OFX USD to MYR Exchange Rates

OFX at a glance

OFX has a 20-year history and is one of the largest foreign exchange specialists in the world. It offers a complete foreign exchange solution, including discounted money transfers, currency hedging tools, recurring transfers, a multi-currency account for online sellers and much more.

OFX grew from the idea that there had to be a better, fairer way to move money around the world. That was over 20 years ago, and since then over 1 million customers have trusted OFX with transfers in 50+ currencies to over 170 countries.

OFX don’t just offer great rates, they believe real help from real people counts. That’s why their clients get the best of both worlds – a seamless digital platform, combined with 24/7 phone access to currency experts.

When it comes to moving money, peace of mind is important. OFX is monitored by over 50 regulators globally and work within a network of carefully selected banking partners. So whether you are sending money to friends and family abroad, or doing business across borders, OFX can get your money where it needs to go. Fast, simple, secure.

*Minimum transfer amount apply. Please note that the receiving bank or intermediary bank may charge fees on transactions.

@bestfxrates : USD/MYR trades at 4.6575, close to its 3-mo avg. FX analysts see short-term USD strength with expected easing in 2024. Hawkish Fed policies dominate, yet MYR's strong fundamentals may attract investment in the long term. Economists forecast a year-end range of 4.20-4.30 if trends hold. #USDMYR #Forex Published on: 2023-12-05T00:15

USD to MYR Market Data

US dollar (USD) to Malaysian ringgit (MYR) market data - latest interbank mid-rate, trend, chart & historic rates.

1 USD = MYR

USD to MYR at 4.6640 is just 0.8% below its 3-month average of 4.6994, having traded in a very stable 3.2% range from 4.6365 to 4.7855

05-DEC 2AM-NY 7AM-LON 3PM-HK 6PM-SYD

Sell USD → Buy MYR

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1 MYR = 0.2142 USD

14-DAY LOW1d

Date	USD/MYR	Change	Period
20 Nov 2023	4.6650	0.2% ▼	2 Week
05 Sep 2023	4.6625	0.1% ▼	3 Month
04 Dec 2022	4.3880	6.1% ▲	1 Year
05 Dec 2018	4.1540	12.1% ▲	5 Year
06 Dec 2013	3.2279	44.3% ▲	10 Year
09 Dec 2003	3.7999	22.6% ▲	20 Year

USD/MYR historic rates & change to 04-Dec-2023

Forecasts for USD to MYR

14-DAY LOW1d

05 DecThe USD/MYR exchange rate has been a subject of much discussion among FX analysts in light of a resilient US dollar, which is expected to maintain its strength through the end of the year, supported by a robust US economy and high Treasury yields. Despite this, economists project that the dollar may begin to reverse its gains into 2024 as the Federal Reserve's cycle of interest rate hikes comes to a close, potentially leading to a gradual weakening against major currencies. According to a Reuters Poll of Forex Strategists, the hawkish monetary policy has underpinned dollar strength, yet as the Federal Reserve nears its first potential interest rate cut, a modest depreciation is anticipated next year. These perspectives shape the market view that while the US dollar's strength may continue in the near term, a shift in policy could alter its trajectory in the longer term.

Read our full USD to MYR forecasts analysis

How to get a good USD to MYR exchange rate

There are several ways to save on exchange rates when converting US dollar to Malaysian ringgit:

Shop around for the best USD/MYR exchange rate: Exchange rates can vary significantly between different currency exchange providers, so it's important to compare rates from different sources before making a conversion.
Timing is important: Keep an eye on the USD/MYR rate on currency markets, as exchange rates can fluctuate frequently. Try to make your transactions when the exchange rate is in your favor. You can do this easily with our BER Smart Rate Tracker.
Use a credit/debit or travel card that doesn't charge foreign transaction fees: Some credit cards charge additional fees for transactions made in a foreign currency, so it's important to check with your card issuer to see if they charge these fees and what their exchange rate is.
Use a multi-currency account: Having a multi-currency account allows you to hold and transfer money in both USD and MYR at close to the interbank rate. It also allows you to make payments or withdrawals in the local currency while avoiding high conversion fees.
Buy currency in advance: If you know that you will need foreign currency in the future, consider buying it in advance when the exchange rate is favorable.

The key is reducing excessive costs and fees

Generally speaking, if you are buying Malaysian ringgit with US dollar, then it's better for the USD/MYR exchange rate to be higher.

However working against you are the fees all foreign exchange providers charge for providing their service. These fees 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.

It's worth noting that while these tips can help you save on exchange rates, it's important to be aware that no single method is guaranteed to provide the best exchange rate in every situation, and it may require some research and comparison-shopping to find the best option for your specific needs.

Will the US dollar rise against the Malaysian ringgit?

It is almost impossible to predict what an exchange rate will do in the future, the best approach is to monitor the currency markets and transact when an exchange rate moves in your favour.

To help with this you can add USD/MYR to your personalised BER Smart Rate Tracker to track and benefit from currency movements.

Manage My Rates

Rather than requiring you to set a target rate, our FX Alerts work differently. Once you add a currency pair for tracking in your watchlist we can select to be notified daily for any UP▲ DOWN▼ HIGH▲ LOW▼ alerts over a range of periods over the recent 90 days.

Read our Currency guide to Malaysia - a practical currency and money guide to travel, living and doing business in Malaysia with the Malaysian ringgit.

Country Currency Guides

United States (USD)

Malaysia (MYR)

How is the expat life in Malaysia?

The expat life in Malaysia can be quite comfortable, depending on where you live. Most expats live in urban areas like Kuala Lumpur, where they have access to international schools, western supermarkets, and hospitals. There are also many expat-friendly activities and events in the city.

Any laws in Malaysia that foreigners should be aware of?

There are several laws in Malaysia that foreigners should be aware of, such as the Sedition Act, the Communications and Multimedia Act, and the Official Secrets Act.

Read more at our Malaysia (MYR) country guide

Related exchange rates

Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more

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