What's in this USD to MYR exchange rate review?
To calculate other USD/MYR amounts try our home-page Convert USD to MYR quick converter.
Comparing Retail Exchange Rates
The total cost for 'Retail' exchange rates you receive from your bank or foreign exchange provider consists of the margin from the 'Wholesale' rate (interbank mid-rate) plus any fixed or percentage fees.
These margins and fees can vary significantly for International Money Transfers, Travel Money and prepaid multi-currency Travel Card transactions. Also the exchange rate margin will also vary depending on the currency pair and total amount.
Malaysian Ringgit (MYR) Country Guides
 Malaysia (MYR) |
US Dollar and Malaysian Ringgit Forecasts
When determining the best time to make a foreign exchange transaction, in this case the USD vs MYR, you should pay attention to the recent market trends for both currencies.
US Dollar (USD)
Key fundamentals that previously propped up the USD (such as company revenues, inflation rates and interest rates) have been rapidly eroded. However, there are drivers for a temporary shift in risk demand for the US dollar. Nothing goes down in a straight line, and the US dollar might bounce before it continues its trend lower.
The US dollar has dropped steadily for the last 3 months against nearly all major currencies.
Bank of America predict that an early discovery of a vaccine against the coronavirus would be a positive for the US dollar. That's because Europe and Asia have a higher chance of fresh waves of infections the longer it takes for a vaccine to be found, a scenario that's bullish for the US dollar, read more at the Bloomberg report.
In July market USD forecasts started predicting US dollar weakness during the second half of 2020. This was triggered by the mid-July european leaders delivery a historic stimulus package which was seen by market commentators as positive for the euro and hence negative for US dollar.
In early May the continuing coronavirus pandemic and an associated possible re-escalation in the US-China trade tensions has moved the market into safer currencies such as the USD and JPY.
The US dollar held its value in 2019 despite the US-China trade tensions, mainly because the greenback is still considered a safer currency to own than most others.
Read more in the article USD Forecasts.
Malaysian Ringgit (MYR)
The Malaysian ringgit is up around 2.5% against the US dollar for 2020 (in August) and is gaining favour from bank commentators such as HSBC due to the attraction of the carry trade - the ability to earn higher interest when holding MYR versus other major currencies.
Read more in the article MYR Forecasts.
How to get Best USD to MYR Exchange 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.
Our real-time foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save.
What is a good USD to MYR exchange rate?
This is always a difficult question as exchange rates are influenced by many factors, so a good method to consider the US Dollar vs Malaysian Ringgit current value is to look the USD/MYR historic rate and change over a range of periods.
The following table looks at the change in the USD to MYR exchange rate over periods from the previous week back to the last 10 years.
| USD/MYR rate | Change | Period |
|---|---|---|
| 31 Jul 2020 : 4.2400 | 1.2% ▼ | 1 Week |
| 08 Jul 2020 : 4.2695 | 1.9% ▼ | 30 Days |
| 09 May 2020 : 4.3340 | 3.4% ▼ | 90 Days |
| 08 Aug 2019 : 4.1851 | 0.1% ▲ | 1 Year |
| 09 Aug 2015 : 3.9233 | 6.7% ▲ | 5 Years |
| 10 Aug 2010 : 3.1525 | 32.8% ▲ | 10 Years |
When is the best time to exchange USD 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.