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Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with money transfer and travel tips.

Country Code:
Domestic Currency:
Malaysian ringgit
Symbol - Code:
Telephone Prefix:

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

In this guide we review :

  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.

Malaysian ringgit (MYR) general currency information

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.

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.

Malaysian ringgit (MYR) in the markets

The ringgit was hammered in the second week of May after a shock election result which saw the incumbent Barisan Nasional coalition lose power in Malaysia for the first time in sixty years.

Investors generally despise political drama, especially in emerging market economies, and consequently there were election-induced earthquakes in Malaysian financial markets. Investors were concerned that the new government would roll back financial reforms that have boosted economic growth.

The ringgit, which had averaged 3.9 per US dollar in 2018 and which rarely moves more than 0.5 percent in a day, fell after the election by as much as 5 percent to 4.16 – its weakest level in six months – before recovering to 4.05 at the time of this report.

Malaysia’s new prime minister, Mahathir Mohamad, said following his victory that he would try to make the ringgit as stable as possible.

The interactive chart below shows the MYR to USD 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.

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

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 Exchange Rates Compared

Buying MYR Cash with USD 1,000

Travelex US Online logo Travelex US Online
RM3525.90 MYR (12.87%)
Free Home Delivery when you Buy Online Travel Money & Cards with $0 commission and great exchange rates only available from Travelex Online. Zero cost for Home Delivery or pickup your foreign cash at your local Travelex store or at the airport on departure day. * Home deliveries can only be made to the registered billing address of your chosen payment method.
Price Details
Receive: RM3525.90 MYR
Exchange Rate: 3.5259
(Inverse 1MYR=USD 0.2836)
Fees: USD 0
Total Cost : 12.87% (from mid-rate: 4.0468)
Amount of money that could be received by your currency exchange at rate USD/MYR=3.5259 and inclusive of the fee of USD 0.
Rate timestamp : Wed Jul 18 2018 00:00:04 GMT+0000 (UTC)
Bank Rates - Average
RM3505.59 MYR (13.37%)
This is the average USD to MYR Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.

Price Details
Receive: RM3505.59 MYR
Exchange Rate: 3.5410
(Inverse 1MYR=USD 0.2824)
Fees: USD 10 (1%)
Total Cost : 13.37% (from mid-rate: 4.0468)
Receive MYR RM20 less than with  Travelex US Online logo Travelex US Online
Amount of money that could be received by your currency exchange at rate USD/MYR=3.541 and inclusive of the fee of USD 10 (1%).

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!

Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote

Compare Foreign Transfers

Sending USD 10,000 to MYR

OFX logo OFX
RM39,760 MYR (1.75%)
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: RM39,760 MYR
Exchange Rate: 3.9760
(Inverse 1MYR=USD 0.2515)
Fees: USD 0
Total Cost : 1.75% (from mid-rate: 4.0468)
This is the amount of money that could be received by your transfer at rate USD/MYR=3.976 and inclusive of the fee of USD 0.
Rate timestamp : Wed Jul 18 2018 00:05:09 GMT+0000 (UTC)
Bank Rates - Average
RM38,513 MYR (4.83%)
This is the average USD to MYR International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.

Price Details
Receive: RM38,513 MYR
Exchange Rate: 3.8571
(Inverse 1MYR=USD 0.2593)
Fees: USD 15
Total Cost : 4.83% (from mid-rate: 4.0468)
Receive MYR RM1,247 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate USD/MYR=3.8571 and inclusive of the fee of USD 15.

Malaysian ringgit - exchange rates - live and historic

Major MYR cross rates
View Full List (A-Z)

MYR/USD - Malaysian ringgit to U.S. dollar - 10 Year History

DateExchange RatePeriod
08 Jul 20180.24771 Week
15 Jun 20180.25021 Month
16 Jan 20180.25246 Months
15 Jul 20170.23301 Year
15 Jul 20160.25312 Years
16 Jul 20130.31395 Years
17 Jul 20080.309310 Years

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

DateExchange RatePeriod
08 Jul 20180.21081 Week
15 Jun 20180.21531 Month
16 Jan 20180.20576 Months
15 Jul 20170.20311 Year
15 Jul 20160.22932 Years
16 Jul 20130.23905 Years
17 Jul 20080.195310 Years

MYR/GBP - Malaysian ringgit to British pound sterling - 10 Year History

DateExchange RatePeriod
08 Jul 20180.18631 Week
15 Jun 20180.18841 Month
16 Jan 20180.18306 Months
15 Jul 20170.17791 Year
15 Jul 20160.19192 Years
16 Jul 20130.20775 Years
17 Jul 20080.154610 Years

MYR/JPY - Malaysian ringgit to Japanese yen - 10 Year History

DateExchange RatePeriod
08 Jul 201827.35331 Week
15 Jun 201827.69031 Month
16 Jan 201827.86776 Months
15 Jul 201726.22001 Year
15 Jul 201626.54802 Years
16 Jul 201331.18445 Years
17 Jul 200832.813910 Years

MYR/AUD - Malaysian ringgit to Australian dollar - 10 Year History

DateExchange RatePeriod
08 Jul 20180.33311 Week
15 Jun 20180.33601 Month
16 Jan 20180.31676 Months
15 Jul 20170.29761 Year
15 Jul 20160.33402 Years
16 Jul 20130.33995 Years
17 Jul 20080.317810 Years

MYR/CAD - Malaysian ringgit to Canadian dollar - 10 Year History

DateExchange RatePeriod
08 Jul 20180.32441 Week
15 Jun 20180.33041 Month
16 Jan 20180.31376 Months
15 Jul 20170.29461 Year
15 Jul 20160.32812 Years
16 Jul 20130.32635 Years
17 Jul 20080.310410 Years