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.
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 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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