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Malaysia - Malaysian Ringgit - Currency Guide

 

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

     

USD/MYR 90-day view

USDMYR at 4.074 is 1.5% below its 90-DAY average, range 4.0675-4.1715.
|
90-DAY-LOW (1d)
 
Recent USD to MYR 90-day trend

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

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.

Get more details in the article Malaysian Ringgit Forecasts.

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

US Dollar to Malaysian Ringgit - Historical Rates

USD/MYRChangePeriod
4.0875
24 Nov 2020
0.1% ▼1 Week
4.1533
01 Nov 2020
1.7% ▼30 Days
4.1460
02 Sep 2020
1.5% ▼90 Days
4.1788
02 Dec 2019
2.3% ▼1 Year
4.2177
03 Dec 2015
3.2% ▼5 Years
3.1396
04 Dec 2010
30% ▲10 Years

USD/MYR 10 year historic rates & change to 01-Dec-2020 : 4.0825

 

U$10,000 USD
=
RM40,775 MYR

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

US Dollar to Malaysian Ringgit - Quick Conversions

USD MYR
U$ 1 RM 4.0775
U$ 5 RM 20.39
U$ 10 RM 40.78
U$ 20 RM 81.55
U$ 50 RM 203.88
U$ 100 RM 407.75
U$ 250 RM 1,019
U$ 500 RM 2,039
U$ 1,000 RM 4,078
U$ 2,000 RM 8,155
U$ 5,000 RM 20,388
U$ 10,000 RM 40,775
U$ 50,000 RM 203,875
U$ 100,000 RM 407,750
More amounts
USD MYR
U$ 0.2452 RM 1
U$ 1.2260 RM 5
U$ 2.4520 RM 10
U$ 4.9040 RM 20
U$ 12.26 RM 50
U$ 24.52 RM 100
U$ 61.30 RM 250
U$ 122.60 RM 500
U$ 245.20 RM 1,000
U$ 490.40 RM 2,000
U$ 1,226 RM 5,000
U$ 2,452 RM 10,000
U$ 12,260 RM 50,000
U$ 24,520 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

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 also called International Money Transfers (IMTs), which can be very different to the wholesale rate and also to currency exchange rates.

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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