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Last updated : Nov 2009
Malaysia Currency
Malaysia Currency and Bank information - TravelPuppy.com
Ringgit (RM) = 100 sen. Notes are printed in denominations of RM1,000, 500, 100, 50, 10, 5, 2 and 1. The RM1,000 and RM500 notes are being phased out. Coins are in denominations of RM1, and 50, 20, 10, 5 and 1 sen. There are also a number of commemorative coins in different denominations, which are legal tender. The Ringgit is also referred to as the Malaysian Dollar.

Currency exchange

The favoured exchange currency is the British Pound (GBP), but US Dollars (USD) are widely accepted. The major currencies are exchanged easily in the main tourist centres though problems can probably happen elsewhere. Outside of Malaysia, Indonesia or Singapore, it is hard to exchange Malaysian money and all tourists need to fill in a Travelers Declaration Form (TDF); see Currency restrictions below.

Credit and debit cards

American Express, Diner's Club, MasterCard and Visa are widely accepted. For information of acceptability and other services, contact your credit or debit card company.

Traveller’s cheques

All banks, hotels and large department stores accept traveller's cheques. To avoid exchange rate charges, carry travellers cheques in Australian Dollars, US Dollars or Pounds Sterling.

Exchange rate indicators

The following is included as a guide to the movements of the Ringgit against Sterling and the US Dollar:
 
Date Oct'07
£1.00=
6.88223
$1.00=
3.35840
 
Currency restrictions

When entering Malaysia, tourists which include children must declare all amounts over RM1,000 in their possession (local and equivalent in foreign currencies) on a Travelers Declaration Form (TDF). These forms can be found at the airport or Malaysian embassies, high commissions and tourist offices. When departing, the TDF has to be filled in before clearing immigration.
The import and export of Malaysian currency is limited to RM1,000. The import of foreign currency is not limited and the export of foreign currency is limited only to the amount imported on arrival.

Banking hours

Mon-Fri: 9.30 am - 3.00 pm; Sat: 9.30 - 11.30 am. Banks in Sabah are open at 8.00 am and break for lunch from noon - 2.00 pm.