Guide To Malaysia Currency, finance, share market, politics

Currency

Ringgit Malaysia (RM) = 100 sen. Notes are in denominations of RM100, 50, 20, 10, 5, 2 and 1. Coins are in denominations of RM1, and 50, 20, 10, 5 and 1 sen. There are also a large number of commemorative coins in various denominations which are legal tender. The Ringgit is often referred to as the Malaysian Dollar.

Currency exchange

The best currency for exchange is the US Dollars, but Pound Sterling is also widely accepted. Although all major currencies can be exchanged easily in the main tourist centres, problems may occur elsewhere. It is difficult to exchange Malaysian currency outside of Malaysia, Singapore or Indonesia. All visitors need to fill in a Travellers Declaration Form (TDF); see Currency Restrictions below for details.

Exchange rate indicators

The following figures are included as a guide to the movements of the Ringgit against US Dollar:

$1.00=3.80 3.825 (Date 2005)

Credit cards

MasterCard, Visa, Diners Club and American Express are accepted. Check with your credit card company for details of merchant acceptability and other services which may be available.

Travellers cheques

Accepted by all banks, hotels and large department stores. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Pounds Sterling, US Dollars, or Australian Dollars.

Currency restrictions

With effect from 1 October 1998, Malaysian currency regulations require all travellers (including children) entering and leaving Malaysia to declare the amount of money in their possession, be it Ringgit Malaysia or foreign currencies. They are all required to fill in a Travellers Declaration Form (TDF), and this is also applicable to diplomatic and official passport holders. TDFs are obtainable from Malaysian embassies or high commissions, from Tourism Malaysia offices and from all Malaysian entry/exit points and airports. On arrival, visitors should complete the form, submit it to the Immigration Officer and keep it inside their passport when it is returned to them. On departure, the TDF has to be filled in prior to immigration clearance. The import of local currency is limited to RM1000; the export of local currency is limited to the amount declared on arrival. The import and export of foreign currency is unlimited.

Banking hours

0930-1500 Monday to Friday; 0930-1130 Saturday. Banks in Sabah open at 0800 and usually break for lunch (1200-1400).