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| Malaysia
Money |
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Malaysian
Currency
Ringgit (RM) = 100 sen. Notes are printed in denominations of RM1000,
500, 100, 50, 10, 5, 2 and 1. The RM1000 and RM500 notes are being
phased out. Coins are in denominations of RM1, and 50, 20, 10, 5
and 1 sen. There are also many commemorative coins in different
denominations, which are legal tender. The Ringgit is also referred
to as the Malaysian Dollar.
Currency
exchange
The favoured currency for exchange is the Pound Sterling, but US
Dollars are widely accepted. All major currencies can be exchanged
easily in the main tourist centres though problems may occur elsewhere.
It is difficult to exchange Malaysian money outside of Malaysia,
Singapore or Indonesia. 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 accepted.
Check with your credit or debit card company for details of acceptability
and other services.
Traveler’s
cheques
Are accepted by all hotels, banks, and large department stores.
To avoid exchange rate charges, carry travellers cheques in Pounds
Sterling, US Dollars, or Australian Dollars.
Exchange
rate indicators
The following is included as a guide to the movements of the Ringgit
against Sterling and the US Dollar: |
|
| |
| Date |
Feb
’03 |
May
’03 |
Aug
’03 |
Nov
’03 |
| £1.00= |
6.05 |
6.22 |
6.05 |
6.35 |
| $1.00= |
3.80 |
3.80 |
3.80 |
3.80 |
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Currency
restrictions
All tourists entering Malaysia (including children) must declare
all amounts over RM1000 in their possession (local and equivalent
in foreign currencies) on a Travelers Declaration Form (TDF). These
forms can be obtained 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 RM1000.
The import of foreign currency is unlimited and the export of foreign
currency is limited only to the amount imported on arrival.
Banking hours
Monday to Friday from 09:30-15:00, Saturdays from 09:30 to 11:30.
Banks in Sabah open at 08:00 and break for lunch between 12:00-14:00. |
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