Malaysia - Malaysian Ringgit - Currency Guide

This is a currency guide to Malaysia, the Malaysian Ringgit currency plus sending (MYR) transfers and travel tips for Malaysia.

 
 
CountryMalaysia
FlagMalaysia
Country CodeMY
Domestic Currency Malaysian Ringgit
Currency SymbolRM
Currency CodeMYR
Exchange RateUSD/MYR = 4.1891
Telephone Prefix+60

Quick Conversions from US Dollar to Malaysian Ringgit

USD

MYR

U$ 1
RM 4.1891
U$ 5
RM 20.95
U$ 10
RM 41.89
U$ 20
RM 83.78
U$ 50
RM 209.46
U$ 100
RM 418.91
U$ 250
RM 1,047
U$ 500
RM 2,095
U$ 1,000
RM 4,189
U$ 2,000
RM 8,378
U$ 5,000
RM 20,946
U$ 10,000
RM 41,891
U$ 50,000
RM 209,455
U$ 100,000
RM 418,910
More amounts

USD

MYR

U$ 0.2387
RM 1
U$ 1.1935
RM 5
U$ 2.3870
RM 10
U$ 4.7740
RM 20
U$ 11.94
RM 50
U$ 23.87
RM 100
U$ 59.68
RM 250
U$ 119.35
RM 500
U$ 238.70
RM 1,000
U$ 477.40
RM 2,000
U$ 1,194
RM 5,000
U$ 2,387
RM 10,000
U$ 11,935
RM 50,000
U$ 23,870
RM 100,000
More amounts

To calculate specific USD/MYR amounts use our Convert USD to MYR quick calculator. To read more about the latest exchange rate trends and to compare FX provider rates view USD to MYR Rate Guide.

Malaysia Currency Info

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.


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.

How much is U$100 US Dollars in Malaysian Ringgit?

U$ 100 converts to RM 418.91

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?


Malaysian Ringgit (MYR) in the markets

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 details read the full article Malaysian Ringgit Forecasts.

The interactive chart below shows the USD to MYR exchange rate and trend for the previous 3 months:

ALERT: 90-DAY HIGHS 🔔 |
USD/MYR at 4.1891 was trading 1.4% above the 90-day average 4.1295 with a range 4.0551 to 4.1891. ALERT: USD/MYR has risen to 90-DAY HIGHS.
21-Feb 5PM-NY 10PM-LON | 22-Feb 9AM-SYD

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.

 
Travel Money Providers Amount MYR(RM)Exchange RateFee USDTotal CostDeal Links
Travelex Online US logo
3,654.5 RM
Best Overall
3.65450^12.76%
U.S. Bank Foreign Currency
U.S. Bank logo
3,544.9 RM
RM110 less
3.5449015.38%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
3,509 RM
RM145 less
3.5449U$1016.22%
Wells Fargo Bank logo
3,474 RM
RM180 less
3.5449U$2017.07%
 
Travelex Online US logo
Travelex Online US: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:3.6545 (12.76% from mid-rate)
To Amount (MYR)3,654.5 RM
Total Cost:12.76%
Time:
Rate Fetched: Sat Feb 22 2020 18:00:05 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
U.S. Bank logo
U.S. Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:3.5449 (15.38% from mid-rate)
To Amount (MYR)3,544.9 RM
Total Cost:15.38%
Time:18:05 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$10 USD (1%)
Exchange Rate:3.6655 (12.5% from mid-rate)
To Amount (MYR)3,509 RM
Total Cost:16.22%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
Wells Fargo Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:3.5449 (15.38% from mid-rate)
To Amount (MYR)3,474 RM
Total Cost:17.07%
Time:18:05 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Snapshot 02/22/2020 - View latest rates

Malaysia Trip Checklist    

 
  1. Compare MYR travel cash rates - probably why you are here!
  2. Search Hotel deals - Save on your accomodation in Malaysia
  3. Lonely Planet - world's best travel guide (coupon and deals)

