97
Total Cost:1%
Time:14:29 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:3.9946 (-6.39% from mid-rate)
To Amount (MYR) RM3,994.6
Total Cost:6.39%
Time:14:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:3.7341 (-12.5% from mid-rate)
To Amount (MYR) RM3,955
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
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Wells Fargo Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:3.9946 (-6.39% from mid-rate)
To Amount (MYR) RM3,914.71
Total Cost:8.27%
Time:14:29 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
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Travelex Online: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:3.7286 (-12.63% from mid-rate)
To Amount (MYR) RM3,728.6
Total Cost:12.63%
Time:
Rate Fetched: Fri Jun 05 2020 14:15:03 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
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Snapshot 06/05/2020 - View live 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 foreign-transfer exchange 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 here).


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 our 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!

 

USD to MYR International Money Transfers

Foreign Transfer Provider Receive MYR(RM) Exchange RateFee USDDeal Links
OFX logo
RM4,134.3
3.12%
Best Overall
4.13430^
XE logo
RM4,203.5
1.5%
RM69 more
4.20350
HSBC logo
RM4,053.51
5.01%
RM81 less
4.0596U$1.50
U.S. Bank International Money Transfers
U.S. Bank logo
RM4,043
5.26%
RM91 less
4.0430
Bank of America International Money Transfers
Bank of America logo
RM3,982.36
6.68%
RM152 less
4.043U$15
Wells Fargo Bank logo
RM3,982.52
6.68%
RM152 less
4.0638U$20
Banks - Average Rate
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
RM4,015
5.91%
RM119 less
4.052415
 
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OFX: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:4.1343 (3.12% from mid-rate)
To Amount (MYR) RM4,134.3
Total Cost:3.12%
Time:
Rate Fetched: Fri Jun 05 2020 14:03:49 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
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XE: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:
Exchange Rate:4.2035 (1.5% from mid-rate)
To Amount (MYR) RM4,203.5
Total Cost:1.5%
Difference:
RM69 MYR more than using OFX
Time:14:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
HSBC logo
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HSBC: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:U$1.50 USD (.15%)
Exchange Rate:4.0596 (4.87% from mid-rate)
To Amount (MYR) RM4,053.51
Total Cost:5.01%
Difference:
RM81 MYR less than using OFX
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
U.S. Bank logo
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U.S. Bank: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:4.0430 (5.26% from mid-rate)
To Amount (MYR) RM4,043
Total Cost:5.26%
Difference:
RM91 MYR less than using OFX
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Bank of America logo
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Bank of America: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:U$15 USD (Minimum fee)
Exchange Rate:4.0430 (5.26% from mid-rate)
To Amount (MYR) RM3,982.36
Total Cost:6.68%
Difference:
RM152 MYR less than using OFX
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Wells Fargo Bank logo
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Wells Fargo Bank: Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:4.0638 (4.77% from mid-rate)
To Amount (MYR) RM3,982.52
Total Cost:6.68%
Difference:
RM152 MYR less than using OFX
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
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Foreign Transfer USD→MYR
From Amount (USD)U$1,000
Fee:15
Exchange Rate:4.0347 (5.46% from mid-rate)
To Amount (MYR) RM4,015
Total Cost:5.91%
Difference:
RM119 MYR less than using OFX
Transfer Speed:
Services:
 
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Snapshot 06/05/2020 - View live rates

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