Home pages - full list (A-Z)

Foreign Exchange Guide to Malaysia

Read this currency guide to Malaysia with HKD money transfer and travel tips.   [HKD/MYR=0.5323]

 
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 HKD to 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:

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
25,545 MYR0.51090 for BER users (normally $15)4.02%
DBS Bank logo
25,280 MYR0.5061505.02%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo
25,006 MYR0.5006556.04%
HSBC logo
24,930 MYR0.4994$806.33%
Citibank International Money Transfers
Citibank logo
24,809 MYR0.4963126.79%
 
OFX: Foreign Transfer HKD→MYR
HKD amount:$50,000 HKD
Fee:0 for BER users (normally $15)
Exchange Rate:0.5109 (4.02% from mid-rate)
MYR amount:25,545 MYR
Total Cost:4.02%
Time:
Rate Fetched: Sun Aug 18 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 logoDBS Bank

DBS Bank: Foreign Transfer HKD→MYR
HKD amount:$50,000 HKD
Fee:50
Exchange Rate:0.5061 (4.92% from mid-rate)
MYR amount:25,280 MYR
Total Cost:5.02%
Difference:
265 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
HKD amount:$50,000 HKD
Fee:55
Exchange Rate:0.5020 (5.69% from mid-rate)
MYR amount:25,006 MYR
Total Cost:6.04%
Difference:
539 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logoHSBC

HSBC: Foreign Transfer HKD→MYR
HKD amount:$50,000 HKD
Fee:$80 HKD (Minimum fee)
Exchange Rate:0.4994 (6.18% from mid-rate)
MYR amount:24,930 MYR
Total Cost:6.33%
Difference:
615 MYR less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer HKD→MYR
HKD amount:$50,000 HKD
Fee:12
Exchange Rate:0.4963 (6.76% from mid-rate)
MYR amount:24,809 MYR
Total Cost:6.79%
Difference:
736 MYR less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 08/18/2019 - See full table
 

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

PeriodMYR/USDDate
1 Day0.238012 Aug 2019
1 Week0.238506 Aug 2019
1 Month0.243114 Jul 2019
6 Months0.245414 Feb 2019
1 Year0.244013 Aug 2018
5 Years0.314414 Aug 2014
10 Years0.284315 Aug 2009

MYR/EUR - Malaysian Ringgit to Euro - Historical Rates

PeriodMYR/EURDate
1 Day0.212212 Aug 2019
1 Week0.212806 Aug 2019
1 Month0.215714 Jul 2019
6 Months0.217314 Feb 2019
1 Year0.214013 Aug 2018
5 Years0.235314 Aug 2014
10 Years0.199815 Aug 2009

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

PeriodMYR/GBPDate
1 Day0.197012 Aug 2019
1 Week0.196006 Aug 2019
1 Month0.193414 Jul 2019
6 Months0.191714 Feb 2019
1 Year0.191213 Aug 2018
5 Years0.188414 Aug 2014
10 Years0.171815 Aug 2009

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

PeriodMYR/AUDDate
1 Day0.352312 Aug 2019
1 Week0.352706 Aug 2019
1 Month0.346514 Jul 2019
6 Months0.345414 Feb 2019
1 Year0.335813 Aug 2018
5 Years0.337514 Aug 2014
10 Years0.340415 Aug 2009

Country Guides - Full List (A-Z)

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z