Planning a trip to Malaysia? You’ll need to know about the Malaysian Ringgit (MYR) to get around smoothly, especially if you’re picking up souvenirs, enjoying local dishes at night markets, or exploring beyond major cities.
Here’s your friendly guide to understanding and managing MYR while you’re there.
Understanding the Malaysian Ringgit (MYR)
The Malaysian Ringgit, often shown as RM, is Malaysia’s official currency. If you see prices like “RM10” or “MYR 5.50,” you’re looking at costs in ringgit.
The word "ringgit" actually means "jagged" in Malay, referring to the serrated edges of old Spanish silver dollars that once circulated in the region.
- Symbol and Code: The ringgit uses the symbol RM, and MYR is its international currency code.
- Subunits: Each ringgit is divided into 100 sen, like cents in a dollar.
- Bank Negara Malaysia: The ringgit is managed by Malaysia’s central bank, known as Bank Negara Malaysia.
Ringgit Denominations
Here’s a quick rundown on Malaysia’s coins and banknotes, so you’ll know what’s in your wallet:
- Coins: Common coins are 5, 10, 20, and 50 sen, which are handy for small purchases like bottled water or a quick snack from a street vendor.
- Banknotes: You’ll see notes in denominations of RM1, RM5, RM10, RM20, RM50, and RM100. Each note features unique designs representing Malaysia’s history, culture, or natural beauty, making them interesting little pieces of art.
Coins are perfect for small transactions, while RM5 and RM10 notes are widely used for daily expenses like meals or transit tickets.
Cash and Cards: Payment Tips in Malaysia
Malaysia is still quite cash-friendly, especially in smaller towns and local markets. Here are some tips on using cash and cards:
- Cash-Centric Spots: You’ll definitely want cash for things like street food, taxis, and purchases at traditional markets. Smaller businesses often prefer cash and may not accept cards.
- Where Cards are Accepted: Credit and debit cards like Visa and Mastercard are widely accepted in cities, hotels, larger stores, and restaurants. For convenience, carry a mix of cash and card, especially if you’re travelling through rural areas.
- Travel Debit Cards: Using a multi-currency card like Wise or Revolut can be a good choice, letting you convert money in advance and often saving on fees. These cards also make it easy to withdraw MYR directly from ATMs.
Where to Exchange and Withdraw Ringgit
Need to exchange currency or get cash? Here’s where to do it without breaking the bank:
- Currency Exchange Counters: Airports and hotels offer convenient exchange services, but they often charge higher fees. City centre exchange offices or banks tend to offer better rates.
- ATMs: ATMs are easy to find in cities and tourist areas, often accepting foreign cards. You’ll find ATMs from banks like Maybank, CIMB, and HSBC, which are reliable options.
- Avoiding Extra Fees: To minimise transaction fees, try withdrawing larger amounts less frequently. Also, choose MYR at the ATM or point of sale instead of your home currency to get a fairer rate (this is called dynamic currency conversion, and it’s usually more expensive).
Practical Tips for Managing MYR
Here are a few handy tips to keep your wallet light but well-prepared:
- How Much Cash to Carry: For daily travel, RM50 to RM100 can be convenient, covering meals, small souvenirs, or transport. Adjust this depending on your activities.
- Using Payment Apps: Mobile payment options like Touch ‘n Go and Grab are growing in popularity, particularly for transport and small payments in urban areas. These apps can be a convenient alternative to cash.
- Avoiding Dynamic Currency Conversion (DCC): At checkout, always choose to pay in MYR rather than your home currency. It’ll give you a better exchange rate and help avoid unnecessary fees.
Conclusion
Having MYR on hand is essential to fully enjoy your trip, whether you're trying street food in Penang, visiting local markets, or relaxing on Langkawi's beaches.
A bit of prep with currency exchange and carrying the right mix of cash and cards will make your travels through Malaysia seamless.
Ready to explore Malaysia? With the ringgit in your wallet, you're all set to experience everything from city life to hidden gems. Safe travels!
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