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March 15, 2024 Currency Exchange
3 minutes, 53 seconds Read

Best Currency to Use in Malaysia: Quick Guide and Tips



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Summary: Planning a trip to Malaysia? Discover the best currency for your Malaysian adventure to ensure smooth transactions and overall hassle-free travel. Avoid currency exchange woes and get the best exchange rates online for MYR from BookMyForex, India’s most trusted forex platform.

Malaysia is an Asian country that is known for its beautiful beaches, rainforests, and vibrant cities. It is a popular tourist destination and people visit there from all over the world. With its stunning landscapes, delicious food, and friendly people, Malaysia is a great place for a vacation. Are you planning an exciting trip to Malaysia? Ensure that your to-do list includes currency exchange. Let’s find out which is the best currency to use in Malaysia.

Which currency is the best one to use in Malaysia?

Here are 3 scenarios to answer the above question:

1: Carry US dollars to Malaysia

2: Carry Malaysian Ringgit to Malaysia

3: Carry Indian Rupees & convert them in Malaysia

1st Scenario: Carry US dollars to Malaysia

Every country has its own official currency and may not always accept popular currencies like USD, EUR, etc. US dollar (USD) is not an authorized currency to be used in Malaysia, and while you might encounter some places still accepting them, it’s not guaranteed. Hence, you need to use the official currency for your local transportation, street food, and other things. The local currency is the Malaysian Ringgit (MYR). If you have US dollars with you, you will have to exchange USD for MYR at money changers, which is widely accepted currency throughout Malaysia. 

2: Carry Malaysian Ringgit to Malaysia

For Indians traveling to Malaysia, you’ll have to convert your INR to MYR. The Malaysian Ringgit (MYR) is the official currency of Malaysia, recognized by the code MYR. The Ringgit is available in various denominations, including banknotes such as RM100, RM50, RM20, RM10, RM5, and RM1. You can even load MYR onto a Forex card instead of taking it in the form of currency notes. With BookMyForex, India’s leading online forex platform, you can get the best INR to MYR rates in your city. You can either opt for a true zero markup forex card or MYR currency notes and it will be delivered to your doorstep the same day.

3: Carry Indian Rupees & convert them in Malaysia

It is also possible to carry Indian Rupees to Malaysia and convert them there. You can usually find offline currency exchange stores in Malaysia where you can exchange INR for MYR. However, these exchange shops are often located in tourist areas where travelers are offered unfavorable rates for currency exchange. These stores usually have a physical setup that involves various types of fixed costs such as salaries and rent. These costs are ultimately passed on to the consumer in the form of higher fees and rates. In this regard, the best option is to purchase currency online in India through platforms like BookMyForex and have it delivered to your doorstep the same day. In addition, BookMyForex offers much better exchange rates than these offline stores.

Which currency one should take to Malaysia?

Based on the three scenarios above, it is pretty clear that the Malaysian Ringgit, or MYR is the best currency to carry and use in Malaysia. The most apparent reason for this is that MYR is the local currency of Malaysia and is widely accepted. The USD is not accepted in Malaysia, except in very few places. Now if you are thinking of carrying Indian rupees to Malaysia and exchanging currency there, you must know that INR exchanged in Malaysia will carry a hefty markup on exchange rates that can go as high as 5%. Therefore, it is recommended that you exchange your INR for MYR beforehand. The best option is to convert INR to MYR beforehand at live and transparent rates via BookMyForex and save your hard-earned money.

Frequently Asked Questions

 How much MYR can I carry from India?

If you are traveling from India, you can carry 3000 USD or equivalent MYR currency notes and up to USD 2,50,000 eqv in the form of a prepaid Forex card per person per travel from India.

What currency do they use in Malaysia?

The Malaysian Ringgit is the official currency of Malaysia and is widely used in the country. The currency was introduced in June 1967, replacing the Malaya and British Borneo dollar at par. 

Are US dollars accepted in Malaysia?

It is not authorized to use the US dollar (USD) in Malaysia, and while you may encounter some places that do accept it, it cannot be guaranteed. If you are traveling to Malaysia, it is best to take the local currency i.e. Malaysian Ringgit (MYR). 

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