Malaysian Ringgit (MYR) - Frequently Asked Questions (FAQ)
- What is the Malaysian Ringgit (MYR)?
The Malaysian Ringgit (MYR) is the official currency of Malaysia. It is denoted by the symbol "RM" or "MYR" and is often abbreviated as "RM" when written. It is further subdivided into 100 smaller units called sen.
- What are the common denominations of Malaysian Ringgit banknotes and coins?
Malaysian Ringgit banknotes come in denominations of RM1, RM5, RM10, RM20, RM50, and RM100. Coins are issued in denominations of 5 sen, 10 sen, 20 sen, and 50 sen.
- Who issues the Malaysian Ringgit?
The Malaysian Ringgit is issued by Bank Negara Malaysia (Central Bank of Malaysia), which is the country's central banking institution responsible for monetary policy and issuance of currency.
- Can I use foreign currency for transactions in Malaysia?
While some businesses in popular tourist areas might accept major foreign currencies like US Dollars or Euros, it's generally advisable to use Malaysian Ringgit for transactions. Foreign currency exchange services are widely available at banks, exchange bureaus, and airports.
- Is it better to exchange currency at the airport or in the city?
Exchanging currency at the airport is convenient, but rates might not be as favorable as those in the city. If possible, consider exchanging a small amount at the airport for immediate expenses and then finding a better rate in the city.
- Are credit/debit cards widely accepted in Malaysia?
Yes, credit and debit cards are commonly accepted in urban areas, shopping malls, restaurants, and major hotels. However, it's advisable to carry some cash, especially when traveling to rural areas or small towns where card acceptance might be limited.
- What is the typical cost of living in Malaysia?
The cost of living in Malaysia can vary depending on the city and your lifestyle. Generally, Malaysia offers a relatively affordable cost of living compared to many Western countries. Kuala Lumpur, the capital, tends to be more expensive than smaller towns.
- Are there any restrictions on bringing Malaysian Ringgit in or out of the country?
Travelers entering or leaving Malaysia are required to declare if they are carrying an amount exceeding RM30,000 in cash, checks, money orders, traveler's cheques, or any other negotiable instruments.
- Can I exchange Malaysian Ringgit back to my home currency?
Yes, you can exchange Malaysian Ringgit back to your home currency at currency exchange booths, banks, or airports. Keep in mind that exchange rates may fluctuate, and there might be fees or charges associated with the exchange.
- Where can I find the latest exchange rates for the Malaysian Ringgit?
You can find up-to-date exchange rates for the Malaysian Ringgit on financial news websites, currency converter apps, and the official website of Bank Negara Malaysia.
- Is tipping customary in Malaysia?
Tipping is not a common practice in Malaysia, especially in local eateries and hawker stalls. However, in upscale restaurants and hotels, a service charge may already be included in the bill. If you wish to leave a tip for exceptional service, it's appreciated but not obligatory.
Please note that the information provided here is based on the state of knowledge up to September 2021, and there might have been developments or changes since that time.