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Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with money transfer and travel tips.   [USD/MYR=4.1392]

Malaysia
Country Code:
MY
Domestic Currency:
Malaysian Ringgit
Symbol - Code:
RM MYR
Telephone Prefix:
+60

This is a foreign exchange guide to Malaysia, the Malaysian Ringgit currency plus MYR transfers and travel tips.


In this Malaysia currency guide we take a look at :

  1. Malaysian Ringgit info - general info about the Malaysian Ringgit
  2. Malaysian Ringgit in the markets - recent MYR moves and predictions from the FX markets
  3. Travelling in Malaysia - currency & money saving tips
  4. Buying Malaysian Ringgit cash online - travel money for Malaysia
  5. Sending money to Malaysia - save on Malaysian Ringgit bank transfers to Malaysia
  6. Malaysian Ringgit exchange rates - latest & historic exchange rates.
  7. MYR News - the latest Malaysian Ringgit related articles from our blog.

Malaysian Ringgit (MYR) general currency information


What is the Malaysian Ringgit currency code and symbol?

The three letter currency code for the Malaysian Ringgit is MYR and the symbol is RM.


Which countries use the Malaysian Ringgit?

It is the domestic currency in Malaysia.

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.


Malaysian Ringgit (MYR) in the markets

The ringgit lost more than 5 percent of its value against the dollar between April and August 10th – the date of this report. At a rate of 4.083 per dollar, the ringgit appeared undervalued, with several analysts suggesting a push back towards 3.8-3.9, however this would take time.

Weakness in the ringgit was partly a contagion effect derived from chaos in other emerging market currencies, specifically the Turkish lira and Argentine peso, but also the effect of May’s shock election result which saw the incumbent Barisan Nasional coalition lose power in Malaysia for the first time in sixty years. A massive amount of US protectionism in 2018 has also played a part due to negative ramifications for global trade.

Deutsche Bank said in August that the ringgit was the most attractive investment proposition among all 22 emerging market currencies that it assessed.

The interactive chart below shows the USD to MYR exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.


USD-MYR 3 Month chart
USD-MYR 3 Month chart
USDMYR currency converter

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.

 

Compare Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Malaysian ringgit (MYR)

ProviderSpend Amount USDExchange RateCostReviewsLinks to Offers
Travelex Online US logoTravelex Online US
RM3610.10 MYR
Top Provider
3.610112.78%
 
HSBC logoHSBC
RM3574.00 MYR
RM36 less
3.57413.65%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
RM3526.11 MYR
RM84 less
3.549914.81%
Wells Fargo Bank logoWells Fargo Bank
RM3502.52 MYR
RM108 less
3.57415.38%
U.S. Bank logoU.S. Bank
RM3501.80 MYR
RM108 less
3.501815.4%
Travelex Online US: rate, rating & reviews
From amount:$1,000 USD
To amount:RM3610.10 MYR
Exchange Rate:3.6101
Total Cost:12.78% (against USD/MYR mid-rate: 4.1392)
Fees:$0
Timestamp:
Rate Fetched: Wed Sep 19 2018 14:00:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$1,000 USD
To amount:RM3574.00 MYR
Exchange Rate:3.5740
Total Cost:13.65% (against USD/MYR mid-rate: 4.1392)
Fees:$0
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate :
From amount:$1,000 USD
To amount:RM3526.11 MYR
Exchange Rate:3.6218
Total Cost:14.81% (against USD/MYR mid-rate: 4.1392)
Fees:$10
Wells Fargo Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:RM3502.52 MYR
Exchange Rate:3.5740
Total Cost:15.38% (against USD/MYR mid-rate: 4.1392)
Fees: Minimum 20 USD
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$1,000 USD
To amount:RM3501.80 MYR
Exchange Rate:3.5018
Total Cost:15.4% (against USD/MYR mid-rate: 4.1392)
Fees:$0
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/MYR mid-rate: 4.1392
Rates @ 09/19/2018
 

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 MYR 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!

