If you want to send an international money transfer to a ringgit bank account in Malaysia, then you should be aware of the high fees and exchange rates that go along with global money transfers with your international bank (these fees often constitute more than 10% of your transfer amount - you can read all about this in our dedicated explainer here).įortunately, international money transfers are a competitive market with many trustworthy alternative providers jostling to offer you the best exchange rates (rates which almost always far outdo those you'll find at the bank!). These include supporting friends or family, paying for someone's tuition, settling business transactions, purchasing or upgrading property, and many others. Still, we recommend using a global provider like Revolut because it offers excellent exchange rates, multi-currency balances, and a travel debit card that allows you to spend on your holiday like a local and enjoy peace of mind after each tap, swipe, or cash withdrawal.Įvery year, many people send money to Malaysia for all kinds of reasons. The currencys exchange rate is free-floating but is not traded. Its abbreviation is RM and its currency code is MYR. Moreover, many prepaid travel cards let you hold multi-currency balances, allowing you to dodge DCCs and other sneaky fees while travelling - all while providing the same level of security and convenience as you're used to from your credit or debit card!ĭepending on where you're from, you may be able to find a prepaid travel card from your bank. The Malaysian ringgit is sometimes referred to as the Malaysian dollar. Of these methods, using a prepaid travel card is almost always the best way to pay in Malaysia because they generally incur lower fees on ringgit currency exchange than credit cards or bank debit cards do. Prepaid travel cards: A reloadable debit card with a ringgit balance can give you good value, security, and convenience.Mobile payments: Mobile payment services like Apple Pay, Google Pay, or Alipay are an increasingly popular way to pay, but you'll need to check beforehand how available these methods are in Malaysia.You can typically exchange currency at a bank or exchange bureau before or upon arrival. Cash: Having some ringgit banknotes could help for small purchases, tipping, and emergencies.Debit cards: Debit cards linked to your bank account let you make purchases at point-of-sale terminals and withdraw cash.Credit cards: Cards from VISA and Mastercard are accepted in Malaysia, especially in touristy establishments.Fortunately, many forms of payments have become ubiquitous around the globe, including: Avoid them if you can.With its different currency, banking system, and money customs, figuring out the best way to pay in Malaysia if you travel there can be tricky. Prefer in-store currency exchange? Head to the CBD of your nearest city for the most competitive exchange rates suburban bureau de change outlets tend to have poorer rates and fees.Ĭurrency exchange counters in Australia’s airports are infamous for their atrocious exchange rates. Some exchange companies with online options suggest you allow between two and five days to process currency. If you choose online delivery or in-store pickup, check the processing time. Try S Money or a similar online currency exchange store to get rates that reflect the comparisons you see on XE or Google. Buy your Malaysian Ringgit at your home airport.
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