Ringgit (RM) = 100 sen. The Ringgit is often referred to as the Malaysian Dollar.
Notes are in denominations of RM1000, 500, 100, 50, 10, 5, 2 and 1. The RM1000 and RM500 notes are being phased out.
Coins are in denominations of RM1, and 50, 20, 10, 5 and 1 sen.
Currency exchange
Pound Sterling is the best currency for exchange, but US Dollars are also widely accepted. Although all major currencies can be exchanged easily in the main tourist centres. Malaysian banks are typically charge around $ 2-3 for foreign exchange transactions.
Moneychangers Moneychangers do not charge a commission but their rates vary, so make sure you know the current rate before approaching one. For cash, you’ll generally get a better rate at a moneychanger than a bank
It’s not difficult to change money in Sabah or Sarawak.However, if travelling by river in the interior, you should carry plenty of cash, in smallish denominations.
Currency restrictions
Visitors entering Malaysia (including children) must declare amounts over RM1000. The import and export of local currency is limited to RM1000. The import of foreign currency is unlimited. The export of foreign currency is limited to the amount imported on arrival.
Credit & debit cards
Major credit cards are accepted in most hotels and large shops, but beware of illegal surcharges. Banks will advance cash against major credit cards. With American Express, Visa and MasterCard, you can withdraw money from automatic teller machines (ATMs) in big cities.Check with your bank at home to see if you can withdraw money from your home account while in Malaysia.
Travellers cheques
Sterling and US dollar travellers’ cheques can be cashed at Malaysian banks, licensed moneychangers and some hotels.
Ban Hin Lee Bank (BHL) does not charge commission for changing American Express travellers’ cheques, but s only located in major cities.
To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Pounds Sterling, US Dollars or Australian Dollars.
Rough Guide to Costs
Travelling on a budget, you can manage in Peninsular Malaysia on about $ 20-25 a day.
This requires staying in cheaper Chinese hotels, eating in local restaurants or street stalls and travelling by bus. If you prefer to stay in comfortable hotels with private bathrooms, eat out at mid-range restaurants and catch taxis, budget for around $ 65 a day. Those less interested in budget travel can live in relative luxury on US$100 a day.
Note: Sabah is more expensive than Peninsular Malaysia, so expect to add about 30% to your budget when travelling there
Transport in Sarawak and Sabah can be expensive, you may decide to charter your own boat, and adequately exploring some of the major national parks can require paying for guides or tours.
Eating Out
Budget: RM11-15
Mid-range: RM15-35
High: RM35-55
Deluxe: RM55+
Accommodation
Budget: RM30-75
Mid-range: RM75-200
High: RM200-300
Deluxe: RM300+
If entering Malaysia from Thailand, you will find your daily budget remains about the same, but coming from Indonesia, costs will increase.
