Malaysia - Malaysian Ringgit - Currency Guide

This is a currency guide to Malaysia, the Malaysian Ringgit currency plus sending (MYR) transfers and travel tips for Malaysia.

 
 
CountryMalaysia
FlagMalaysia
Country CodeMY
Domestic Currency Malaysian Ringgit
Currency SymbolRM
Currency CodeMYR
Exchange RateUSD/MYR = 4.3326
Telephone Prefix+60

Quick Conversions from US Dollar to Malaysian Ringgit

USD

MYR

U$ 1
RM 4.3326
U$ 5
RM 21.66
U$ 10
RM 43.33
U$ 20
RM 86.65
U$ 50
RM 216.63
U$ 100
RM 433.26
U$ 250
RM 1,083
U$ 500
RM 2,166
U$ 1,000
RM 4,333
U$ 2,000
RM 8,665
U$ 5,000
RM 21,663
U$ 10,000
RM 43,326
U$ 50,000
RM 216,630
U$ 100,000
RM 433,260
More amounts

USD

MYR

U$ 0.2308
RM 1
U$ 1.1540
RM 5
U$ 2.3080
RM 10
U$ 4.6160
RM 20
U$ 11.54
RM 50
U$ 23.08
RM 100
U$ 57.70
RM 250
U$ 115.40
RM 500
U$ 230.80
RM 1,000
U$ 461.60
RM 2,000
U$ 1,154
RM 5,000
U$ 2,308
RM 10,000
U$ 11,540
RM 50,000
U$ 23,080
RM 100,000
More amounts

To calculate specific USD/MYR amounts use our Convert USD to MYR quick calculator. To read more about the latest exchange rate trends and to compare FX provider rates view USD to MYR Rate Guide.

Malaysia Currency Info

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.


Frequently Asked Questions


What currency should I use in Malaysia?

The domestic currency in Malaysia is the Malaysian Ringgit.

What is the Malaysian Ringgit currency code and symbol?

The three letter currency code for the Malaysian Ringgit is MYR — symbol is RM.

How much is U$100 US Dollars in Malaysian Ringgit?

U$ 100 converts to RM 433.26

Which countries use the Malaysian Ringgit?

It is the domestic currency in Malaysia.

Is the Malaysian Ringgit a closed currency?

No, the Malaysian Ringgit is freely available and convertible. See guide: What is a closed currency?


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:

USD/MYR at 4.3326 was trading 3.3% above AVG:4.1936 with LO:4.0551 and HI:4.4425 (90 days). There are no current rate alerts.
09-APR 7PM-NY 10-APR 12AM-LON 7AM-HK 9AM-SYD
Booking.com

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 Provider Amount MYR(RM) Exchange RateFee USDDeal Links
Travelex Online US logo
RM3,777.5
12.81%
Best Overall
3.77750^
U.S. Bank Foreign Currency
U.S. Bank logo
RM3,664.2
15.43%
RM113 less
3.66420
Banks - Average Rate
U.S. Bank logo Wells Fargo Bank logo
RM3,628
16.27%
RM149 less
3.6642U$10
Wells Fargo Bank logo
RM3,590.92
17.12%
RM187 less
3.6642U$20
 
Travelex Online US: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:$0 - No fees for Debit & Credit Cards
Exchange Rate:3.7775 (12.81% from mid-rate)
To Amount (MYR) RM3,777.5
Total Cost:12.81%
Time:
Rate Fetched: Thu Apr 09 2020 18:00:04 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 
U.S. Bank logo
U.S. Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:0
Exchange Rate:3.6642 (15.43% from mid-rate)
To Amount (MYR) RM3,664.2
Total Cost:15.43%
Time:18:04 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$10 USD (1%)
Exchange Rate:3.7910 (12.5% from mid-rate)
To Amount (MYR) RM3,628
Total Cost:16.27%
Currency Services:Branch
Delivery/Collect:-
 
