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Malaysia Money

Posted by on May 1st, 2007
Filed Under: General

Malaysia Money Changers

Malaysia Money Changer Booths


Malaysia Money

Malaysia money is the Ringgit Malaysia (RM). Malaysia Money is issued in denominations of RM1, RM2, RM5, RM10, RM20, RM50, RM100, RM500, and RM1000. One ringgit is equal to 100 sen. Coins come in denominations of 1, 5, 10, 20, and 50 sen, and there’s also a 1-ringgit coin.

Don’t buy Malaysia money (Ringgit) in your home country, exchange your dollars at the airport (you need to pay in Malaysia money for transport out of airport) or any bank/moneychanger, you’ll get far better rates in Malaysia than abroad.

Malaysia money can be exchanged at banks and hotels (often much lower rates), but you’ll get a more favorable rate if you go to one of the many authorised money-changers; in shopping centers, in little lanes, and in small stores — just look for signs. They are often men in tiny booths with a lit display on the wall behind them showing the exchange rate. All major currencies are generally accepted, and there is never a problem with the U.S. dollar or Euros.

Traveler’s Checks
Generally, travelers to Malaysia will never go wrong with American Express and Thomas Cook traveler’s checks, which can be cashed at banks, hotels, and licensed money changers for Malaysia money. Unfortunately, they are often not accepted at smaller shops. Even in some big restaurants and department stores, many cashiers don’t know how to process these checks, which might lead to a long and frustrating wait.

Credit Cards
Credit cards are widely accepted at hotels and restaurants, and at many shops as well. Most popular are American Express, MasterCard, and Visa. Some banks may also be willing to advance Malaysia money against your credit card, but you have to ask around because this service is not available everywhere.

Be VERY careful with your credit card, Malaysia is a hotbed of credit card cloning/fraud. I try and restrict my credit card use in Malaysia to hotels only, but even that isn’t a guarantee that your card won’t get cloned. So, do be wary, and suggest to advise your credit card issuing bank of your going overseas on those dates, and to ask them, to monitor transaction movement(s).

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6 Responses »

  1. We were in Malaysia (Sarawak and Sabah in April 2007 and found that U S dollars printed prior to 2004 were NOT accepted. This was true regardless of the denomination($20, 50 or 100)

  2. Thanks Kent for the information, I will remember to add in your tips when i am writing about the Sabah and Sarawak trip.

  3. Denomination of RM1000 is no longer in used..

  4. I have just had about 1000 pounds worth of illegal transactions on my credit card. The last time that I used it was in Malaysia at the Palms Bar and Grill at the international airport. This is the only transaction that could conceivably have triggered this fraud. Be very careful and do not provide your custom to that restaurant!

  5. yes please be careful at hotels
    i have stayed in swiss-inn hotel
    they offers internet booking
    but they collected money by cash without any answer
    so i paid two times
    still i am looking refund

    BECAREFUL all places
    in TAXI also cheating

  6. I suffered somuch in china town and taxi payment

    BECARE FUL INTENERT CREDIT CARD USERS

    IF U ONCE PAID, U CANNOT

    THEY MADE MISTAKE, THEY SHOULD HAVE MANNER FIRST
    all are simply getting
    but
    MANNERS

    i am mailing to getback my money from SWISS INN hotel

WHAT DO YOU THINK?