Money Matters in Malaysia
The Malaysian currency is the ringgit, informally known as the dollar (the "$" symbol can be seen on older notes) and abbreviated RM or MYR, is divided into 100 sen. There are coins of 5, 10, 20, and 50 sen as well as bills of RM1, 2 (rare), 5, 10, 50 and 100. 5 sen coins are mainly given as change in large establishments and supermarkets, peddlers and street vendors might be reluctant to accept them.
Ringgits are freely convertible and the exchange rate is US$1 = RM3.6 (April 2009). Foreign currencies are not generally accepted. The major exception is Singapore dollars, which are accepted by KTMB and toll roads, but at a highly unfavorable 1:1 exchange rate (an anomaly dating back to when the ringgit was interchangeable with the Singapore dollar, prior to the 1970s).
Banks and airports are not the best places to exchange money if it is not urgent. Licensed money changers in major shopping malls often have the best rates - be sure to say the amount you wish to exchange and ask for the 'best quote' as rates displayed on the board are often negotiable, especially for larger amounts.
ATMs are widely available in cities, but do stock up on cash if heading out into the smaller islands or the jungle. Credit cards can be used in most shops, restaurants and hotels, although skimming can be a problem in dodgier outlets.
Banking
Banks in Malaysia, especially those in major towns and cities, have staff who are trained to handle international transactions. For any enquiries and transactions, get a number, sit down and wait for your turn to be served (There is no need to queue while you wait in air-conditioned comfort!).
Banks are opened Monday to Friday from 9.30am to 4pm and selected banks are opened on Saturday from 9.30am to 11.30am except on the first and third Saturdays of each month. In the states of Kedah, Kelantan and Terengganu, they are open Saturday to Wednesday from 9.30am to 4pm and Thursday from 9.30am to 11.30am.
Costs
Most visitors will find Malaysia quite cheap, although it is noticeably more expensive than Thailand to the north. You can live in hostel dorms and feast on hawker food for less than RM50 per day, but you'll wish to double this for comfort, particularly if travelling in more expensive East Malaysia. At the other end of the spectrum, luxury hotels and air fares are comparatively affordable, with even the fanciest 5-star hotels costing less than RM400/night.
Tipping is not customary in Malaysia. However, hotel porters and taxi drivers will appreciate a small tip if you have been provided with exemplary service. Most expensive restaurants, bars and hotels may indicate prices in the form of RM19++, meaning that sales tax (5%) and service charge (10%) will be added to the bill. Hotel tax of 5% may also be added to this.
Shopping
Kuala Lumpur is a shopping mecca for clothes, electronics, computer goods and much more, with very competitive prices by any standard. Traditional Malaysian fabrics (batik) are a popular souvenir. The cheapest place to easily buy ethnic souvenirs (especially wood-based) is in Kuching, East Malaysia, and the most expensive place is in the major, posh KL shopping centres.
In general shops open from 10.30am till 9.30pm in the large cities. They open and close for business earlier in the smaller towns and rural areas.
The Malaysian currency is the ringgit, informally known as the dollar (the "$" symbol can be seen on older notes) and abbreviated RM or MYR, is divided into 100 sen. There are coins of 5, 10, 20, and 50 sen as well as bills of RM1, 2 (rare), 5, 10, 50 and 100. 5 sen coins are mainly given as change in large establishments and supermarkets, peddlers and street vendors might be reluctant to accept them.Ringgits are freely convertible and the exchange rate is US$1 = RM3.6 (April 2009). Foreign currencies are not generally accepted. The major exception is Singapore dollars, which are accepted by KTMB and toll roads, but at a highly unfavorable 1:1 exchange rate (an anomaly dating back to when the ringgit was interchangeable with the Singapore dollar, prior to the 1970s).
Banks and airports are not the best places to exchange money if it is not urgent. Licensed money changers in major shopping malls often have the best rates - be sure to say the amount you wish to exchange and ask for the 'best quote' as rates displayed on the board are often negotiable, especially for larger amounts.
ATMs are widely available in cities, but do stock up on cash if heading out into the smaller islands or the jungle. Credit cards can be used in most shops, restaurants and hotels, although skimming can be a problem in dodgier outlets.
BankingBanks in Malaysia, especially those in major towns and cities, have staff who are trained to handle international transactions. For any enquiries and transactions, get a number, sit down and wait for your turn to be served (There is no need to queue while you wait in air-conditioned comfort!).
Banks are opened Monday to Friday from 9.30am to 4pm and selected banks are opened on Saturday from 9.30am to 11.30am except on the first and third Saturdays of each month. In the states of Kedah, Kelantan and Terengganu, they are open Saturday to Wednesday from 9.30am to 4pm and Thursday from 9.30am to 11.30am.
CostsMost visitors will find Malaysia quite cheap, although it is noticeably more expensive than Thailand to the north. You can live in hostel dorms and feast on hawker food for less than RM50 per day, but you'll wish to double this for comfort, particularly if travelling in more expensive East Malaysia. At the other end of the spectrum, luxury hotels and air fares are comparatively affordable, with even the fanciest 5-star hotels costing less than RM400/night.
Tipping is not customary in Malaysia. However, hotel porters and taxi drivers will appreciate a small tip if you have been provided with exemplary service. Most expensive restaurants, bars and hotels may indicate prices in the form of RM19++, meaning that sales tax (5%) and service charge (10%) will be added to the bill. Hotel tax of 5% may also be added to this.
ShoppingKuala Lumpur is a shopping mecca for clothes, electronics, computer goods and much more, with very competitive prices by any standard. Traditional Malaysian fabrics (batik) are a popular souvenir. The cheapest place to easily buy ethnic souvenirs (especially wood-based) is in Kuching, East Malaysia, and the most expensive place is in the major, posh KL shopping centres.
In general shops open from 10.30am till 9.30pm in the large cities. They open and close for business earlier in the smaller towns and rural areas.
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