MYR: Malaysian Ringgit- Know Before you spend

Planning a trip to Malaysia? Understanding the Malaysian Ringgit (MYR), the country’s official currency, can help you budget smarter and avoid unnecessary expenses during your trip. From knowing the value of each banknote to understanding exchange rates and everyday spending, being familiar with the Malaysian Ringgit makes travelling around Malaysia much easier. Whether you’re exploring Kuala Lumpur, relaxing in Langkawi, or discovering the heritage streets of Penang, this guide covers everything you need to know about the Malaysian Ringgit before you spend.

Ringgit in a brief

10 MYR

The word ” ringgit ” refers to the toothed edges of Spanish coins in the early 1500s, during the start of the Portuguese colonial era.  The Ringgit currency was introduced in the year 1967, post the independence of the country. Later on, RM1 and RM5 polymer banknotes were introduced in 2012. It is commonly referred to as ‘RM’ or ‘MYR’. In trade exchange portals, ‘MYR’ is internationally accepted with the ISO 4217 currency code. Urbanites use the terms ‘dollars’ or ‘bucks’ as the currency had a number of different names in the past. 

Knowing your currency is the first step in any good Malaysia guide — it decides how far your money goes once you land. 

What will your money get you?

RM1The

RM1 polymer note has the traditional Wau Bulan, which is a moon-kite with intricate floral motifs. It is popular in the Kelantan state. It is a traditional symbol widely known in Malaysia. One can get Malaysian Kuih (a cake made with coconut, rice, or tapioca flour) or a cup of Kopi ‘O’ (black coffee) at the local coffee shop, which is also known as Kopitiam. In short, this currency is basically used to purchase snacks.

RM5

Followed by RM1, the second polymer note in Malaysia is RM5. It portrays Rhinoceros Hornbill, a large, black-feathered, red-horned bird. It is also a common bird which is found in the Malaysian Island of Borneo.
With RM5, you can get a bowl of laksa (noodles in soup) at the local coffee shop. A plate of tomato rice and vegetables can also be purchased at the Mamak stall with this currency. School kids get RM5 as their daily pocket money.

RM10

Find RM10 notes with the image of the largest flower in the world, the Rafflesia. This parasitic flowering plant, which can grow about 100 centimetres in diameter, is often found in Malaysian Borneo. 

With RM10, one can afford to buy a good meal from any local coffee shop. A perfectly foamed cappuccino from any of the trendy city cafes can also be bought with RM10.

RM20

RM20 was recently introduced in the year 2012. This note pictures two native sea turtles, the Hawksbill and Leatherback turtles. One can ideally watch movies with a bottle of water with RM 20. However, this currency is not enough for popcorn.

RM50

You can spot RM50 POLYMER notes with an image of a palm tree on it. One can afford a book, a fancy dinner experience, or a spa massage with RM 50.

RM100

The world heritage sites of Mount Kinabalu in Sabah and the limestone rock formations of the Gunung Api valley in Sarawak can be found on the RM100 currency note. The RM100 currency note is basically a celebration of Malaysia’s natural wonders.
One can book a mid-range Airbnb stay in central Kuala Lumpur or a heritage hotel room in Penang.

100 MYR

Quick tips!

#1 Before splashing your cash in the fancy malls and other shops in Kuala Lumpur, give a try to the street food shops and the night bazaars. While you’re exploring the city, don’t miss some of the best shopping malls in Kuala Lumpur, which cater to every budget and shopping style.

#2 Credit cards and debit cards are widely accepted in almost all the shopping and food outlets.

#3 The exchange of USD to MYR has dropped to 3.9 in the year 2018. So you might spend a little more when you visit countries like Singapore and the US.

#4 USD $30 gets a one-way trip from Penang to Kota Kinabalu, but not the return.

#5 Tip is not expected in Malaysia. You get to pay for what you see in the bill!

#6 Malaysia’s alcohol tax rate is the third-highest in the world. If you’re looking to save your money, cut down on your drink!

Conclusion

Being on a trip to Malaysia means getting good food and goods anytime! These are just a few of the many reasons to visit Malaysia, especially if you enjoy diverse cultures, delicious cuisine, and affordable experiences. Knowing the value of the Ringgit also makes it easier to plan your budget for the top things to do in Malaysia, from sightseeing and shopping to island hopping and food trails.

Learn to spend the right amount of money in the right place because there’s a lot to see and buy around the country! Whether you’re planning a family holiday or a romantic escape, you can also explore Malaysia Family tour packages and Malaysia honeymoon packages for a hassle-free vacation.

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