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 Providers Receive MYR(RM)Exchange RateFee USDTotal CostDeal Links
OFX logo
40,602 RM
Best Overall
4.06020^3.08%
XE logo
41,367 RM
RM765 more
4.136701.25%
TransferWise logo
41,636 RM
RM1,034 more
4.1849U$510.61%
Wells Fargo Bank logo
39,718 RM
RM884 less
3.979185.19%
HSBC logo
39,689 RM
RM913 less
3.9749U$155.26%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
39,447 RM
RM1,155 less
3.9678155.83%
Bank of America International Money Transfers
Bank of America logo
39,191 RM
RM1,411 less
3.9587U$1006.45%
U.S. Bank International Money Transfers
U.S. Bank logo
39,191 RM
RM1,411 less
3.9587U$1006.45%
 
OFX logo
OFX: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:4.0602 (3.08% from mid-rate)
To Amount (MYR)40,602 RM
Total Cost:3.08%
Time:
Rate Fetched: Sat Feb 22 2020 18:03:49 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
XE logo
XE: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:
Exchange Rate:4.1367 (1.25% from mid-rate)
To Amount (MYR)41,367 RM
Total Cost:1.25%
Difference:
RM765 MYR more than using OFX
Time:18:05 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 
TransferWise logo
TransferWise: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:U$51 USD (0.5% + U$1)
Exchange Rate:4.1849 (0.1% from mid-rate)
To Amount (MYR)41,636 RM
Total Cost:0.61%
Difference:
RM1,034 MYR more than using OFX
Time:18:05 Local
Transfer Speed:0-2 days
Services:Bank Transfers - Online, Foreign Currency Accounts + Multi-currency debit card
Rating:
 
: 4.6/5.0
Reviews:
 
Wells Fargo Bank logo
Wells Fargo Bank: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:18
Exchange Rate:3.9790 (5.02% from mid-rate)
To Amount (MYR)39,718 RM
Total Cost:5.19%
Difference:
RM884 MYR less than using OFX
Time:18:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
HSBC logo
HSBC: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:U$15 USD (.15%)
Exchange Rate:3.9749 (5.11% from mid-rate)
To Amount (MYR)39,689 RM
Total Cost:5.26%
Difference:
RM913 MYR less than using OFX
Time:18:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:15
Exchange Rate:3.9506 (5.69% from mid-rate)
To Amount (MYR)39,447 RM
Total Cost:5.83%
Difference:
RM1,155 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 
Bank of America logo
Bank of America: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:3.9587 (5.5% from mid-rate)
To Amount (MYR)39,191 RM
Total Cost:6.45%
Difference:
RM1,411 MYR less than using OFX
Time:18:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
U.S. Bank logo
U.S. Bank: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:3.9587 (5.5% from mid-rate)
To Amount (MYR)39,191 RM
Total Cost:6.45%
Difference:
RM1,411 MYR less than using OFX
Time:18:05 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 02/22/2020 - View latest rates

Malaysian Ringgit to US Dollar - Historical Rates

PeriodMYR/USDDate
1 Day0.241317 Feb 2020
7 Day0.241911 Feb 2020
30 Day0.246619 Jan 2020
3 Month0.240120 Nov 2019
1 Year0.245118 Feb 2019
5 Year0.275619 Feb 2015
10 Year0.293420 Feb 2010

Malaysian Ringgit to Euro - Historical Rates

PeriodMYR/EURDate
1 Day0.222617 Feb 2020
7 Day0.221611 Feb 2020
30 Day0.222319 Jan 2020
3 Month0.216720 Nov 2019
1 Year0.216718 Feb 2019
5 Year0.242519 Feb 2015
10 Year0.216320 Feb 2010

Malaysian Ringgit to Pound Sterling - 10 Year History

PeriodMYR/GBPDate
1 Day0.185517 Feb 2020
7 Day0.186711 Feb 2020
30 Day0.189619 Jan 2020
3 Month0.185720 Nov 2019
1 Year0.189718 Feb 2019
5 Year0.178819 Feb 2015
10 Year0.190120 Feb 2010

Malaysian Ringgit to Australian Dollar - Historical Rates

PeriodMYR/AUDDate
1 Day0.359617 Feb 2020
7 Day0.360211 Feb 2020
30 Day0.358419 Jan 2020
3 Month0.353220 Nov 2019
1 Year0.343718 Feb 2019
5 Year0.353619 Feb 2015
10 Year0.327920 Feb 2010

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