Wells Fargo Bank logo
Wells Fargo Bank: Travel Money USD→MYR
From Amount (USD)U$1,000
Fee:U$20 USD (Minimum fee)
Exchange Rate:3.6642 (15.43% from mid-rate)
To Amount (MYR) RM3,590.92
Total Cost:17.12%
Time:18:04 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 
Snapshot 04/09/2020 - View latest 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 Malaysian Ringgit 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 Provider Receive MYR(RM) Exchange RateFee USDDeal Links
OFX logo
RM41,818
3.48%
Best Overall
4.18180^
XE logo
RM42,784
1.25%
RM966 more
4.27840
Wells Fargo Bank logo
RM40,908
5.58%
RM910 less
4.098218
HSBC logo
RM40,879
5.65%
RM939 less
4.094U$15
Banks - Average Rate
Bank of America logo U.S. Bank logo Wells Fargo Bank logo HSBC logo
RM40,629
6.22%
RM1,189 less
4.086715
Bank of America International Money Transfers
Bank of America logo
RM40,365
6.83%
RM1,453 less
4.0773U$100
U.S. Bank International Money Transfers
U.S. Bank logo
RM40,365
6.83%
RM1,453 less
4.0773U$100
 
OFX: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:4.1818 (3.48% from mid-rate)
To Amount (MYR) RM41,818
Total Cost:3.48%
Time:
Rate Fetched: Thu Apr 09 2020 18:03:51 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
XE: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:
Exchange Rate:4.2784 (1.25% from mid-rate)
To Amount (MYR) RM42,784
Total Cost:1.25%
Difference:
RM966 MYR more than using OFX
Time:18:03 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 (USD)U$10,000
Fee:18
Exchange Rate:4.0982 (5.41% from mid-rate)
To Amount (MYR) RM40,908
Total Cost:5.58%
Difference:
RM910 MYR less than using OFX
Time:18:03 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
HSBC logo
HSBC: Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:U$15 USD (.15%)
Exchange Rate:4.0940 (5.51% from mid-rate)
To Amount (MYR) RM40,879
Total Cost:5.65%
Difference:
RM939 MYR less than using OFX
Time:18:03 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer USD→MYR
From Amount (USD)U$10,000
Fee:15
Exchange Rate:4.0689 (6.09% from mid-rate)
To Amount (MYR) RM40,629
Total Cost:6.22%
Difference:
RM1,189 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 (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:4.0773 (5.89% from mid-rate)
To Amount (MYR) RM40,365
Total Cost:6.83%
Difference:
RM1,453 MYR less than using OFX
Time:18:03 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 (USD)U$10,000
Fee:U$100 USD (1%)
Exchange Rate:4.0773 (5.89% from mid-rate)
To Amount (MYR) RM40,365
Total Cost:6.83%
Difference:
RM1,453 MYR less than using OFX
Time:18:03 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 04/09/2020 - View latest rates

Malaysian Ringgit to US Dollar - Historical Rates

PeriodMYR/USDDate
1 Day0.230830 Mar 2020
7 Day0.225724 Mar 2020
30 Day0.237301 Mar 2020
3 Month0.244501 Jan 2020
1 Year0.245001 Apr 2019
5 Year0.272902 Apr 2015
10 Year0.307503 Apr 2010

Malaysian Ringgit to Euro - Historical Rates

PeriodMYR/EURDate
1 Day0.209230 Mar 2020
7 Day0.209024 Mar 2020
30 Day0.214801 Mar 2020
3 Month0.217901 Jan 2020
1 Year0.218701 Apr 2019
5 Year0.250902 Apr 2015
10 Year0.227403 Apr 2010

Malaysian Ringgit to Pound Sterling - 10 Year History

PeriodMYR/GBPDate
1 Day0.186630 Mar 2020
7 Day0.191424 Mar 2020
30 Day0.185701 Mar 2020
3 Month0.184501 Jan 2020
1 Year0.187501 Apr 2019
5 Year0.184002 Apr 2015
10 Year0.201603 Apr 2010

Malaysian Ringgit to Australian Dollar - Historical Rates

PeriodMYR/AUDDate
1 Day0.374330 Mar 2020
7 Day0.378124 Mar 2020
30 Day0.366801 Mar 2020
3 Month0.348201 Jan 2020
1 Year0.344601 Apr 2019
5 Year0.359702 Apr 2015
10 Year0.334803 Apr 2010

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