Malaysia Money Guide

Malaysia Money Guide – Currency, Exchange, Costs & Payment Tips

Understanding the local currency is one of the most important parts of travel planning. Malaysia offers a straightforward, tourist-friendly financial system with plenty of ATMs, fair exchange rates, and modern payment options. This Malaysia Money Guide by Photos4Travel explains everything you need to know about the Malaysian Ringgit, how to manage your money, and what daily costs to expect during your visit.

1. The Malaysian Currency

• Currency Name: Malaysian Ringgit
• Currency Code: MYR
• Symbol: RM
• Subunit: 1 Ringgit = 100 sen (cents)
• Banknotes: RM1, RM5, RM10, RM20, RM50, RM100
• Coins: 5, 10, 20, and 50 sen

The Ringgit is available in colorful polymer notes. RM1 and RM5 are commonly used for small purchases, while RM50 and RM100 are preferred for larger transactions.

2. Exchange Rates & Value

The exchange rate for the Ringgit fluctuates slightly but remains stable over time. On average:

• 1 USD ≈ 4.6 MYR
• 1 EUR ≈ 5.0 MYR
• 1 GBP ≈ 5.8 MYR
• 1 SGD ≈ 3.4 MYR

(Check up-to-date rates on the Bank Negara Malaysia website or currency apps like XE.)

Major cities like Kuala Lumpur, Penang, and Kota Kinabalu have competitive exchange houses. Airport counters offer convenience but usually lower rates.

3. Where to Exchange Money in Malaysia

Malaysia is one of the easiest countries in Southeast Asia for currency exchange. You’ll find licensed money changers in almost every shopping mall and commercial district.

• Licensed Money Changers: Best rates, no hidden fees, widely available.
• Banks: Secure, but slower service and sometimes small commission fees.
• Airport Counters: Convenient but offer less favorable rates.
• Hotels: Acceptable for small amounts, but not recommended for large exchanges.

Always keep your exchange receipt, especially if you plan to convert your leftover Ringgit back to foreign currency before departure.

4. Using ATMs in Malaysia

ATMs are abundant and reliable throughout the country. Most accept international debit and credit cards (Visa, Mastercard, Cirrus, Plus). Withdrawals are charged a small international fee (usually RM10–20 per transaction).

Tips:

• Choose ATMs inside malls or banks for better security.
• Select “withdraw in local currency” to avoid foreign exchange markup fees.
• Notify your bank before travel to avoid card blocks.

5. Credit & Debit Card Usage

Cards are widely accepted in hotels, restaurants, and retail stores. Smaller cafes, local markets, and taxis often prefer cash. Contactless and mobile payments (Apple Pay, GrabPay, Touch ‘n Go eWallet) are becoming popular in cities.

• Accepted Networks: Visa, Mastercard, American Express (limited)
• Mobile Payments: GrabPay, Boost, Touch ‘n Go, DuitNow QR
• ATM Network: Maybank, CIMB, Public Bank, RHB

If you’re staying longer, consider installing the Touch ‘n Go eWallet app for public transport and small transactions.

6. Tipping Culture

Tipping is not mandatory in Malaysia, but it’s always appreciated. Most restaurants add a 10% service charge automatically. If not, a small tip (RM5–10) for excellent service is welcome. Taxis and Grab drivers don’t expect tips, but you can round up the fare.

• Restaurants: 5–10%
• Hotels: RM5–10 for bellboys and housekeeping
• Spas: RM10–20 for good service

7. Average Daily Costs

Malaysia is affordable for most travelers, offering a high standard of comfort for a moderate budget. Here’s what you can expect to spend daily:

Even in major cities, a comfortable daily budget of RM250–400 ($50–80 USD) covers meals, local transport, and attractions.

8. Taxes & Service Charges

Hotels and restaurants usually add a 10% service charge and 6% sales and service tax (SST). Street food, local eateries, and small shops typically include taxes in the price shown.

9. Cash vs. Card: What’s Best?

Cash remains king for smaller transactions, especially in rural areas and markets. Cards are ideal for larger purchases or online bookings. Most travelers find a 70/30 ratio of cash to card works best.

10. Money Safety Tips

• Carry small denominations for taxis and street food.
• Use hotel safes for excess cash and documents.
• Avoid showing large amounts of cash in public.
• Be cautious with “helpful” strangers at money changers or ATMs.

Malaysia is generally safe, but it’s smart to stay vigilant, particularly in busy tourist zones.

11. Currency Restrictions & Declaration

You may bring up to RM10,000 (about USD 2,200) in local currency without declaring it. For foreign currency, any amount above USD 10,000 must be declared at customs on arrival or departure.

12. Digital Nomads & Long-Term Stays

For longer stays, many travelers open a local bank account through Maybank or CIMB. Some digital nomads use multi-currency services like Wise or Revolut for better exchange rates and instant transfers. The DE Rantau Nomad Pass also supports long-term remote workers with financial flexibility.

13. Banking Hours & Currency Holidays

• Bank Hours: Monday–Friday, 9:30 AM to 4:00 PM
• Closed: Weekends and public holidays
• Exchange Centers: Open 10:00 AM–8:00 PM in malls

Note: On Hari Raya and Chinese New Year, financial institutions may close for several days, so plan cash withdrawals in advance.

14. Cost of Living Overview

Malaysia offers one of the best value-for-money lifestyles in Asia. It’s a favorite among retirees, students, and digital nomads thanks to its balance of affordability and comfort. A single traveler can live comfortably on RM5,000–6,000 ($1,000–1,200 USD) per month, including rent, food, and transportation.

Learn more in our detailed Cost of Living in Malaysia guide.

15. Final Thoughts

Malaysia’s money system is simple, transparent, and tourist-friendly. Whether you’re exploring night markets in Penang or high-end malls in Kuala Lumpur, managing your finances is easy and secure. With a mix of cash and card, smart planning, and awareness of local customs, you can enjoy your journey stress-free.

Explore More: About Malaysia | Fast Facts | Travel Tips | Cost of Living

Written and verified by Photos4Travel’s editorial team and financial experts to ensure accurate, practical, and trustworthy information for global travelers.