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Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with money transfer and travel tips.   [USD/MYR=4.0645]

 
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

26-February-2019: The period between April and November 2018 was a tough one for the ringgit, as it lost value against the dollar on a near-weekly basis. Fortunately, losses in that period only amounted to 8 percent and only took the currency to a 1-year low of RM4.2 — it could have been much worse.

Since then, the ringgit has turned a corner; in late February it was trading at RM4.06, near 6-month highs.

Among factors contributing to the ringgit’s weakness over the past year has been political uncertainty relating to Malaysia's ruling Pakatan Harapan coalition, late-2018’s crash in oil prices, global trade tensions and higher US interest rates. There are positive factors though.

"With good GDP data and strong economic fundamentals coupled with positive external factors, I believe the ringgit can go higher to RM4.02 [per USD]," a dealer said in February.

The team at TradingEconomics.com believes the ringgit weakens to RM4.14 by year-end.

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.

 
Sending a LARGER foreign transfer? Shop-around with multiple providers: Get Quotes
Travel Money Providers
Ratings & Reviews
Amount MYR(RM)Exchange RateFee USDTotal CostCurrency ServicesDelivery/CollectDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
3,804.6 MYR
3.804606.39%Branch-
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
3,767 MYR
38 MYR
3.8046$107.33%Branch-
Wells Fargo Bank logo
3,728.51 MYR
76 MYR
3.8046$208.27%Branch-
 
Travelex Online US logo
3,541.2 MYR
263 MYR
3.54120^12.87%Online order, Branch pickup, Home delivery2-3 days
 

U.S. Bank logoU.S. Bank

U.S. Bank: Travel Money USD→MYR
USD amount:$1,000 USD
Fee:0
Exchange Rate:3.8046 (6.39% from mid-rate)
MYR amount:3,804.6 MYR
Total Cost:6.39%
Time:6:07 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→MYR
USD amount:$1,000 USD
Fee:$10 USD (1%)
Exchange Rate:3.5564 (12.5% from mid-rate)
MYR amount:3,767 MYR
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Travel Money USD→MYR
USD amount:$1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:3.8046 (6.39% from mid-rate)
MYR amount:3,728.51 MYR
Total Cost:8.27%
Time:6:07 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:3.5412 (12.87% from mid-rate)
MYR amount:3,541.2 MYR
Total Cost:12.87%
Time:
Rate Fetched: Sat Mar 23 2019 04:00:04 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
 

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 foreign transfer? Shop-around with multiple providers: Get Quotes
Foreign Transfer Providers
Ratings & Reviews
Receive MYR(RM)Exchange RateFee USDTotal CostTransfer ServicesTransfer SpeedDeal Links
 
OFX logo
39,615 MYR
Best Overall
3.96150^2.53%Bank Transfers - Online & Phone, Foreign Currency Accounts1-2 days
Wells Fargo Bank logo
38,792 MYR
823 MYR
3.8862184.56%Online, Branch, Bank Transfers2-3 days
HSBC logo
38,764 MYR
851 MYR
3.8822$154.63%Online, Branch, Bank Transfers2-3 days
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
38,528 MYR
1,087 MYR
3.8753155.21%Online, Branch, Bank Transfers2-3 days
Bank of America International Money Transfers
Bank of America logo
38,277 MYR
1,338 MYR
3.8664$1005.83%Online, Branch, Bank Transfers2-3 days
U.S. Bank International Money Transfers
U.S. Bank logo
38,277 MYR
1,338 MYR
3.8664$1005.83%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:3.9615 (2.53% from mid-rate)
MYR amount:39,615 MYR
Total Cost:2.53%
Time:
Rate Fetched: Sat Mar 23 2019 04:03:46 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Wells Fargo Bank logoWells Fargo Bank

Wells Fargo Bank: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:18
Exchange Rate:3.8862 (4.39% from mid-rate)
MYR amount:38,792 MYR
Total Cost:4.56%
Difference:
823 MYR less than using OFX
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logoHSBC

HSBC: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:3.8822 (4.49% from mid-rate)
MYR amount:38,764 MYR
Total Cost:4.63%
Difference:
851 MYR less than using OFX
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:15
Exchange Rate:3.8584 (5.07% from mid-rate)
MYR amount:38,528 MYR
Total Cost:5.21%
Difference:
1,087 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logoBank of America

Bank of America: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.8664 (4.87% from mid-rate)
MYR amount:38,277 MYR
Total Cost:5.83%
Difference:
1,338 MYR less than using OFX
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logoU.S. Bank

U.S. Bank: Foreign Transfer USD→MYR
USD amount:$10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.8664 (4.87% from mid-rate)
MYR amount:38,277 MYR
Total Cost:5.83%
Difference:
1,338 MYR less than using OFX
Time:6:07 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
 

Popular MYR cross rates


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

DateExchange RatePeriod
10 Mar 20190.24441 Week
15 Feb 20190.24481 Month
18 Sep 20180.24146 Months
17 Mar 20180.25581 Year
17 Mar 20170.22542 Years
18 Mar 20140.30525 Years
19 Mar 20090.273810 Years

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

DateExchange RatePeriod
10 Mar 20190.21761 Week
15 Feb 20190.21671 Month
18 Sep 20180.20676 Months
17 Mar 20180.20801 Year
17 Mar 20170.20972 Years
18 Mar 20140.21915 Years
19 Mar 20090.200110 Years

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

DateExchange RatePeriod
10 Mar 20190.18821 Week
15 Feb 20190.18991 Month
18 Sep 20180.18336 Months
17 Mar 20180.18341 Year
17 Mar 20170.18182 Years
18 Mar 20140.18395 Years
19 Mar 20090.188310 Years

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

DateExchange RatePeriod
10 Mar 201927.15231 Week
15 Feb 201927.05221 Month
18 Sep 201827.10536 Months
17 Mar 201827.12071 Year
17 Mar 201725.39192 Years
18 Mar 201430.96615 Years
19 Mar 200925.867710 Years

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

DateExchange RatePeriod
10 Mar 20190.34731 Week
15 Feb 20190.34261 Month
18 Sep 20180.33416 Months
17 Mar 20180.33151 Year
17 Mar 20170.29242 Years
18 Mar 20140.33425 Years
19 Mar 20090.397010 Years

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

DateExchange RatePeriod
10 Mar 20190.32811 Week
15 Feb 20190.32431 Month
18 Sep 20180.31326 Months
17 Mar 20180.33521 Year
17 Mar 20170.30112 Years
18 Mar 20140.33955 Years
19 Mar 20090.337310 Years

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