Money & duty free for Malaysia

Exchange rates:

Ringgit
C$1 = RM2.98
€1 = RM4.27
£1 = RM5.38
US$1 = RM3.18

Currency & Money

Currency information

Ringgit (MYR; symbol RM) = 100 sen. Notes are in denominations of RM100, 50, 10, 5 and 1. Coins are in denominations of 50, 20, 10, 5 and 1 sen. The Ringgit is often referred to as the Malaysian Dollar.

Credit cards

MasterCard, Visa and American Express are widely accepted. Diners Club is accepted at larger department stores and shopping centres and some upmarket restaurants and hotels. Credit cards are less widely accepted in rural areas – carry cash or travellers cheques as a back up.

ATM

ATMs are found in all cities and most accept international cards from Visa, MasterCard and other major card issuers. Because of the high incidence of credit card fraud, banks may put an automatic block on your card unless you notify them first that you are travelling to Malaysia.

Travellers cheques

Accepted by all banks, hotels and large department stores. Most major brands of travellers cheques are accepted, but travellers are advised to carry cheques in Pounds Sterling, US Dollars or Australian Dollars.

Banking hours

Mon-Fri 0915-1630 (some branches close at 1600 on Friday and some open on Saturdays). Banks in Kelantan and Terengganu open Sun-Thurs 0915-1630 (till 1600 on Thursday).

Currency restriction

The import and export of local currency is limited to RM1,000 cash. There are no restrictions on the import and export of foreign currency, subject to declarations for amounts of US$10,000 or higher.

Currency exchange

The best currency for exchange is the Pound Sterling, but US Dollars are also widely accepted. All commercial banks are authorised foreign exchange dealers; major hotels are only licensed to buy or accept foreign currency in the form of notes and traveller's cheques. It may be difficult to exchange foreign currencies outside the main tourist centres.

Malaysia duty free

The following goods may be imported into Malaysia without incurring customs duty:

• 200 cigarettes or 225g of tobacco.
• 1L of alcohol.
• Food up to the value of RM75.
• 3 pieces of new clothing and 1 new pair of shoes.
• 1 portable electronic item for personal care.
• Other goods up to the value of RM400.

To be eligible for these duty-free allowances, residents must have been out of the country for at least 72 hours and non-residents must plan to visit Malaysia for at least 72 hours.

Banned imports

Illicit drugs, counterfeit currency, indecent publications (books, films, paintings etc), anything considered prejudicial to the interest of Malaysia, piranha fish, turtle eggs, cocoa pods, daggers or flick knives, articles resembling syringes (eg pens or pencils), and poisonous chemicals. 

Also prohibited unless accompanied by an import licence are animals, fish, meat, plants, eggs in their shells, explosives and fireworks, arms and ammunition, imitation arms, soil, rice, coral and pharmaceutical products.

The penalty for drug trafficking is death by hanging.

Banned exports

Illicit drugs, turtle eggs and rattan from the Malaysian peninsula.

Also prohibited unless accompanied by an export licence are animals, birds, poultry, meat, cockles, plants, over 3kg of vegetables, palm kernels and seeds, military clothing and equipment, arms and ammunition, antiquities, sugar, rice, coral, live prawns/shrimp/fish, and collections of cultural value (eg of zoological or archaeological interest).

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