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Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with money transfer and travel tips.   [USD/MYR=4.1071]

 
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

Like many other emerging market currencies, the ringgit struggled in 2018.

The ringgit weakened in November to a one-year low of RM4.2 per USD but had recovered slightly by the time of this report into the high RM4.17s.

Against the Singapore dollar — the currency of Malaysia’s largest trading partner — the ringgit weakened in November to 3.06 (also a one-year low at the time), before recovering to 3.043.

Among factors contributing to the ringgit’s weakness in 2018 has been political uncertainty relating to Malaysia's ruling Pakatan Harapan coalition, a 40 percent end-of-year crash in the price of oil, as well as general risk-off sentiment, driven partly by global trade tensions and most evident from a 20 percent fall in US equities prices. Higher US interest rates also make holding Malaysian currency less attractive.

“The ringgit will remain weak due to continued political uncertainty,” Fitch’s head of Asia Country Risk said in December.

For 2019 year-end, the team at TradingEconomics.com is forecasting USD/MYR and SGD/MYR at 4.19 and 3.01.

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.

 

Travel Money - Exchange Rate Comparison

Travel Money Providers
Ratings & Reviews
Amount MYR(RM)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
Wells Fargo Bank logo
3,845.23 MYR
Value & Rating
3.9237$206.38%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
3,845 MYR
RM0.23 less
3.8841$106.38%Branch-
U.S. Bank
U.S. Bank logo
3,844.5 MYR
RM0.73 less
3.844506.39%Branch-
 
Travelex Online US logo
3,659 MYR
RM186 less
3.6590^10.91%Online order, Branch pickup, Home delivery2-3 days
Wells Fargo Bank: Travel Money USD→MYR
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:3.9237 (4.47% from mid-rate)
MYR amount:3,845.23 MYR
Total Cost:6.38%
Time:18:08 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

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

Travel Money USD→MYR
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:3.5937 (12.5% from mid-rate)
MYR amount:3,845 MYR
Total Cost:6.38%
Currency Services:Branch
Delivery/Collect:-
U.S. Bank: Travel Money USD→MYR
USD amount:$1,000 USD
Fee:0
Exchange Rate:3.8445 (6.39% from mid-rate)
MYR amount:3,844.5 MYR
Total Cost:6.39%
Time:18:08 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Travelex Online US: Travel Money USD→MYR
USD amount:$1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:3.659 (10.91% from mid-rate)
MYR amount:3,659 MYR
Total Cost:10.91%
Time:
Rate Fetched: Wed Jan 16 2019 16:15:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

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!

 

Foreign Transfers - Exchange Rate Comparison

Foreign Transfer Providers
Ratings & Reviews
Receive MYR(RM)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
40,155 MYR
Value & Rating
4.01550^2.23%Bank Transfers - Online & Phone1-2 days
 
WorldFirst logo
40,203 MYR
RM48 more
4.020302.11%Bank Transfers - Online & Phone1-2 days
Wells Fargo Bank logo
39,320 MYR
RM835 less
3.9391184.26%Online, Branch, Bank Transfers2-3 days
HSBC logo
39,292 MYR
RM863 less
3.9351$154.33%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
39,052 MYR
RM1,103 less
3.9281154.92%Online, Branch, Bank Transfers2-3 days
Bank of America
Bank of America logo
38,798 MYR
RM1,357 less
3.919$1005.53%Online, Branch, Bank Transfers2-3 days
U.S. Bank
U.S. Bank logo
38,798 MYR
RM1,357 less
3.919$1005.53%Online, Branch, Bank Transfers2-3 days
 
OFX: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:4.0155 (2.23% from mid-rate)
MYR amount:40,155 MYR
Total Cost:2.23%
Time:
Rate Fetched: Wed Jan 16 2019 16:03:52 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.8/5.0
Reviews:
WorldFirst: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:
Exchange Rate:4.0203 (2.11% from mid-rate)
MYR amount:40,203 MYR
Total Cost:2.11%
Difference:
RM48 more than using OFX
Time:18:08 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.6/5.0
Reviews:
Wells Fargo Bank: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:18
Exchange Rate:3.9391 (4.09% from mid-rate)
MYR amount:39,320 MYR
Total Cost:4.26%
Difference:
RM835 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
HSBC: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:3.9351 (4.19% from mid-rate)
MYR amount:39,292 MYR
Total Cost:4.33%
Difference:
RM863 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

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

Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:15
Exchange Rate:3.9110 (4.77% from mid-rate)
MYR amount:39,052 MYR
Total Cost:4.92%
Difference:
RM1,103 less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Bank of America: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9190 (4.58% from mid-rate)
MYR amount:38,798 MYR
Total Cost:5.53%
Difference:
RM1,357 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
U.S. Bank: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9190 (4.58% from mid-rate)
MYR amount:38,798 MYR
Total Cost:5.53%
Difference:
RM1,357 less than using OFX
Time:18:08 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
 

Popular MYR cross rates


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

DateExchange RatePeriod
06 Jan 20190.24251 Week
14 Dec 20180.23901 Month
17 Jul 20180.24726 Months
13 Jan 20180.25141 Year
13 Jan 20170.22412 Years
14 Jan 20140.30655 Years
15 Jan 20090.278310 Years

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

DateExchange RatePeriod
06 Jan 20190.21251 Week
14 Dec 20180.21131 Month
17 Jul 20180.21226 Months
13 Jan 20180.20611 Year
13 Jan 20170.21062 Years
14 Jan 20140.22415 Years
15 Jan 20090.212010 Years

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

DateExchange RatePeriod
06 Jan 20190.19041 Week
14 Dec 20180.18981 Month
17 Jul 20180.18876 Months
13 Jan 20180.18311 Year
13 Jan 20170.18402 Years
14 Jan 20140.18655 Years
15 Jan 20090.190410 Years

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

DateExchange RatePeriod
06 Jan 201926.31901 Week
14 Dec 201827.10551 Month
17 Jul 201827.94326 Months
13 Jan 201827.91711 Year
13 Jan 201725.65492 Years
14 Jan 201431.90395 Years
15 Jan 200924.919710 Years

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

DateExchange RatePeriod
06 Jan 20190.34041 Week
14 Dec 20180.33281 Month
17 Jul 20180.33516 Months
13 Jan 20180.31761 Year
13 Jan 20170.29882 Years
14 Jan 20140.34225 Years
15 Jan 20090.421110 Years

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

DateExchange RatePeriod
06 Jan 20190.32421 Week
14 Dec 20180.31981 Month
17 Jul 20180.32646 Months
13 Jan 20180.31331 Year
13 Jan 20170.29402 Years
14 Jan 20140.33535 Years
15 Jan 20090.348910 Years

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