 

Compare Foreign Transfers vs the Banks

Send USD $10,000 → Receive MYR

ProviderReceive Amount MYRExchange RateCostReviewsLinks to Offers
OFX logoOFX
RM40,564 MYR4.05642%
 
Wells Fargo Bank logoWells Fargo Bank
RM39,642 MYR3.97134.23%
HSBC logoHSBC
RM39,612 MYR3.96724.3%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
RM39,371 MYR3.96014.88%
Bank of America logoBank of America
RM39,115 MYR3.9515.5%
U.S. Bank logoU.S. Bank
RM39,115 MYR3.9515.5%
 
OFX: rate, rating & reviews
From amount:$10,000 USD
To amount:RM40,564 MYR
Exchange Rate:4.0564
Total Cost:2% (against USD/MYR mid-rate: 4.1392)
Timestamp:
Rate Fetched: Wed Sep 19 2018 14:05:11 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:RM39,642 MYR
Exchange Rate:3.9713
Total Cost:4.23% (against USD/MYR mid-rate: 4.1392)
Difference:
RM922 MYR less than using OFX
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
HSBC: rate, rating & reviews
From amount:$10,000 USD
To amount:RM39,612 MYR
Exchange Rate:3.9672
Total Cost:4.3% (against USD/MYR mid-rate: 4.1392)
Difference:
RM952 MYR less than using OFX
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
 

Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo

Banks - Average Rate :
From amount:$10,000 USD
To amount:RM39,371 MYR
Exchange Rate:3.9429
Total Cost:4.88% (against USD/MYR mid-rate: 4.1392)
Difference:
RM1,193 MYR less than using OFX
Bank of America: rate, rating & reviews
From amount:$10,000 USD
To amount:RM39,115 MYR
Exchange Rate:3.9510
Total Cost:5.5% (against USD/MYR mid-rate: 4.1392)
Difference:
RM1,449 MYR less than using OFX
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
U.S. Bank: rate, rating & reviews
From amount:$10,000 USD
To amount:RM39,115 MYR
Exchange Rate:3.9510
Total Cost:5.5% (against USD/MYR mid-rate: 4.1392)
Difference:
RM1,449 MYR less than using OFX
Timestamp:15:08 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Request a free multiple-vendor quote: Get Quotes
* Cost = exchange rate margin + fees vs USD/MYR mid-rate: 4.1392
Rates @ 09/19/2018
 

Major MYR cross rates


MYR/USD - Malaysian Ringgit to United States Dollar - 10 Year History

DateExchange RatePeriod
09 Sep 20180.24131 Week
17 Aug 20180.24381 Month
20 Mar 20180.25506 Months
16 Sep 20170.23871 Year
16 Sep 20160.24172 Years
17 Sep 20130.30745 Years
18 Sep 20080.288310 Years

MYR/EUR - Malaysian Ringgit to Euro - 10 Year History

DateExchange RatePeriod
09 Sep 20180.20871 Week
17 Aug 20180.21291 Month
20 Mar 20180.20826 Months
16 Sep 20170.19981 Year
16 Sep 20160.21662 Years
17 Sep 20130.23025 Years
18 Sep 20080.200610 Years

MYR/GBP - Malaysian Ringgit to British Pound Sterling - 10 Year History

DateExchange RatePeriod
09 Sep 20180.18661 Week
17 Aug 20180.19121 Month
20 Mar 20180.18216 Months
16 Sep 20170.17561 Year
16 Sep 20160.18592 Years
17 Sep 20130.19335 Years
18 Sep 20080.158410 Years

MYR/JPY - Malaysian Ringgit to Japanese Yen - 10 Year History

DateExchange RatePeriod
09 Sep 201826.76171 Week
17 Aug 201826.93621 Month
20 Mar 201827.15476 Months
16 Sep 201726.45721 Year
16 Sep 201624.72342 Years
17 Sep 201330.47225 Years
18 Sep 200830.279410 Years

MYR/AUD - Malaysian Ringgit to Australian Dollar - 10 Year History

DateExchange RatePeriod
09 Sep 20180.33911 Week
17 Aug 20180.33321 Month
20 Mar 20180.33176 Months
16 Sep 20170.29821 Year
16 Sep 20160.32262 Years
17 Sep 20130.32875 Years
18 Sep 20080.359510 Years

MYR/CAD - Malaysian Ringgit to Canadian Dollar - 10 Year History

DateExchange RatePeriod
09 Sep 20180.31781 Week
17 Aug 20180.31831 Month
20 Mar 20180.33356 Months
16 Sep 20170.29111 Year
16 Sep 20160.31922 Years
17 Sep 20130.31675 Years
18 Sep 20080.307310 Years

MYR News and Forecasts