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Malaysia is one of the largest countries in south east Asia. It has vast geographical area of more than 127,724 square miles. Known as the pride of Asia, Malaysia frequently tops global rankings in terms of satisfaction and economic power. Moreover, it is also ranked currently as the world’s 44th most populated country, with the current population at the head count of almost 30 million. If you are a foreign national looking to work or reside elsewhere, Malaysia could be the perfect location for you. With over 13 federal states, Malaysia guarantees that no matter who you are or where you come from, there will always be a place for you.
However, as a newcomer to Malaysia, you may find yourself confused with the currency system here. Malaysia’s currency is named the Ringgit, where one Ringgit can be further divided into 100 sen or cents. The Malaysian Ringgit comes in a mixture of coins and note, with the smallest amount on a note is 1 Ringgit and the largest being 100 Ringgit. In retrospect, the coins have a smallest value of 5 sen and a largest value of 50 sen.
As a foreign national to Malaysia, chances are, you will have US Dollars on your person for purpose of travelling. As such, after landing on Malaysian soil, you will need to either keep those bank notes with you or you may opt to exchange them to Ringgit Malaysia. More information about this will be provided later on in this article.
Do note, that outside of the airport’s duty-free stores, there are very limited areas in Malaysia that accept dollars in exchange. However, heavy tourist attractions such as Central Market does have merchants that will accept foreign currency.
Currently, the available notes/coins and values are the following:
Currently the exchange system in Malaysia (US Dollars to Malaysia Ringgit exchange system also) is controlled and issued by Bank Negara Malaysia, commonly known in English as the Central Bank of Malaysia. Established in 1959, Bank Negara Malaysia also acts as the official bankers and advisors for the Government of Malaysia. Moreover, BNM also is in charge of developing the financial insurance policy of the country.
Current exchange rates of US Dollars to Malaysia Ringgit as per Bank Negara Malaysia
Below we’ve provided a chart on the most up to date exchange rates for Ringgit. It is to be noted that due to the economy, these values will fluctuate at any given moment, but for the most part will generally stay within a close range.
|US Dollar||Malaysian Ringgit|
|1.00 USD||4.14 RM|
|Malaysian Ringgit||US Dollar|
|1 RM||0.24 RM|
If you’re a foreigner or a visitor to Malaysia, you are allowed to exchange your currency to Malaysian Ringgit at any currency exchange counter, for this you may be asked to provide your passport as an identifying document. Moreover, there is currently no restriction as to how much currency a foreign national may bring to Malaysia.
There are always several currency exchange stores or counters wherever you go in Malaysia, but below are the locations of the prominent ones in Kuala Lumpur:
09 – 01, Level 9, Menara 2 Menara Kembar Bank Rakyat,
No. 33 Jalan Rakyat,
50470 Kuala Lumpur, Malaysia
Vital Trade under Merchantrade
Lot 1.24.00, Level 1 Pavilion,
168 Jalan Bukit Bintang, Bukit Bintang,
55100 Kuala Lumpur, Malaysia
LG 153/LG 156, Sungei Wang Plaza,
Jalan Sultan Ismail,
50250 Kuala Lumpur, Malaysia
AEON. Big Shopping Centre, Mid Valley Megamall,
Lot LG30, Mid Valley City, Jalan Linkaran Syed Putra,
58000 Kuala Lumpur, Malaysia
Lot G49, Ground Floor Wisma MPL,
Jalan Raja Chulan,
50200 Kuala Lumpur, Malaysia
A good rule of thumb is to always check the exchange information of individual stores online first. This is in order for you to make the most informed decision about your money as different stores will be more/less advantageous towards certain currencies.
To conclude, coming to Malaysia will be an amazing experience, regardless of where you come from, you will always be sure to find your purpose here. If you are still in doubt about anything, do not hesitate to contact one of our friendly customer service representatives, they are available to channel 24/7 and will be more than happy to put your mind to ease. As stated before, we at S&F Consulting pride, as officially registered agents in Malaysia, ourselves on ensuring that you, our esteemed customer will always receive the best, in terms of a fuss free journey!
Read Also: Malaysian Business Visa Requirements & Fees