Malaysia Country Guide

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Currency

The Malaysian currency is the ringgit, informally known as the dollar (the "$" symbol can be seen on older notes) and abbreviated RM or MYR, is divided into 100 sen. There are coins of 5, 10, 20, and 50 sen as well as bills of RM1, 2 (rare), 5, 10, 50 and 100. 5 sen coins are mainly given as change in large establishments and supermarkets but peddlers and street vendors might be reluctant to accept them. Note that the Singapore and Brunei dollars are also known as ringgit in Malay. Thus, when near the border areas be sure which currency they are referring to.

 
 
 
 
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Most major and regional currencies are convertible into the ringgit with the banks and money changers. These include the US, Australian, New Zealand, Hong Kong and Singapore dollars. Others include the Euro,  British Pound, Japanese Yen, Indonesian Rupiah, Indian Rupee and Saudi Riyal. Foreign currencies are not generally accepted by retailers, restaurants, local hotels and most establishments. However, you might get away with exchanging some Euros or US dollars at the banks in more remote areas.

Bureu de Change at KLIA
Bureau de Change at Kuala Lumpur International Airport

Banks and airports are not the best places to exchange money if it is not urgent. Licensed money changers often found in major shopping malls and shopping streets often offer the best rates. However, be sure to mention the amount you wish to exchange and ask for the best quote as rates displayed on the board are often negotiable for larger amounts.

Money changer at KL Sentral

Money changer at KL Sentral

 
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