How to Pay in Malaysia: Currency Guide of Ringgit 2024

Ready for Malaysia? To indulge in the exotic culture, hike in the natural rainforest, and taste the diverse gastronomy. It must be a lifetime experience! Before you leave for a Malaysia tour, it is better for you to know the Malaysia currency to ensure your vacation is going smoothly.

What Is the Currency in Malaysia

The Malaysia Ringgit is the official currency of this country. Officially in the bank, the currency code is MYR. However, when traveling in Malaysia, the currency symbol RM you will see in many restaurants, which also means Ringgit. Some locals also use dollars to call the Malaysian Ringgit. However, once you arrive in Malaysia, the money they use is Ringgit with no doubt.

Notes of Malaysia Ringgit

The banknotes come in denominations of 1, 2, 5, 10, 20, 50, 100 ringgits. The subunit of ringgit is sen, 1 ringgit equals 100 sen. The denomination of coins is 5,10,20,50 sen.

Malaysia Ringgit

Exchange Rate

To know the value of Malaysia Ringgit better, and help you to calculate how much money you may spend for your Malaysia tour, the following table of exchange rates is just for your reference. (Updated in November 2024)

How to Exchange the Malaysia Ringgit Currency

It is quite convenient to change ringgit in Malaysia, so you don't need to exchange money before your trip. The currency rate is always better in Malaysia. This rule is usually suitable for most countries.

However, bringing large amounts of Malaysian ringgit into or out of the country is restricted due to the regulations. You can only carry the equivalent of up to USD 10000. If amounts exceed USD 10000, you must make the declaration at customs.

There are many ways to exchange ringgit in Malaysia. You can make the conversion in the bank, hotel, airport, or the money changer. It is also convenient to withdraw from ATMs.

Exchange Currency in Malaysia

Bank:

You can use cash to change money in the bank with a higher transaction fee compared to a money changer but lower than hotels and airports. But it is safer and more authoritative to avoid the potential risk.

Hotel or Airports:

In international airports and most large hotels, you can bring foreign currency to do the exchange. It is really convenient for tourists and reliable but with a high exchange fee and lower rate.

Money Changer:

Money changers are normally located in most shopping centers and stores, and you can usually gain a better rate in these places. You can see the real-time exchange rate on the bulletin board.

ATM Withdrawl

You can see ATMs in most places, it is very convenient to withdraw cash. However, there might be an extra fee when you are withdrawing money. So please remember to check the transaction fee of the bank.

The Main Payment Method

Cash

Cash payments are very common and accepted in Malaysia. Most shops, restaurants, markets, and small vendors accept cash payments, especially in smaller towns and rural areas. So, when traveling in Malaysia, you can exchange some Malaysian Ringgit for consumption.

Debit/Credit Card

It is quite common to use credit cards in this country. You can use a credit card to purchase materials at a higher price, a hotel deposit, and some emergencies. Also, a debit card to withdraw some cash. Credit cards are widely accepted in shopping centers and restaurants, and there will be a transaction fee of about 2% to 4% of the bill. Visa and Master Card are widely accepted while the AmEx is not that useful for most places.

Travel Card

Many banks offer a travel card service. You can ask the bank you are familiar with to apply for one before your trip. Travel cards usually provide a real-time rate with no transaction fees to switch your currency to MYR.

US Dollars

In some tourist areas, high-end hotels, and some shops, US dollars may be accepted. However, you can find currency exchange services at airports, banks, currency exchange offices, or some large shopping malls.

How Much Money Is Needed for a Malaysia Tour

Hotel

Depending on your budget, you may cost  50 dollars to 100 dollars per night for accommodation. The prices float depending on different areas and months, but it won't change out of logic.

For 4-star hotels, the average price of a double room is about 250 to 300 ringgits per day. If you consider a 5-star hotel, the price is over 500 ringgit. But the services are also better than the 4-star hotel.

Resort in Langkawi

Meal & Drink

In Malaysia, a cup of Americano is about 10 ringgit, a pint of beer is about 20 ringgit, a moderate dinner for 2 without wine is about 50 ringgit, and if you want to try some street food, each dish is about 10 to 20 ringgit.

Transportation

Metro rides in Kuala Lumpur cost from 1.1 ringgit to 6 ringgit per person, so you won't worry about traffic jams. For transfer from the airport to downtown, taking a bus will cost about 15 ringgit per person, and a taxi will cost about 125 ringgit. And if you want a more private vehicle, contact us to customize your Malaysia tour.

More Tips for the Malaysia Tour

Inform Your Bank in Advance

Remember to contact your bank to let them know you will use the credit card in a foreign country, to avoid the unexpected situation. And if you need to withdraw cash with a credit card, it might be a risk that your card will be frozen and canceled by the banking system. So you need to avoid this situation or you should inform your bank first.

Don't Exchange Ringgit Before Your Arrival

There is no need for you to exchange ringgit before you arrive there, and it may cost a probable commission fee and lower rates.

Choose to Be Charged in MYR

When you are asked if you would rather pay in USD/GBP or any other currency instead, remember to refuse it. It may lead to extra costs.

Tipping Culture

There is no need to tip in this country for it is not a common culture. However, tipping is always appreciated. If you consider the guide and driver providing you with perfect services, you can give some extra tips.

Start Your Malaysia Tour With Odynovo

Malaysia is a country that provides you with more than your expectations. Before your departure, please feel free to contact us with any questions that you are curious about this country. With Odynovo, you will never be alone.