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Foreign Exchange Guide to Malaysia

This currency guide to Malaysia helps you choose the best way to save money on MYR transfers and travel money.    [USD/MYR=4.1917]

 
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 sending 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

Malaysia was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it added to negative sentiment, which then spurred a rise in USD/MYR to a 6-month high (MYR low) of RM4.2.

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.

For more details read the full article Malaysian Ringgit Forecasts.

The interactive chart below shows the USD to MYR exchange rate and trend for the previous 3 months:

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 ProvidersAmount MYR(RM)Exchange RateFee USDTotal CostDeal Links
U.S. Bank Foreign Currency
U.S. Bank logo
3,928.6 MYR
Compare
3.928606.4%
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
3,889 MYR
40 MYR
3.9286$107.33%
Wells Fargo Bank logo
3,850.03 MYR
79 MYR
3.9286$208.27%
Travelex Online US logo
3,645.8 MYR
283 MYR
3.64580^13.13%
 

U.S. Bank logo

U.S. Bank: Travel Money USD→MYR
From Amount:1,000 USD
Fee:0
Exchange Rate:3.9286 (6.4% from mid-rate)
To Amount:3,928.6 MYR
Total Cost:6.4%
Time:6:01 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Travel Money USD→MYR
From Amount:1,000 USD
Fee:$10 USD (1%)
Exchange Rate:3.6724 (12.5% from mid-rate)
To Amount:3,889 MYR
Total Cost:7.33%
Currency Services:Branch
Delivery/Collect:-
 

Wells Fargo Bank logo

Wells Fargo Bank: Travel Money USD→MYR
From Amount:1,000 USD
Fee:$20 USD (Minimum fee)
Exchange Rate:3.9286 (6.4% from mid-rate)
To Amount:3,850.03 MYR
Total Cost:8.27%
Time:6:01 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Travelex Online US logo

Travelex Online US: Travel Money USD→MYR
From Amount:1,000 USD
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:3.6458 (13.13% from mid-rate)
To Amount:3,645.8 MYR
Total Cost:13.13%
Time:
Rate Fetched: Thu Sep 19 2019 06:00:04 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
Snapshot 09/19/2019 - See full table
 

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!

 

USD to MYR International Money Transfers

  

Foreign Transfer ProvidersReceive MYR(RM)Exchange RateFee USDTotal CostDeal Links
OFX logo
40,782 MYR
Best Overall
4.07820^2.83%
XE logo
41,445 MYR
663 MYR
4.144501.25%
Wells Fargo Bank logo
39,894 MYR
888 MYR
3.9966184.95%
HSBC logo
39,866 MYR
916 MYR
3.9926$155.01%
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
39,622 MYR
1,160 MYR
3.9854155.59%
Bank of America International Money Transfers
Bank of America logo
39,364 MYR
1,418 MYR
3.9762$1006.21%
U.S. Bank International Money Transfers
U.S. Bank logo
39,364 MYR
1,418 MYR
3.9762$1006.21%
 

OFX logo

OFX: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:4.0782 (2.83% from mid-rate)
To Amount:40,782 MYR
Total Cost:2.83%
Time:
Rate Fetched: Thu Sep 19 2019 05:03:50 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

XE logo

XE: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:
Exchange Rate:4.1445 (1.25% from mid-rate)
To Amount:41,445 MYR
Total Cost:1.25%
Difference:
663 MYR more than using OFX
Time:6:01 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 3.5/5.0
Reviews:
 

Wells Fargo Bank logo

Wells Fargo Bank: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:18
Exchange Rate:3.9966 (4.77% from mid-rate)
To Amount:39,894 MYR
Total Cost:4.95%
Difference:
888 MYR less than using OFX
Time:6:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

HSBC logo

HSBC: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:$15 USD (.15%)
Exchange Rate:3.9926 (4.87% from mid-rate)
To Amount:39,866 MYR
Total Cost:5.01%
Difference:
916 MYR less than using OFX
Time:6:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:15
Exchange Rate:3.9681 (5.45% from mid-rate)
To Amount:39,622 MYR
Total Cost:5.59%
Difference:
1,160 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of America logo

Bank of America: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9762 (5.26% from mid-rate)
To Amount:39,364 MYR
Total Cost:6.21%
Difference:
1,418 MYR less than using OFX
Time:6:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

U.S. Bank logo

U.S. Bank: Foreign Transfer USD→MYR
From Amount:10,000 USD
Fee:$100 USD (1%)
Exchange Rate:3.9762 (5.26% from mid-rate)
To Amount:39,364 MYR
Total Cost:6.21%
Difference:
1,418 MYR less than using OFX
Time:6:01 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 09/19/2019 - See full table
 

MYR/USD - Malaysian Ringgit to United States Dollar - Historical Rates

PeriodMYR/USDDate
1 Day0.239916 Sep 2019
7 Day0.240010 Sep 2019
30 Day0.239418 Aug 2019
3 Month0.239619 Jun 2019
1 Year0.241617 Sep 2018
5 Year0.310118 Sep 2014
10 Year0.287419 Sep 2009

MYR/EUR - Malaysian Ringgit to Euro - Historical Rates

PeriodMYR/EURDate
1 Day0.218116 Sep 2019
7 Day0.217210 Sep 2019
30 Day0.215818 Aug 2019
3 Month0.213219 Jun 2019
1 Year0.207117 Sep 2018
5 Year0.240018 Sep 2014
10 Year0.195319 Sep 2009

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

PeriodMYR/GBPDate
1 Day0.193116 Sep 2019
7 Day0.194210 Sep 2019
30 Day0.196918 Aug 2019
3 Month0.189319 Jun 2019
1 Year0.183817 Sep 2018
5 Year0.188618 Sep 2014
10 Year0.176319 Sep 2009

MYR/AUD - Malaysian Ringgit to Australian Dollar - Historical Rates

PeriodMYR/AUDDate
1 Day0.349716 Sep 2019
7 Day0.350010 Sep 2019
30 Day0.352718 Aug 2019
3 Month0.348019 Jun 2019
1 Year0.338217 Sep 2018
5 Year0.345218 Sep 2014
10 Year0.331119 Sep 2009

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