12/31/2023 0 Comments Malysia currency![]() ![]() The Malaysian system of money is significantly easier to deal with and uncomplicated. However, if you are in Malaysia or working with the Malaysian currency, you are in luck! Being a newcomer in the country, you are always doing exchange rate calculations in your head, and then you fumble for the right amount of money while keeping a queue of people waiting behind you. Essentially, the first thing that calls for your utmost attention is getting local currency without paying a hefty sum of profit to the middleman. To discuss your travel needs, you can complete an enquiry form or call our Asia experts on 020 7720 9285.Everything you need to know about the Malaysian currency:ĭealing with an unknown currency is one of the most common challenges a traveler faces when they step into a new country. For up to date information on the best specialist credit cards for travellers we suggest visiting one of the price comparison websites. If you travel regularly it will pay to apply for one of the specialist credit cards for travellers that offer excellent rates of exchange and charge zero "load" fees when purchasing items, or withdrawing local currency from ATMs whilst abroad. If you have less time there is the Travelex Cash Passport which can be applied for up to 24 hours prior to departure, then picked up at branch in a number of airports (including London Heathrow, Manchester, Liverpool, Leeds Bradford, East Midlands, and Newcastle). Unlike credit cards the application process is straightforward, but you need to allow 7 days for delivery of the card. We recommend the Caxton FX Global Traveller card which offers a fixed exchange rate at 2.75% below the prevailing interbank rate when spending overseas and withdrawing local currency from ATMs. Prepaid credit cards are now the safest way to travel with "cash", and are much more cost effective and convenient than Travellers Cheques which are now slowly becoming obsolete. ![]() AmEx is also accepted in a few places in the major tourist areas, but will not be quite as useful. Most major credit cards are accepted with Visa and MasterCard being the most widely so, but many shops and banks charge a transaction fee of between 2-4%. In most states the banking hours are Mon - Fri: 9.30am to 4.30pm. Foreign currency can be converted at banks and money changers throughout the country. If you do wish to change money before you arrive be aware that the rates will not be as good as those you will get in Malaysia so it is probably worth changing as little as possible. There are plenty of ATM's and money changers at the airport on arrival, so purchasing Ringgit before leaving home is not really necessary. You will find money changers all over Malaysia, and GBP Sterling and US dollars are the most useful foreign currencies to bring as they are the most widely accepted currencies (USD more so in non-touristy and more rural areas). The more remote areas have few or no ATM's so it is worth planning your expenditure to ensure you have enough money to survive in these areas. You may want to notify your bank before leaving home, as some will automatically cancel your card after withdrawals from exotic destinations as a fraud prevention method. Cirrus/Maestro are the most prevalent cards accepted, and you will also be able to use your Visa and Mastercard for cash advances. Bank notes come in denominations of 100, 50, 20, 10, 5 and 1.ĪTM's are widespread throughout Malaysia and cash advances can be obtained, but these can incur a relatively large fee so it's best to check with your card issuer before travelling. £1 is roughly equivalent to between RM5.5 - RM6. ![]() The unit of currency is Malaysian Ringgit indicated as RM. If you're planning a holiday in Malaysia, this is what you need to know about currency, cash and credit cards. ![]()
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