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    Malaysia - Malaysian ringgit - Currency Guide

     

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

         

    MYR/IDR Trend (90-day)

    MYR to IDR at 3423 has fallen 1.3% below its 90-day average, range 3420-3543.
    |
    90-DAYLOW5d
     

    The below interactive chart displays the MYR/IDR trend and UP DOWN HIGH LOW alerts

     
    MYR to IDR Currency Trend Chart

    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 Forecasts and Trends

    The Malaysian ringgit has fallen to year lows in late July on the surge in pandemic cases – nearly 200 deaths and 12,000 new COVID-19 cases. MYR Forecasts

    Malaysian ringgit to Indonesian rupiah - Historical Rates

    MYR/IDRPeriod
    20 Jul 2021
    3444.83
    1 Week
    27 Jun 2021
    3470.86
    30 Days
    28 Apr 2021
    3524.68
    90 Days
    27 Jul 2020
    3406.07
    1 Year
    28 Jul 2016
    3230.21
    5 Years
    30 Jul 2011
    2863.43
    10 Years

    MYR/IDR 10 year historic rates

     

    Rp1,000 IDR
    =
    RM0.292059 MYR

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

    IDR to MYR - Quick Amounts

    Sell IDR   →   Buy MYR
    IDR MYR
    Rp 1 RM 0.0003
    Rp 5 RM 0.0015
    Rp 10 RM 0.0029
    Rp 20 RM 0.0058
    Rp 50 RM 0.0146
    Rp 100 RM 0.0292
    Rp 250 RM 0.0730
    Rp 500 RM 0.1460
    Rp 1,000 RM 0.2920
    Rp 2,000 RM 0.5840
    Rp 5,000 RM 1.4600
    Rp 10,000 RM 2.9200
    Rp 20,000 RM 5.8400
    Rp 50,000 RM 14.60
    Rp 100,000 RM 29.20
    IDR MYR
    Rp 3,424 RM 1
    Rp 17,120 RM 5
    Rp 34,240 RM 10
    Rp 68,480 RM 20
    Rp 171,200 RM 50
    Rp 342,400 RM 100
    Rp 856,000 RM 250
    Rp 1,712,000 RM 500
    Rp 3,424,000 RM 1,000
    Rp 6,848,000 RM 2,000
    Rp 17,120,000 RM 5,000
    Rp 34,240,000 RM 10,000
    Rp 68,480,000 RM 20,000
    Rp 171,200,000 RM 50,000
    Rp 342,400,000 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

    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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