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Currency
Ringgit Malaysia (RM) = 100 sen. Notes are in denominations of RM100, 50,
20, 10, 5, 2 and 1. Coins are in denominations of RM1, and 50, 20, 10, 5 and
1 sen. There are also a large number of commemorative coins in various
denominations which are legal tender. The Ringgit is often referred to as
the Malaysian Dollar.
Currency exchange
The best currency for exchange is the US Dollars, but Pound Sterling is also
widely accepted. Although all major currencies can be exchanged easily in
the main tourist centres, problems may occur elsewhere. It is difficult to
exchange Malaysian currency outside of Malaysia, Singapore or Indonesia. All
visitors need to fill in a Travellers Declaration Form (TDF); see Currency
Restrictions below for details.
Exchange rate indicators
The following figures are
included as a guide to the movements of the Ringgit against US Dollar:
$1.00=3.80 3.825 (Date 2005)
Credit cards
MasterCard, Visa, Diners Club and American Express are accepted. Check with
your credit card company for details of merchant acceptability and other
services which may be available.
Travellers cheques
Accepted by all banks, hotels and large department stores. To avoid
additional exchange rate charges, travellers are advised to take travellers
cheques in Pounds Sterling, US Dollars, or Australian Dollars.
Currency restrictions
With effect from 1 October 1998, Malaysian currency regulations require all
travellers (including children) entering and leaving Malaysia to declare the
amount of money in their possession, be it Ringgit Malaysia or foreign
currencies. They are all required to fill in a Travellers Declaration Form (TDF),
and this is also applicable to diplomatic and official passport holders.
TDFs are obtainable from Malaysian embassies or high commissions, from
Tourism Malaysia offices and from all Malaysian entry/exit points and
airports. On arrival, visitors should complete the form, submit it to the
Immigration Officer and keep it inside their passport when it is returned to
them. On departure, the TDF has to be filled in prior to immigration
clearance. The import of local currency is limited to RM1000; the export of
local currency is limited to the amount declared on arrival. The import and
export of foreign currency is unlimited.
Banking hours
0930-1500 Monday to Friday; 0930-1130 Saturday. Banks in Sabah open at 0800
and usually break for lunch (1200-1400).
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