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Malaysia - Malaysian ringgit - Currency Guide

 

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

     

USD/MYR Trend (90-day)

USDMYR at 4.1260 has risen 1.0% above its 90-day average, 4.0300-4.1510 range.
14DLOW
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Alert:14DLOW |
 
Recent USD to MYR Trend + Alerts

The above interactive chart shows the USD/MYR Exchange Rate, Trends and Alerts - UP DOWN HIGH LOW

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

Forecasts

The Malaysian ringgit is up around 8% (to late November) against the US dollar since the beginning of the pandemic crisis in March and is gaining favour from bank commentators such as HSBC due to the attraction of the carry trade – the ability to earn higher interest when holding MYR versus other major currencies.

 MYR Markets

For more MYR currency market forecasts you can read the full article Malaysian ringgit Forecasts.

US dollar to Malaysian ringgit - Historical Rates

USD/MYRChangePeriod
4.1350
09 Apr 2021
0.2% ▼1 Week
4.1215
17 Mar 2021
0.1% ▲30 Days
4.0365
16 Jan 2021
2.2% ▲90 Days
4.3430
16 Apr 2020
5% ▼1 Year
3.9003
17 Apr 2016
5.8% ▲5 Years
3.0241
19 Apr 2011
36.4% ▲10 Years

USD/MYR 10 year historic rates & change to 16-Apr-2021 : 4.1260

 

$10,000 USD
=
RM41,260 MYR

Converted at USD/MYR interbank rate, compare Send Money and Currency Exchange exchange rates.

US dollar to Malaysian ringgit - Quick Convert

USD MYR
$ 1 RM 4.1260
$ 5 RM 20.63
$ 10 RM 41.26
$ 20 RM 82.52
$ 50 RM 206.30
$ 100 RM 412.60
$ 250 RM 1,032
$ 500 RM 2,063
$ 1,000 RM 4,126
$ 2,000 RM 8,252
$ 5,000 RM 20,630
$ 10,000 RM 41,260
$ 50,000 RM 206,300
$ 100,000 RM 412,600
More amounts
USD MYR
$ 0.2424 RM 1
$ 1.2120 RM 5
$ 2.4240 RM 10
$ 4.8480 RM 20
$ 12.12 RM 50
$ 24.24 RM 100
$ 60.60 RM 250
$ 121.20 RM 500
$ 242.40 RM 1,000
$ 484.80 RM 2,000
$ 1,212 RM 5,000
$ 2,424 RM 10,000
$ 12,120 RM 50,000
$ 24,240 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.

 

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 :

  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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