Banking and Currency

Specimen Ringgit Malaysia (MYR)

While planning your trip to Malaysia, you must know about the law and currency exchange policy in Malaysia.

Firstly, it's crucial to consider the following regulations:

1) Non-resident travelers are not restricted from bringing any amount of foreign currency, including travelers' cheques, into or out of Malaysia.

2) However, the amount of Ringgit that a non-resident traveler can bring into or out of Malaysia is limited to up to USD10,000 equivalent.

Note: If you plan to carry Ringgit notes, foreign currency notes, and travelers' cheques exceeding the permitted limits, you must obtain prior written permission from the Exchange Control Department in Airports.

For your planning, please be aware that per adult, you are not allowed to carry more than USD10,000 worth of Ringgit in cash into Malaysia. While the likelihood of being stopped is slim, especially if you confidently pass through the green channel, the decision to comply ultimately rests with you.

Bureau de Change

Exchanging cash in Malaysia is a straightforward process. Bureau de Change (Money Changer) booths are prevalent and clearly display their daily exchange rates on electronic notice boards. There are no fees or charges for bringing your home currency, nor for exchanging it into Ringgit in Malaysia. It's advisable not to purchase any Malaysian currency until you arrive in Malaysia. The rates offered within Malaysia are consistently better than those available in your home country.

Money Changers accept all major currencies. Remember to bring only banknotes in good overall condition, as Money Changers typically won't accept torn, ripped, damaged, or excessively marked/stamped banknotes.

The easiest and often the most cost-effective method is to exchange your currency in Malaysia. While there are some risks associated with carrying cash, it's generally considered safe. You can exchange some money beforehand for incidentals upon arrival or use ATMs at the airport.

You always have the option to carry your home currency, as converting it to Malaysian Ringgit is quite convenient. Rates offered by various entities like banks and money changers are generally similar, and while you can search for the best rates and possibly save a bit, the difference is usually marginal.