1. Travel
You can opt-out at any time. Please refer to our privacy policy for contact information.

Kuala Lumpur Currency

An Introduction to the Malaysian Ringgit

By

Kuala Lumpur Currency Malaysia

The Kuala Lumpur currency of choice is the ringgit.

Photo by wwarby / Flickr Creative Commons

The Kuala Lumpur currency used is the Malaysian ringgit. The word ringgit remains the same in all uses (e.g., 1 ringgit, 10 ringgit, 45 ringgit).

  • Currency Code: MYR
  • Local Abbreviation: RM (for Ringgit Malaysia). RM is usually placed before the amount.
  • Issued by: Bank Negara Malaysia -- the central bank of Malaysia.

Since 2000, one US dollar has been roughly equivalent to between 3 - 4 ringgit (RM3 - RM4).

Kuala Lumpur Currency

A ringgit is further divided into 100 sen by coins in denominations of 5, 10, 20, and 50 sen. Tourists rarely accumulate many of the lightweight sen coins, as prices are typically rounded to the nearest ringgit.

Ringgit notes are available in denominations of: RM1, RM5, RM10, RM20, RM50, and RM100.

The Malaysian Ringgit

The word ringgit actually means "jagged" in Malay, and once referred to the silver Spanish dollar coins which had rough edges and were used frequently during colonial times. Prior to 1975, the Kuala Lumpur currency was the Malaysian dollar.

Kuala Lumpur Currency Exchange Rates

Current exchange rates for Western currencies provided by Google Finance:

Accessing and Using Money in Kuala Lumpur

Most ATMs in Kuala Lumpur are connected to Western networks, allowing you to access your account directly. Alternatively, you can exchange major currencies and traveler's cheques for a fee at banks.

American Express traveler's cheques are the most readily accepted, while Visa and MasterCard are the two most accepted credit cards.

Read more about accessing money in Asia.

Tipping is not customary in Malaysia, however, tips may be expected in luxury hotels and at five-star establishments. Read more about tipping in Asia.

  1. About.com
  2. Travel
  3. Asia Travel
  4. Plan a Trip to Asia
  5. Asia Money and Budgeting
  6. Kuala Lumpur Currency - About the Malaysian Ringgit

©2014 About.com. All rights reserved.