Money Matters in MalaysiaKirsty Turner
Malaysia’s currency is the Malaysian ringgit, which is pronounced rin-gay and written as RM. There are 100 sen in one ringgit, which is also often referred to as a dollar. Notes come in RM1, RM2, RM5, RM10, RM20, RM50 and RM100 notes, while the available coins are 1 sen, 5 sen, 10 sen, 20 sen and 50 sen.
Generally speaking, the cost of living in Malaysia in higher than in many Asian countries, especially Thailand and Laos, although it is cheaper than is Indonesian and significantly less than in western countries. Those on a tight budget should be able to spend just $20 a day, although this will only buy the absolute basics and $35 a day will allow you a few small luxuries. Those who can afford to spend $150 each day will be able to stay in some of the country’s top hotels and dine in style, while for those with a real taste for luxury $275 a day should be more than enough to experience the best of Malaysia.
ATMs are abundant in all Malaysian cities, especially in shopping areas. The most reliable machines are attached to banks and it is probably best to stick to these as ATM machines to occasionally swallow cards.
Travellers’ Cheques and Credit Cards
Most major credit cards are generally accepted in top of the range hotels, shops and restaurants throughout Malaysia. Check for surcharges added to your bill before you pay as these are illegal. Travellers’ cheques in pounds sterling or US Dollars can be cashed in most banks and even some shops.
Changing Your Money
It is illegal to carry more than RM1000 into or out of Malaysia, so most of your money will need to be changed within the country. Although there are a large number of banks located around Malaysia with money changing facilities, the best deals are found at licensed moneychangers’ kiosks. These kiosks pop up all over Malaysia and tend to stay open until about 6pm.