Currency exchange in Malaysia

If you are a tourist planning to visit Malaysia, you need not worry much of not able to exchange your home currency into Malaysia Ringgit.  Tourist is a major income contribution to Malaysia, which explains why there are so many money changers in Malaysia.

Most of the money changers are located in shopping centres and they are licensed to exchange currency.  Their exchange rates are usually better than bank or Bureau deChange, and transacting with them is simple and easy.  All currency exchange rates are clearly display behind their booth, and you just need to tell them which currency you wish to buy.  In this case, you would be buying Malaysia Ringgit.

Exchange currency at these money changer booths do not charge you commission nor do they need identification, unless you are exchanging ten of thousand.  Just remember to check the money you have exchanged before leaving the booth.

Despite the ease of converting your currency into Malaysia Ringgit, you should be aware that Malaysia imposes strict currency control.  Accordingly to Malaysian Currency Exchange Control Order (Import and Export) (General)  states:

Non-resident Travellers is allowed to import;  Ringgit Malaysia not exceeding RM10,000 each; and any amount in foreign currency and travellers’ cheque, but must be declared if the total amount exceeded USD10,000.

Non-resident Traveller is allowed to export; Ringgit Malaysia not exceeding RM10,000 each; and foreign currency including travellers’ cheque not exceeding the amount brought into Malaysia.