Lexi Webster
Whether you're travelling from Australia to Malaysia or vice versa, it's important to consider the best way to exchange your money. Carrying large amounts of cash can be risky, so many people opt for using a card or exchanging small amounts of physical currency. In Malaysia, the Ringgit is the official currency and cannot be traded outside of the country, so it's best to exchange some money when you arrive. In Australia, it's recommended to exchange money in the city or CBD areas, as foreign exchange stores and kiosks tend to have better rates than in the suburbs.
| Characteristics | Values |
|---|---|
| Currency in Malaysia | Ringgit (MYR) |
| Currency in Australia | Australian Dollar (AUD) |
| Where to exchange currency in Malaysia | Bank, money changer, currency exchange desk (e.g. hotel, airport), ATM |
| Where to exchange currency in Australia | City or CBD, foreign exchange stores, money exchange kiosks, online |
| Exchange rates in Malaysia | Better rates in the city centre, e.g. KL city centre |
| Exchange rates in Australia | Better rates in the city or CBD |
| Exchange rates online | Can be cheaper and easier for popular currencies like AUD, USD, EUR, JPY, KRW, HKD |
| Exchange rates for less common currencies | Better in the destination country, e.g. HK, Fiji |
| Exchange rates for popular currencies | Better in Australia, e.g. EUR |
| Prepaid travel cards | Can lock in a favourable exchange rate but may have hidden fees |
| Using a card in Malaysia | Opt to pay in MYR to get a better exchange rate from your home bank |
| Using cash in Malaysia | Carrying up to USD $10,000 worth of Ringgit notes is allowed without declaration |
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What You'll Learn
Exchanging money in Australia before travelling to Malaysia
When it comes to travelling, it's always a good idea to be prepared and have some local currency with you. Here are some things to consider when exchanging money in Australia before heading to Malaysia:
Currency Exchange in Australia
The Malaysian Ringgit (MYR) is the only currency used in Malaysia. It's a good idea to have some cash in this currency when you arrive, as other currencies are not widely accepted. The Ringgit cannot be legally traded outside of Malaysia, so you'll need to exchange money when you get there.
In Australia, foreign exchange stores and money exchange kiosks in the city or CBD areas tend to offer better rates than those in the suburbs due to increased competition. Popular currencies like Euros are usually cheaper to exchange in Australia, as banks and money changers hold large amounts of these currencies and can offer better rates. However, for less common currencies, the exchange rates in Australia may not be as favourable.
Currency Exchange in Malaysia
Currency exchange in Malaysia is fairly straightforward. You can exchange your money at banks, money changers, or currency exchange desks in hotels or airports. Money changers in towns tend to offer better rates than banks or airport exchange desks.
ATMs are also readily available in Malaysia, especially in big cities and small towns, and they are linked to the international network. However, using an ATM for currency exchange may result in poorer exchange rates set by the ATM provider. It is recommended to select the option to be charged in the local currency (MYR) to access the rate set by your home bank, which is usually more favourable.
Tips for Exchanging Money
- Let your bank know you're travelling to avoid any issues with foreign transactions.
- Familiarise yourself with the Malaysian currency and preferred payment methods.
- Avoid airport exchange counters in Australia, as they are known for unfavourable exchange rates.
- Compare exchange rates and try to negotiate a better rate when exchanging large amounts.
- Be cautious of hidden fees, even with "zero commission" claims, as they may be incorporated into the exchange rate.
- Consider the length of your trip and the availability of ATMs at your destination. For shorter trips, exchanging a small amount of money in Australia before your trip can be convenient. For longer trips, withdrawing cash from ATMs in Malaysia may be more cost-effective.
- Always carry some local currency as a contingency fund, especially when travelling to remote areas.
By following these tips, you can make informed decisions about exchanging money in Australia before travelling to Malaysia and ensure that you get the most out of your savings during your trip.
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Using a card in Malaysia
Malaysia's currency is the Ringgit (MYR). It is not usually traded outside of the country, so you will need to exchange some cash when you arrive. Cash is the most popular payment method in Malaysia, with over 30% of POS payments being made this way. Cards are accepted in some places, but you may miss out on certain experiences if you don't carry cash. For example, you won't be able to buy anything from street vendors, wet markets, or hawker centres, and some small, family-run restaurants probably won't take card payments. Public transport can also only be paid for with cash.
If you do decide to use your card in Malaysia, there are some things to keep in mind. Firstly, be aware of Dynamic Currency Conversion (DCC). This lets you see the cost of the transaction in your home currency, but it leaves you exposed to hidden fees and a poorer exchange rate assigned by the local bank. Always opt to pay in the local currency (MYR) instead, as your home bank will assign a much better exchange rate.
ATMs are common in Malaysia and can be found in banks, shopping malls, and transport hubs. If you use an ATM, always select the option to be charged in the local currency to access the rate set by your home bank. The exchange rate applied by the ATM provider will almost always be a poor deal. If your home bank works in partnership with any Malaysian banks, you might be able to use their ATMs for free.
Finally, tourists are easy targets for scams, so don't let your card out of your sight.
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Exchanging money in Kuala Lumpur
Exchanging money can be a tricky business, so it's always good to be prepared. The currency used in Kuala Lumpur, as well as the rest of Malaysia, is the Malaysian ringgit (MYR). The Ringgit cannot be traded outside of Malaysia, so you will need to exchange some cash when you arrive.
