Australian Dollar to Malaysian Ringgit exchange rates aren't all the same.
The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees.
These margins and fees vary significantly for International Money Transfers and Travel Money/Card transactions as shown below.
To calculate specific AUD/MYR amounts use our
Convert AUD to MYR quick calculator.
Comparing Foreign Exchange Providers
The total cost you are charged by your foreign exchange provider consists of the margin from the mid-rate offered plus any fixed or percentage fees.
These margins and fees vary significantly for International Money Transfers, Travel Money and prepaid multi-currency Travel Card transactions.
The Exchange rate you are offered can also vary significantly depending on the transaction type (transfer, cash or card), currency pair and amount. The below table shows an example of total costs charged by FX specialists and banks for AUD/MYR International Money Transfers. Costs are calculated against the current interbank mid-rate.
Example of the margins and possible savings when you order travel money online with a currency specialist rather than in-person from banks and currency kiosks.
When determining the best time to make a foreign exchange transaction, in this case the AUD vs MYR, you should pay attention to the recent market trends for both currencies.
Australian Dollar (AUD)
The Australian dollar has dropped over 4 percent already this year sliding below US67 cents down to an eleven-year low.
Growing fears of the coronavirus outbreak has moved the market into safer currencies such as the USD and away from AUD, NZD and CAD.
The virus was a double blow to the Aussie after the earlier threat of proxy war between the US and Iran in Iraq had also pared back some of the gains the Aussie had made coming into the New Year.
The Australian dollar had started the new decade strongly climbing to multi-month highs helped along by cooling trade tensions between the United States and China and optimism for global economic growth in the year ahead.
The Aussie broke back over US70 cents on the final day of 2019 — a level not seen since mid year.
During December the Australian dollar reversed direction (again) and climbed steadily back up against the US dollar on the back of the strength of the housing market and a market perception that further interest rate cuts were less likely.
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.
All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate).
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.
This is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate's relative value is to look at the rate's history.
The following table looks at the change in the AUD to MYR exchange rate to the present day for periods going back upto 10 years.
*For period to 18-Feb 21UTC when AUD/MYR was 2.7787
When is the best time to exchange AUD to MYR?
Getting a good market rate is all about timing to help with this you can use BER Smart Alerts to make the most of currency movements.
Rather than requiring you to set a target rate, our rate alerts work differently. We check for daily high/lows and changes (up/down) over a range of periods up to 90 days rather than requiring you to set target rates.
Australia (AUD)
Christmas Island (AUD)
Cocos Keeling Islands (AUD)
Heard and McDonald Islands (AUD)
Kiribati (AUD)
Malaysia (MYR)
Nauru (AUD)
Norfolk Island (AUD)
Tuvalu (AUD)