What is the currency of Malaysia? 

Malaysia is a country that dazzles the senses. One moment you’re navigating neon, lit night markets in Kuala Lumpur, the next you’re sipping coconut water on a palm, fringed beach in Langkawi or hiking through misty rainforests older than civilisation itself. But before you dive headfirst into this Southeast Asian adventure, there’s one practical question you’ll want answered: what is the currency of Malaysia? 

In this guide, we’ll break down everything you need to know about the currency in Malaysia , from banknotes and coins to its fascinating history and the smartest ways to exchange your money. Whether you’re travelling for street food, skyscrapers, or snorkelling, this is your essential money manual, written with travellers firmly in mind. 

Currency in Malaysia 

Let’s start with the basics. The currency in Malaysia is the Malaysian ringgit. 

The ringgit’s currency code is MYR, and its symbol is RM, which you’ll see everywhere , on menus, price tags, taxi meters, and receipts. One ringgit is divided into 100 sen, although coins are generally used only for small amounts. 

If you’ve been wondering what is currency in Malaysia, the answer is refreshingly simple. Malaysia operates with a single, national currency, and the ringgit is accepted throughout the country , from ultra, modern shopping malls to sleepy island villages. 

For travellers, that clarity makes budgeting far easier. No currency confusion, no dual systems, and no awkward “do you accept this?” conversations at the till. 

Malaysian ringgit denominations 

Knowing what notes and coins you’ll be carrying makes everyday spending much easier , especially in a destination where cash still plays an important role. 

Malaysian ringgit banknote denominations 

Malaysian banknotes are colourful, durable, and beautifully designed, featuring national heroes, landmarks, and cultural motifs. You’ll find the following denominations in circulation: 

• RM1 

• RM5 

• RM10 

• RM20 

• RM50 

• RM100 

For everyday travel, RM10, RM20 and RM50 notes are the most commonly used. RM100 notes are valid but can be tricky to break in smaller shops, street markets, or taxis , so it’s wise to carry smaller denominations when possible. 

Malaysian ringgit coin denominations 

Coins are used for lower, value purchases and rounding up bills. The available denominations are: 

• 5 sen 

• 10 sen 

• 20 sen 

• 50 sen 

While coins aren’t always essential, they’re handy for local buses, convenience stores, or topping up exact change. 

The history of Malaysia’s currency 

Like Malaysia itself, the ringgit’s story is shaped by trade, colonial influence, and eventual independence. 

Malayan dollar 

Before the ringgit, Malaysia used the Malayan dollar, a currency introduced during the British colonial period. It circulated throughout Malaya, Singapore, Sarawak, North Borneo, and Brunei, reflecting the region’s interconnected trading economy. 

Following independence in 1957, the Malayan dollar continued in use for several years, even as Malaysia began shaping its own national identity. Eventually, the need for a distinct currency became clear , both economically and symbolically. 

Introduction of the Malaysian ringgit 

In 1967, Malaysia officially introduced the Malaysian ringgit, replacing the Malayan and British Borneo dollar. This move marked a major step toward economic independence and gave the country full control over its monetary policy. 

The word ringgit means “jagged” in Malay, referencing the serrated edges of early Spanish silver coins that once circulated in the region. It’s a small linguistic nod to Malaysia’s long history as a trading crossroads. 

Since its introduction, the ringgit has evolved alongside Malaysia’s economy, weathering global financial storms while remaining a stable and trusted currency for everyday use. 

Currency exchange in Malaysia 

Sorting your travel money before you arrive in Malaysia can make your trip smoother, cheaper, and far more relaxed. 

Where to buy Malaysian ringgit 

One of the easiest ways to prepare is to buy your Malaysian ringgit before you travel. With Travelex, you can: 

• Order ringgit online 

• Choose home delivery or Click & Collect from a convenient location 

Are other currencies accepted in Malaysia? 

This is a common question , and the answer is: sometimes, but not reliably. 

In very tourist, focused locations, such as major hotels or duty, free shops, US dollars or Singapore dollars may occasionally be accepted. However, this is the exception rather than the rule, and exchange rates are rarely favourable. 

For everyday spending, the official currency in Malaysia is the Malaysian ringgit, and using MYR will always give you the best value and widest acceptance. 

If you’re still asking what is currency in Malaysia, the practical answer remains: ringgit only. 

What countries use the Malaysian ringgit? 

The Malaysian ringgit is used exclusively in Malaysia. It is not accepted as legal tender in any other country. 

If your travels take you beyond Malaysia , perhaps to Thailand, Indonesia, or Singapore , you’ll need to exchange your remaining ringgit or plan accordingly. Any leftover MYR can easily be exchanged back once you return home. 

Spending tips: using the currency in Malaysia wisely 

Understanding the currency in Malaysia isn’t just about knowing the notes , it’s about knowing how locals spend and how travellers can avoid common pitfalls. 

• Cash is still important, especially at markets and food stalls 

• Cards are widely accepted in cities and shopping malls 

• ATMs are easy to find, but your bank may charge withdrawal fees 

• Always pay in MYR, not GBP or USD, when given the option 

Tipping isn’t expected in Malaysia, but rounding up a bill or leaving small change is appreciated in taxis and restaurants. 

Why Malaysia remains a cash, friendly destination 

While Malaysia is modern and digitally connected, cash remains part of daily life , particularly outside major cities. From night markets to island ferries, having ringgit on hand keeps things simple. 

That said, Malaysia also embraces contactless payments and mobile wallets, making prepaid travel cards a convenient option for many travellers. 

A mix of cash and card works best , and preparing both before you travel ensures you’re ready for anything. 

Ready to buy some Malaysian ringgits? 

You’ve read the guides, had the daydreams, planned the holiday and now you’re ready to buy some Malaysian ringgits. 

Buy Malaysian ringgits online and get free home delivery on orders over £500 or choose to click & collect from any of the hundreds of convenient locations around the UK, including most major airports. 

Get great rates and pay no commission when you buy online now.