Getting Malaysian Ringgit

Malaysia offers excellent value for travellers and has a well-developed financial infrastructure. The Malaysian Ringgit (RM or MYR) is the local currency, and you'll find managing money here straightforward whether you prefer cards or cash.

The Ringgit is a controlled currency, meaning you cannot easily buy it outside Malaysia. However, once you arrive, you'll find competitive exchange rates and widespread ATM availability. Malaysia's money changers, particularly in shopping malls, are known for offering excellent rates.

Key insight for 2026: Malaysia has embraced digital payments with DuitNow QR widely available. While tourists can't easily use local payment apps, card acceptance has improved significantly, and contactless payments work well in urban areas.

Best Ways to Get Malaysian Ringgit

1. Money changers in malls — Malaysia's best-kept secret. Money changers in major malls (Mid Valley, Pavilion, Nu Sentral) offer rates within 1% of mid-market — often better than ATMs.
2. ATMs with fee-free cards — Wise or Revolut at Maybank, CIMB, or Public Bank ATMs. Most don't charge foreign card fees.
3. Singapore Dollars (if crossing border) — SGD is easily exchanged in Malaysia at good rates if you're coming from Singapore.
4. Airport exchange — KLIA and KLIA2 have reasonable rates compared to many airports. Fine for initial cash.
5. Hotel exchange — Convenient but rates 5-8% worse than money changers.
6. UK bureaux (avoid) — Ringgit is hard to find and rates are poor. Don't bother.

ATMs in Malaysia

Malaysian ATMs are plentiful and most don't charge fees for foreign cards.

Best ATMs

• Maybank: Malaysia's largest bank. ATMs everywhere, no foreign fees.
• CIMB: Widespread, reliable, no fees.
• Public Bank: Good network, no fees.
• Hong Leong: Common in malls.

ATM Tips

• Withdrawal limits: Typically RM 1,000-1,500 per transaction. Some allow RM 2,500.
• Decline DCC: Choose Malaysian Ringgit, not your home currency.
• 24/7 availability: Many ATMs are in bank branches that close, but 7-Eleven and mall ATMs are accessible.

Money Changers in Malaysia

Malaysia has some of the best money changer rates in Southeast Asia. The key is knowing where to go.

Best Places to Exchange

• Mid Valley Megamall (KL): Multiple money changers competing = great rates. Ground floor near AEON.
• Nu Sentral (KL): Connected to KL Sentral station. Very competitive rates.
• Pavilion KL: Good options in Bukit Bintang.
• Suria KLCC: Convenient but slightly higher rates than Mid Valley.
• Penang: Money changers in Komtar and Gurney Plaza offer good rates.

Exchange Tips

• Compare rates: Walk past 2-3 changers and compare before exchanging.
• Ask for the rate: Displayed rates may differ from what you're offered. Ask first.
• Bring clean notes: Damaged or marked notes may be rejected or given worse rates.
• Count your money: Always count before leaving the counter.

Using Cards in Malaysia

Where Cards Work Well

• Hotels: All accept cards
• Shopping malls: Widespread acceptance
• Chain restaurants: Yes, including fast food
• Supermarkets: Tesco, AEON, Village Grocer — all take cards
• Petrol stations: Cards accepted
• Grab: Card payment through app works well

Where You Need Cash

• Hawker centres: Most stalls are cash-only (this is where the best food is!)
• Street food: Cash only
• Local markets: Cash only
• Small shops: Many don't accept cards
• Public transport: Cash for buses, though Touch 'n Go cards can be bought

How Much Does Malaysia Cost?

Malaysia is very affordable, especially for food:

• Budget: RM 80-150/day (£14-26) — hostels, hawker food, public transport
• Mid-range: RM 200-400/day (£35-70) — nice hotels, restaurants, Grab rides
• Luxury: RM 600+/day (£105+) — 5-star hotels, fine dining

Typical Prices

• Hawker meal: RM 6-12 (£1-2)
• Nasi lemak: RM 5-10 (£0.90-1.75)
• Coffee (kopi): RM 2-5 (£0.35-0.90)
• Beer (supermarket): RM 8-12 (£1.40-2.10)
• Grab ride (5km): RM 8-15 (£1.40-2.60)
• MRT/LRT ticket: RM 1.50-5 (£0.26-0.90)