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Malaysia - Malaysian Ringgit - Currency Guide

 

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

     

MYR/IDR 90-day view

MYRIDR at 3476.98 is 1.2% below its 90-DAY average, range 3412.71-3612.24.
🔔 MYRIDR is at 14-DAY HIGHS.
|
Alert:14-DAY HIGHS |
 
Recent MYR to IDR 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 MYR to IDR exchange rate, trend and recent alerts for the last 90 days.

Malaysian Ringgit to Indonesian Rupiah - Historical Rates

MYR/IDRPeriod
3457.30
24 Nov 2020
1 Week
3523.90
01 Nov 2020
30 Days
3560.88
02 Sep 2020
90 Days
3381.04
02 Dec 2019
1 Year
3264.37
03 Dec 2015
5 Years
2868.41
04 Dec 2010
10 Years

MYR/IDR 10 year historic rates

 

Rp10,000 IDR
=
RM2.874 MYR

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

Indonesian Rupiah to Malaysian Ringgit - Quick Conversions

IDR MYR
Rp 1 RM 0.0003
Rp 5 RM 0.0014
Rp 10 RM 0.0029
Rp 20 RM 0.0057
Rp 50 RM 0.0144
Rp 100 RM 0.0287
Rp 250 RM 0.0718
Rp 500 RM 0.1435
Rp 1,000 RM 0.2870
Rp 2,000 RM 0.5740
Rp 5,000 RM 1.4350
Rp 10,000 RM 2.8700
Rp 50,000 RM 14.35
Rp 100,000 RM 28.70
More amounts
IDR MYR
Rp 3,479 RM 1
Rp 17,397 RM 5
Rp 34,794 RM 10
Rp 69,588 RM 20
Rp 173,970 RM 50
Rp 347,940 RM 100
Rp 869,850 RM 250
Rp 1,739,700 RM 500
Rp 3,479,400 RM 1,000
Rp 6,958,800 RM 2,000
Rp 17,397,000 RM 5,000
Rp 34,794,000 RM 10,000
Rp 173,970,000 RM 50,000
Rp 347,940,000 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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