This is a foreign exchange guide to Malaysia, Malaysian ringgit currency news plus MYR transfers and travel tips.
In this guide we review :
- Malaysian ringgit info - general info about the Malaysian ringgit
- Malaysian ringgit in the markets - recent MYR moves and predictions from the FX markets
- Travelling in Malaysia - currency & money saving tips
- Buying Malaysian ringgit cash online - travel money for Malaysia
- Sending money to Malaysia - save on Malaysian ringgit bank transfers to Malaysia
- 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.
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
Rate timestamp : Wed Jul 18 2018 00:00:04 GMT+0000 (UTC)
Malaysia Trip Checklist
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 :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Malaysian ringgit amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- 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
Rate timestamp : Wed Jul 18 2018 00:05:09 GMT+0000 (UTC)