The local currency is called Ringgit Malaysia (RM). The currency’s RM3.80 peg against the U.S. dollar imposed on Sept 1, 1998 was lifted on July 21, 2005. One ringgit comprises 100 sen.

The currency comes in the form of both notes and coins. Ringgit banknotes are issued in the following denominations RM1, RM2, RM5, RM10, RM50 and RM100 while coins are issued in one sen, five sen, 10 sen, 20 sen, 50 sen and RM1 denominations.

Malaysian currency

Foreign currency and traveller’s cheques can be converted into Ringgit at banks or authorised moneychangers throughout the country.

Resident travellers are allowed to carry into and out of the country any amount not exceeding RM1,000 per person and also export foreign currency not exceeding the equivalent of RM10,000 per person.

Those who are carrying in excess of these - when entering or leaving the country - are required to obtain permission from the Controller of Foreign Exchange and declare in the Traveller’s Declaration Form the exact amount of Ringgit carried. Approval is usually given within one day of application.

Non-residents are allowed to bring in any amount of foreign currency (including traveller’s cheques). However, declaration in the Disembarkation Card issued by the Immigration Department is required when an amount in excess of US$2,500 is brought into the country.

Non-residents must also obtain permission and declare Ringgit exceeding RM1,000 when leaving or entering the country.