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Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with money transfer and travel tips.   [USD/MYR=4.1895]

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 has struggled in 2018.

The ringgit weakened in late September to a nine-month low of RM3.035 per Singapore dollar (the currency of Malaysia’s major trading partner). It had recovered slightly by the time of this report (October-23) to RM3.02 per SGD.

There was no recovery relative to the word’s benchmark currency, the US dollar, against which the ringgit slid in October to a ten-month low of RM4.164.

Contributing to the ringgit’s weakness this year has been trade tensions between the US and China, which threaten the outlook for global trade that the ringgit so relies upon; as well as higher US interest rates and the firmer US dollar, which make dollar-denominated loan repayments more expensive.

In October, ING warned against holding emerging market currencies like the ringgit; it suspected global trade tensions would return following November’s US mid-term elections, and these would limit possibilities for ringgit appreciation.

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 USD to MYR Travel Money Exchange Rates vs the Banks

USD $1,000 → Spend Malaysian ringgit (MYR) Settings - Currency/Amount

ProvidersAmount MYRExchange RateCostReviewsDeals Links
Travelex Online US logoTravelex Online US
RM3652.80 MYR
Top Provider
3.652812.76%
 
HSBC logoHSBC
RM3616.30 MYR
RM36 less
3.616313.64%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo HSBC logo
RM3567.82 MYR
RM85 less
3.591914.79%
Wells Fargo Bank logoWells Fargo Bank
RM3543.97 MYR
RM109 less
3.616315.36%
U.S. Bank logoU.S. Bank
RM3543.20 MYR
RM110 less
3.543215.38%
Travelex Online US fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:3.6528 (12.76% from mid-rate)
MYR amount:RM3652.80 MYR
Total Cost:12.76%
Time:
Rate Fetched: Mon Nov 19 2018 10:15:04 GMT+0000 (UTC)
Rating:
 
: 4.3/5.0
Reviews:
HSBC fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:3.6163 (13.64% from mid-rate)
MYR amount:RM3616.30 MYR
Total Cost:13.64%
Time:12:08 Local
Rating:
: /5.0
Reviews:
 

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

Banks - Average Rate
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:3.6639 (12.5% from mid-rate)
MYR amount:RM3567.82 MYR
Total Cost:14.79%
Wells Fargo Bank fee breakdown & reviews
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:3.6163 (13.64% from mid-rate)
MYR amount:RM3543.97 MYR
Total Cost:15.36%
Time:12:08 Local
Rating:
: /5.0
Reviews:
U.S. Bank fee breakdown & reviews
USD amount:$1,000 USD
Fee:$0
Exchange Rate:3.5432 (15.38% from mid-rate)
MYR amount:RM3543.20 MYR
Total Cost:15.38%
Time:12:08 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Cost is provider fees + exchange rate margin vs USD/MYR mid-rate: 4.1873
Rates @ 11/19/2018
 

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 USD to MYR Foreign Transfers vs the Banks

Send USD $10,000 → MYR Settings - Currency/Amount

ProvidersAmount MYRExchange RateCostReviewsDeals Links
OFX logoOFX
RM40,938 MYR
Top Provider
4.09382.23%
 
Wells Fargo Bank logoWells Fargo Bank
RM40,087 MYR
RM851 less
4.01594.27%
HSBC logoHSBC
RM40,058 MYR
RM880 less
4.01184.33%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
RM39,813.75 MYR
RM1,124 less
4.00474.92%
Bank of America logoBank of America
RM39,555 MYR
RM1,383 less
3.99555.54%
U.S. Bank logoU.S. Bank
RM39,555 MYR
RM1,383 less
3.99555.54%
 
OFX fee breakdown & reviews
USD amount:$10,000 USD
Fee:$0
Exchange Rate:4.0938 (2.23% from mid-rate)
MYR amount:RM40,938 MYR
Total Cost:2.23%
Time:
Rate Fetched: Mon Nov 19 2018 10:02:19 GMT+0000 (UTC)
Rating:
 
: 4.8/5.0
Reviews:
Wells Fargo Bank fee breakdown & reviews
USD amount:$10,000 USD
Fee:$18
Exchange Rate:4.0159 (4.09% from mid-rate)
MYR amount:RM40,087 MYR
Total Cost:4.27%
Difference:
RM851 MYR less than using OFX
Time:12:08 Local
Rating:
: /5.0
Reviews:
HSBC fee breakdown & reviews
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:4.0118 (4.19% from mid-rate)
MYR amount:RM40,058 MYR
Total Cost:4.33%
Difference:
RM880 MYR less than using OFX
Time:12:08 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
USD amount:$10,000 USD
Fee:$15
Exchange Rate:3.9873 (4.78% from mid-rate)
MYR amount:RM39,813.75 MYR
Total Cost:4.92%
Difference:
RM1,124 MYR less than using OFX
Bank of America fee breakdown & reviews
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9955 (4.58% from mid-rate)
MYR amount:RM39,555 MYR
Total Cost:5.54%
Difference:
RM1,383 MYR less than using OFX
Time:12:08 Local
Rating:
: /5.0
Reviews:
U.S. Bank fee breakdown & reviews
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9955 (4.58% from mid-rate)
MYR amount:RM39,555 MYR
Total Cost:5.54%
Difference:
RM1,383 MYR less than using OFX
Time:12:08 Local
Rating:
: /5.0
Reviews:
 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Cost is provider fees + exchange rate margin vs USD/MYR mid-rate: 4.1873
Rates @ 11/19/2018
 

Major MYR cross rates


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

DateExchange RatePeriod
11 Nov 20180.23931 Week
19 Oct 20180.24051 Month
22 May 20180.25206 Months
18 Nov 20170.24061 Year
18 Nov 20160.22682 Years
19 Nov 20130.31445 Years
20 Nov 20080.276010 Years

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

DateExchange RatePeriod
11 Nov 20180.21131 Week
19 Oct 20180.20861 Month
22 May 20180.21386 Months
18 Nov 20170.20411 Year
18 Nov 20160.21422 Years
19 Nov 20130.23235 Years
20 Nov 20080.220810 Years

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

DateExchange RatePeriod
11 Nov 20180.18501 Week
19 Oct 20180.18401 Month
22 May 20180.18746 Months
18 Nov 20170.18211 Year
18 Nov 20160.18372 Years
19 Nov 20130.19515 Years
20 Nov 20080.186310 Years

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

DateExchange RatePeriod
11 Nov 201827.24711 Week
19 Oct 201827.06831 Month
22 May 201827.90666 Months
18 Nov 201726.97271 Year
18 Nov 201625.07762 Years
19 Nov 201331.48925 Years
20 Nov 200826.213110 Years

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

DateExchange RatePeriod
11 Nov 20180.33121 Week
19 Oct 20180.33781 Month
22 May 20180.33186 Months
18 Nov 20170.31811 Year
18 Nov 20160.30902 Years
19 Nov 20130.33345 Years
20 Nov 20080.445910 Years

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

DateExchange RatePeriod
11 Nov 20180.31581 Week
19 Oct 20180.31541 Month
22 May 20180.32306 Months
18 Nov 20170.30731 Year
18 Nov 20160.30602 Years
19 Nov 20130.32885 Years
20 Nov 20080.352710 Years

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