Take The Path Less Ordinary

The Spanish dollar was historically used widely in the East Indies, which covers Indonesian spice islands and the Malay archipelago. As soon as the English established the Straits Settlement in Penang, colonial government half heartedly introduced the Indian rupee in 1837 because the colony was administered by as part of India. Nonetheless, the Spanish dollar continued its dominance in trade throughout South East Asia and 1845 saw the introduction of coinage system which equates 100 cents to 1 dollar.

The earliest currency used in olden Malayan, in the region of today’s Kelantan state, was known as “kupang” and its origin can be traced back to 16th century. The front side of the gold “kupang” coin has an image that depicts a deer. This deer symbol is used today by Central Bank of Malaysia as logo.

When the Straits Settlement formed its own colonial government, the Spanish dollar naturally became standard currency and renamed Straits Dollar. It was renamed again as Malayan Dollar in 1940 and continued to be issued by the Board of Commissioners of Currency, Malaya, until 1951.

With the independence of Federation of Malaya in 1957 to form Malaysia, the English Queen’s image no longer appear on banknotes. On June 12, 1967 the Malayan Dollar ceased to be issued and was replaced by the Malaysian Ringgit (RM).

Why do we call our money Ringgit?

The serrated edges of Spanish silver coins widely used in the past is said to have lend the Ringgit - Malay for “jagged” - its currency name.

Credit card and Travellers Cheques

AMEX, VISA and MASTERCARD credit cards are widely accepted and traveller’s cheques can be exchanged at all commercial banks. However, take note that some retailers CANNOT process credit cards that are lined with magnetic strip. Since 2003, most businesses have upgraded their credit processing system to only accept cards with “smart-chip” to prevent fraud. Also, be reminded that Travellers Cheques cannot be made payable to 3rd party (Issuer 1st party, you 2nd party, people who provide you services/products 3rd party).

Currency Exchange

Licensed money changers can be found in streets of major commercial hubs, shopping centres, banks and airports. Exchange rates are usually displayed at the counter. The Malaysian Ringgit RM is divided into 100 sen. Currency comes in denomination of RM1, RM5, RM10, RM50 and RM100. For the latest RM exchange rates, please click on Central Bank of Malaysia’s website.

ATM Card is best

NEVER wear a money belt. Besides making you look like a novice traveller, it attracts unwanted attention from crooks who prey on tourists. To manage and stock up cash in small amounts, ATM card is the best. So far, we have not heard of any problems with ATM usage by foreign visitors. You name it, Barclay, HSBC, Standard Chartered, Chase, Citibank, any ATM card …. one can withdraw in small amounts for safety and ATMs can be found in every nook and corners, business centers, foodcourts, shopping malls … even in small towns and hamlets.

Banking hours

All states (with the exception of Kelantan and Terengganu)
Mon - Fri: 9.15am to 4.30pm. Sat, Sun & Public Holiday - Closed
(Selected banks and branches are open on Sat).

Kelantan & Terengganu
Sun - Wed :9.15am to 4.30pm.
Thurs :9.15am to 4.00pm.
Friday, Saturday & Public Holiday: Closed

All local banks are equipped with 24 hours ATMs at their branches. You can log on their respective websites (below) to see hundreds of branch locations peppering the country. Cash from ATM is meted out in Ringgit (RM) and a standard government controlled foreign exchange fee shall be levied.

List of major LOCAL financial institutions

- Maybank
- RHB Bank
- Public Bank
- EON Bank
- CIMB Bank
- Hong Leong Bank

List of major FOREIGN financial institutions

- Citibank, Malaysia
- HSBC, Malaysia
- Standard Chartered Bank, Malaysia
- Bank of America, Malaysia
- Deutsche Bank, Malaysia
- Bank of Nova Scotia, Malaysia

Sending and receiving money

- Western Union representative in Malaysia
- Money Gram representative in Malaysia

Financial Stock Exchange

- The Malaysian version is named Kuala Lumpur Stock Exchange or better known as KLSE. View official site