The Malaysian currency is called ‘Ringgit’ (which actually means ‘Dollar’ in Malay) and is abbreviated as MYR or RM. It comes in denominations of RM 100, RM 50, RM 20, RM 10, RM 5 and RM 1 notes, and coins of 50 Sen, 20 Sen, 10 Sen and 5 Sen (Malay word for ‘Cent’).
The exchange rate is obviously variable. To know the current exchange rate click HERE.
You may of course choose to change your money in Ringgit before your arrival into Malaysia, but we strongly advise you to exchange your currency on spot in Malaysia/Kuching as the exchange rate will be better than in banks in Europe.
In Malaysia, foreign currencies such as Euro or US Dollar are not accepted as means of payment in shops or restaurants.
Major credit cards such as Mastercard and VISA are accepted by shops, restaurants and most other service suppliers in the cities, but in rural areas only cash payments are accepted. Cash withdrawals at ATMs are possible with credit cards, as well as debit cards which are part of the Maestro or Cirrus network. For all withdrawals or purchases by debit or credit card, foreign exchange fees and withdrawal fees apply.