There are a few options for exchanging money in Kuala Lumpur. You can change your cash at a bank, with a money changer, or at a currency exchange desk, for example at a hotel or the airport. As a general rule, it is more expensive to switch currency at a bank or currency exchange desk, and airports and hotels tend to have even higher fees. If you need to change larger sums, using a money changer in town is the best way to get a good deal. There is steep competition in the city, so you will get a better exchange rate than those offered in airports or hotels.
If you are in a hurry, using an ATM to withdraw cash is a good option. ATMs are common in Malaysia and can be found in banks, shopping malls and transport hubs. However, be aware that the exchange rate applied is selected by the ATM provider and is usually a poor deal. It is recommended that you always select the option to be charged in the local currency when withdrawing money abroad, to access the rate set by your home bank.
If you want to avoid the hassle of visiting a physical location, there are online options for exchanging money. Travel money cards can help you avoid costs and hassle. You can order a card online, top up your balance in USD, and either convert to MYR in advance or at the point of payment. Providers like Wise support 40+ currencies and often use better exchange rates and lower fees compared to physical currency exchange stores.
If you are exchanging money in Kuala Lumpur, it is recommended that you do your research on the exchange rate before converting your money. Be aware of ''zero fee' services, as these will often have hidden markups in the form of poor exchange rates.
Some popular money changers in Kuala Lumpur include:
- The money changers on the lower ground floor of Mid Valley Megamall
- The money changers on the ground floor of Sungai Wang Plaza, Built Bintang
- Global Millenium Trading on the Lower Ground Floor of Nu Sentral Mall
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Exchanging money at Malaysian airports
Exchanging currency at Malaysian airports is convenient, but it may not be the best option for travellers on a budget. Here are some things to consider:
Exchange rates and fees
Airport currency exchange booths often offer unfavourable exchange rates and charge higher transaction fees compared to other options. They tend to capitalise on travellers' last-minute need for local currency, and the number of travellers who use these services is high. As a result, you may lose about 15% of your money when exchanging currency at the airport.
Availability of ATMs
ATMs are readily available in Malaysia, especially in cities, banks, shopping malls, and transport hubs. Using an ATM to withdraw cash in the local currency, Malaysian Ringgit (MYR), may offer a fairer exchange rate and lower fees. However, be cautious of dynamic currency conversion (DCC), where you are charged in your home currency. DCC often comes with hidden fees and a poorer exchange rate assigned by the local bank.
Other options
If you have time before your trip, consider exchanging some money at a bank or money changer in your home country, especially if you are from a country like Australia, where popular currencies like the Malaysian Ringgit may be readily available at competitive rates. For longer trips, withdrawing larger sums from ATMs in Malaysia may be more cost-effective, but be mindful of daily withdrawal limits.
Tips for exchanging money in Malaysia
When exchanging money in Malaysia, it is generally more expensive to do so at banks or currency exchange desks, with airports and hotels charging even higher fees. Money changers in towns or cities tend to offer better exchange rates due to steep competition. If you need to exchange money at the airport, only change a small amount to cover immediate expenses and withdraw the rest from an ATM once you reach your destination.
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Using an ATM in Malaysia
Malaysia's currency, the Ringgit, is not widely traded or available outside of Southeast Asia. It is best to exchange your money once you arrive in Malaysia.
ATMs are a convenient way to get cash in Malaysia. They are found in banks, shopping malls, transport hubs, and petrol stations. There are over 13,000 ATMs in Malaysia, with Maybank having the largest ATM network.
- Check that your card is compatible with Malaysian ATMs. Most accept Mastercard and Visa cards, but it is worth checking for your card network's logo on the machine.
- Malaysian ATMs have per-transaction and daily withdrawal limits, usually RM1500 per transaction and RM3000 per day.
- Malaysian banks do not usually charge foreigners to use their ATMs, but your home bank may charge a withdrawal fee and a foreign exchange fee per transaction.
- If you are given the option to be charged in your home currency, decline it. This is called Dynamic Currency Conversion (DCC) and will result in a poor exchange rate and hidden fees. Always opt to pay in the local currency, MYR.
- Malaysian ATMs use six-digit PINs. You can usually turn your four-digit PIN into a six-digit one by adding two zeros to the front. Check with your bank if this does not work.
- If you are concerned about safety, using an ATM may be preferable to carrying large amounts of cash. If your ATM card is stolen, you can block it to protect your funds.
- If you plan to use an ATM, bring a small amount of cash as a contingency fund.
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Frequently asked questions
It depends on where you are going and for how long. If you are going to a popular destination like Kuala Lumpur, it is easy to exchange money there, and you can avoid carrying large sums of cash. However, if you are going to a remote area, it is better to exchange your money before you leave.
Money changers in town tend to offer better exchange rates than banks, hotels, or airport currency exchange desks.
Foreign exchange stores and money exchange kiosks in the city or CBD of each capital city tend to have better rates than in the suburbs.
Travel cards can be convenient and allow you to lock in a favourable exchange rate. However, they may also come with hidden fees.
Using your bank card can be a great way to spend your Australian dollars, but make sure you know all the fees that your bank will charge before you put it in an ATM overseas.
