After arriving in Malaysia, the first job is to change your money into the local currency, the Malaysian ringgit (the name means ‘irregular’, derived from the jagged edges of the Spanish silver dollars that circulated throughout the region after Melaka fell to the Portuguese).
As a fairly advanced market economy, Malaysia allows its visitors to use cash, traveler’s checks and credit cards with ease throughout the country. Expect very little trouble exchanging your US dollars for ringgit at any of the many exchangers or banks across the country.
Denominations and exchange rates of Ringgit
The Malaysian Ringgit (MYR) is the official currency unit of Malaysia. The paper notes are denominated in MYR1, MYR5, MYR10, MYR50 and MYR100. The coins come in denominations of 5, 10, 20 and 50 sen .
Polymer-based money is slowly creeping in; Many of the blue 1 ringgit notes in circulation are now made of plastic, with a clear window in the middle.
Changing money in Malaysia
As an advanced middle-income state, Malaysia has a fully developed banking and exchange system. US dollars or other currencies can be exchanged at banks and authorized exchange houses everywhere. The best rates can be found at banks and authorized exchange houses.
Money changers in Malaysia. Money changers can be found where tourists congregate and provide good value for your foreign currency. These establishments accept major world currencies and some regional currencies (Euro, US dollar, Singapore dollar and Indonesian rupiah).
Daily rates are commonly posted outside the establishment for your quick reference. Money changers will only accept bills in good condition, so if you’re pulling out a torn dollar bill that’s been through the washing machine a couple of times, forget it.
Hotels In the absence of a conveniently located money changer, you can change your currency at your hotel, but the rates compare poorly next to banks and exchange houses.
Find ATMs in Malaysia
ATMs are easy to find in Malaysian cities, and they provide a cost-effective and safer way to obtain local currency (assuming your local bank’s fees aren’t too prohibitive). ATMs in Malaysia can be found in major bank branches, shopping malls, and air and land terminals.
If your local bank is part of the global Cirrus or Plus ATM network, look for an ATM that has the same network signage as your card. You can also withdraw money from your credit card: MasterCard holders can withdraw money from Cirrus ATMs, and Visa cardholders can withdraw money from Plus ATMs.
Depending on your own bank limits, most ATMs will allow maximum withdrawals of approximately MYR 1,500 per transaction and MYR 3,000 per day. The machines will dispense notes in denominations MYR 10 and MYR 50.
- Maybank – ATM Network in Malaysia
- HSBC – ATM Network in Malaysia
- Citibank – ATM Network in Malaysia
- MasterCard / Cirrus ATM Network in Malaysia
- Visa / Plus ATM Network in Malaysia
Credit cards in Malaysia
Major department stores, shopping centers, restaurants, and hotels accept credit cards. Local credit cards use the “chip and pin” system that incorporates a smart chip that strengthens card security; your credit card can be declined if it lacks a smart chip.
The further out of the cities you go, the less likely you are to use your credit card. Make sure you have enough cash with you when you venture onto the boondocks.
Tipping in Malaysia
Tipping is not a common practice in Malaysia; Most invoices incorporate a 10 percent service charge into the transaction.
In general, establishments in Malaysia do not expect a tip. But if you leave a loose change on the bill when leaving a restaurant, or leave a tip of MYR 2 to MYR 10, this courtesy will not be refused.
