1 Australian dollar equals Malaysian ringgit
There are three simple steps you need to take in order to get a good AUD-MYR exchange rate:
Know the latest AUD to MYR market mid-rate - this is your starting point!
Compare your Bank and licensed FX provider transaction costs, including the exchange rate margins as well as the various types of fees. These margins and fee costs vary for
Australian dollar to Malaysian ringgit (AUD-MYR) - 10 Year History
26 May 2018
19 May 2018
26 Apr 2018
27 Nov 2017
26 May 2017
26 May 2016
27 May 2013
28 May 2008
The AUD/MYR mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the AUD / MYR was traded (bought or sold) in the international markets.
The closer your final exchange rate is to the market / midrate the better deal you are getting.
2. Transaction Costs - Margins and Fees for AUD/MYR Foreign Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
AUD to MYR Foreign Transfer - Costs Compared
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from AUD to MYR.
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
Click here to order Travel Money and the Pre-paid Cash Passport with $0 commission and great exchange rates only available online. Home delivery or pickup your cash at your local Travelex store, Post Office, HSBC branch or conveniently at the airport on departure day. * Orders paid for via BPAY incur no additional fees. Card (debit or credit) will incur a card surcharge; MasterCard (debit) 0.77%, MasterCard (credit) 0.94%, Visa (debit) 0.72% and Visa (credit) 1%. In addition, for Credit Card purchases, your card issuer may charge a separate cash advance fee. For Australia post collection and home delivery orders under $AUD1,000 a $10 collection fee applies.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount
you are transferring and if you are willing to shop around.
Why can't I just get the same AUD/MYR market rate I see on Google or in the Media?
When you look up the current Australian dollar to Malaysian ringgit exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great AUD to MYR mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use our AUD to MYR currency converter to calculate equivalent amounts in each currency using the latest mid-market exchange rates.
Then choose your transaction type for specific Australian dollar cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for Australian dollar and Malaysian ringgit
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency is always determined quoted in comparison to another currency.
So it follows that if you are determining the best time to transact, in this case the AUD vs MYR, you should pay attention to both Australian dollar and Malaysian ringgit news and forecasts.
Australian dollar (AUD) - Market news and forecasts
The Australian dollar took a hit in February and March, during which it gave up 4% of its value against the US dollar, and it continues to struggle in April.
In the third week of April, a rather dovish set of RBA meeting minutes eliminated gains made during a modest recovery period earlier in the month and the Aussie was once again in the mid-0.76s versus USD – it had been as high as 0.813 in January – and was close to long-term lows against the euro, in the low 0.62s.
Over the medium term, the Australian dollar is likely to receive support from commodities, which will continue to rally according to a PIMCO analyst. Speaking in April, the analyst said that commodities “would shine” given the transition to an environment in which low and stable inflation is preferable.
Any support lent by commodities will, however, be offset by a central bank that sees little reason for a near-term increase in interest rates and by uncertainties surrounding a potential US-China trade war. Trade tensions were at least eased when at the Boao Forum in April, Chinese President Xi Jinping spoke of the need to ease tariffs and further open up China’s economy.
In March, the median estimate of analysts polled by Reuters had AUD/USD at 0.78 at year-end.
Malaysian ringgit (MYR) - Market news and forecasts
The ringgit was hammered in the second week of May after a shock election result which saw the incumbent Barisan Nasional coalition lose power in Malaysia for the first time in sixty years.
Investors generally despise political drama, especially in emerging market economies, and consequently there were election-induced earthquakes in Malaysian financial markets. Investors were concerned that the new government would roll back financial reforms that have boosted economic growth.
The ringgit, which had averaged 3.9 per US dollar in 2018 and which rarely moves more than 0.5 percent in a day, fell after the election by as much as 5 percent to 4.16 – its weakest level in six months – before recovering to 4.05 at the time of this report.
Malaysia’s new prime minister, Mahathir Mohamad, said following his victory that he would try to make the ringgit as stable as possible.
Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to
provide you with information about currency exchange products & services from multiple financial institutions.
We will try to show you a
range of products & services in response to your request for information. The search results do not include all providers and may
not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to
you about a particular product.
If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates.
Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website.
Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own
and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.
You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.
For more details or request distribution right please contacxt us here.