Money
Currency: Ringgit (RM) = 100 sen. Notes are in
denominations of RM1000, 500, 100, 50, 20, 10, 5, 2 and 1. The RM1000 and RM500
notes are now being phased out. Coins are in denominations of 50, 20,
10, 5, 1 sen and also RM1. 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 Pound Sterling, but US Dollars are also widely
accepted. Although all major currencies can be exchanged easily in the main
tourist centres, problems may occur elsewhere. All visitors need to fill in a
Travellers Declaration Form (TDF); see Currency Restrictions below for
details.
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.
Exchange rate indicators: The
following figures are included as a guide to the movements of the Ringgit
against Sterling and the US Dollar:
| Date |
Oct '99 |
Nov '99 |
May'00 |
Aug '00 |
Apr '01 |
| £1.00= |
6.25 |
6.26 |
5.64 |
5.70 |
5.50 |
| US$1.00= |
3.80 |
3.80 |
3.80 |
3.80 |
3.80 |
Currency restrictions with
effect from 1 October 1998:
A Travellers
Declaration Form (TDF) must be filled in by all arriving and departing
travellers (including children) regardless of the amount of currency carried.
Permitted currency limits are as follows:
-
A resident and a
non-resident is permitted to carry into and out of Malaysia, ringgit notes
not exceeding RM1,000 per person.
-
There is no limit on
the amount of foreign currency notes and traveller’s cheques carried into
Malaysia by resident and a non-resident.
-
A resident is
permitted to carry out of Malaysia, foreign currency notes including
travellers’ cheques, not exceeding RM10,000 equivalent per person.
-
A non-resident is
permitted to carry out of Malaysia, foreign currency notes including
travellers’ cheques, not exceeding the amount brought in. The TDF form is
given out on all inbound Malaysia Airlines’ flights and at check-in
counters. It should be handed to the immigration officer together with the
disembarkation card and passport.
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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