What is the local currency?
The local currency is the Malaysian ringgit (RM), which is divided into 100 cents.
What denominations does it come in?
Bank Notes: 1, 5, 10, 20, 50, 100
Coins: 5 cents, 10 cents, 20 cents, 50 cents
What is the best way to exchange currency?
There are numerous banks in Kuala Lumpur, both local and international. Currency can be exchanged at any of these banks or at licensed foreign money changers. Traveller's checks can only be exchanged for Malaysian ringgit at selected authorized money changers, as well as at commercial banks or hotels.
What are commonly-used forms of payment for everyday purchases (such as groceries)?
Cash is most commonly used, but credit card purchases can be made at most major grocery chains and department stores.
Will I be able to use my credit card around town? If not, list when I’ll need cash.
Credit cards are accepted at most department stores, hotels, gas stations, larger restaurants and large supermarkets.
Note that you can often receive a discount from the ticketed price just by paying cash. In addition, taxis deal only in cash, as do the street markets and stalls. ATM machines are found throughout the city for withdrawing cash with your credit card or bank card.
By what method are bills (such as rent and utilities) paid?
Payment is made directly to the provider/landlord by either cash or check, or at the post office or Internet banking.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
To open a bank account, you must have a valid passport and a letter of employment confirmation. It is best to open the account as soon as possible after arrival. Please note that it is only possible to open an account in Malaysian ringgit. Foreign currency accounts are not available.
Will foreign residents be able to find banking services in their native languages?
No, only English. Bahasa Malaysia and Mandarin are available in most banks and at ATMs.
Are there any restrictions on services for those who are new to your country?
Some utility accounts (i.e., telephone) require a refundable deposit from a foreign resident in order to establish the service.
What are typical banking hours?
Hours vary from bank to bank, but generally they are as follows:
- Monday through Friday: 9:30 a.m. to 3:30 p.m. or 4 p.m.
- Saturday & Sunday: Closed
Are automatic teller machines (ATMs) available around the clock?
Is there any other money information that might help me?
Traveller’s checks can sometimes be difficult to cash if you're not in an urban center, and some currencies are only cashed through banks.
Credit cards are no longer required signature on the slip but it’s required a pin during transaction. Please be aware of surrounding while entering your pin.
The Touch 'n Go card is a stored-value card that is very useful for toll roads and transport on the light rail system. The card can be purchased at designated stations located at various toll booths around the city and can also be reloaded at these stations.
Crown Relocations has made every effort to present accurate information. However, regulations, rates and other variables are subject to change and Crown Relocations cannot accept responsibility for the errors that might result. Should you have any questions or need additional information, please contact your local Crown representative.