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, 50 and 100
- Coins: 5 cents, 10 cents, 20 cents and 50 cents
What is the best way to exchange currency?
There are numerous banks in Johor Bharu, 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 fares are mostly paid in cash although some accept credit cards. Cash is predominantly used at the street markets and stalls. ATM machines are found throughout the city for withdrawing cash with your credit card or bank ATM 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 bank transfer via credit card or internet banking.
What are the requirements for opening a bank account? At what stage of the settling-in process should I open it?
For work permit and business investor visa holders, a valid work permit and a letter from an employer or investment partner are needed to open a bank account. Foreign business investors need the following documents to open a banking account:
- Valid work permit
- Letter of business partnership
- An introduction from their business partner who has an account at the bank
Foreigners intending to relocate to Malaysia on a long-term basis need an MM2H visa to open a bank account. This visa is valid for ten years, offers multiple entries, and can be renewed. There are agents authorized by the Malaysian government who can help applicants to get an MM2H visa.
The following documents are required to open a bank account:
- Original passport and photocopies
- Letter of employment from the employer (if on a work permit)
- Copies of work permit (if applicable) and MM2H visa
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:
Sunday through Thursday: 9:30 a.m. to 3:30 p.m. or 4:00 p.m.
Friday& Saturday: 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 no longer require signature on the slip but a PIN number is required during transaction. Please be wary of your surroundings 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.