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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.    [HKD/MYR=0.5338]

 
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 HKD to MYR exchange rate and trend for the previous 3 months:

At 0.5338 HKD/MYR was trading near its 90 day average with period range 0.5265 to 0.5383. There are currently no alerts. Updated: 18:00-AEDT 08:00-BST 03:00-EDT

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.

   

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 Transfer ProvidersReceive MYR(RM)Exchange RateFee HKDTotal CostDeal Links
OFX logo
RM25,6050.51210 for BER users (normally $15)4.07%
DBS Bank logo
RM25,3400.5073505.06%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
RM25,0660.5018556.08%
HSBC logo
RM24,9900.5006HK$806.37%
Citibank International Money Transfers
Citibank logo
RM24,8690.4975126.82%
WorldRemit logo
Your amount above the WorldRemit HKD2000 maximum
 

OFX logo

OFX: Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:0 for BER users (normally $15)
Exchange Rate:0.5121 (4.07% from mid-rate)
To Amount (MYR) RM25,605
Total Cost:4.07%
Time:
Rate Fetched: Sun Oct 20 2019 00:17:34 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

DBS Bank logo

DBS Bank: Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:50
Exchange Rate:0.5073 (4.96% from mid-rate)
To Amount (MYR) RM25,340
Total Cost:5.06%
Difference:
RM265 MYR less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:55
Exchange Rate:0.5032 (5.73% from mid-rate)
To Amount (MYR) RM25,066
Total Cost:6.08%
Difference:
RM539 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logo

HSBC: Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:HK$80 HKD (Minimum fee)
Exchange Rate:0.5006 (6.22% from mid-rate)
To Amount (MYR) RM24,990
Total Cost:6.37%
Difference:
RM615 MYR less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logo

Citibank: Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:12
Exchange Rate:0.4975 (6.8% from mid-rate)
To Amount (MYR) RM24,869
Total Cost:6.82%
Difference:
RM736 MYR less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

WorldRemit logo

WorldRemit: Foreign Transfer HKD→MYR
From Amount (HKD)HK$50,000
Fee:
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Snapshot 10/20/2019 - See full table
 

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

PeriodMYR/USDDate
1 Day0.238814 Oct 2019
7 Day0.238508 Oct 2019
30 Day0.239915 Sep 2019
3 Month0.243017 Jul 2019
1 Year0.240615 Oct 2018
5 Year0.305016 Oct 2014
10 Year0.296617 Oct 2009

MYR/EUR - Malaysian Ringgit to Euro - Historical Rates

PeriodMYR/EURDate
1 Day0.216614 Oct 2019
7 Day0.217608 Oct 2019
30 Day0.216415 Sep 2019
3 Month0.216417 Jul 2019
1 Year0.207715 Oct 2018
5 Year0.238316 Oct 2014
10 Year0.199317 Oct 2009

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

PeriodMYR/GBPDate
1 Day0.189414 Oct 2019
7 Day0.195108 Oct 2019
30 Day0.192015 Sep 2019
3 Month0.195517 Jul 2019
1 Year0.182915 Oct 2018
5 Year0.189716 Oct 2014
10 Year0.181617 Oct 2009

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

PeriodMYR/AUDDate
1 Day0.352414 Oct 2019
7 Day0.354308 Oct 2019
30 Day0.348815 Sep 2019
3 Month0.346817 Jul 2019
1 Year0.337215 Oct 2018
5 Year0.348616 Oct 2014
10 Year0.323617 Oct 2009

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