Best Currency for Indian Travellers to Malaysia: How to Buy it?

Imagine you have landed in Kuala Lumpur, ready to explore, only to find that your money isn’t accepted. It’s not just frustrating; it can leave a hole in your budget. That’s why carrying the right currency before you leave India is a smart move.

In this blog, we’ll explore the best currency to carry, how to get it, and some useful tips.

Also Read: How to Travel to Malaysia Without a Visa: Full Guide for Indians

The Best Currency to Carry to Malaysia: Malaysian Ringgit (MYR)

The Malaysian Ringgit (MYR) is Malaysia’s official currency, and is accepted throughout the country. So it is the best currency to take to Malaysia.

Having Ringgit on hand means you’re ready to go anywhere and do anything. Plus, you avoid the stress of hunting for an exchange counter around the country. 

Can You Use USD or INR in Malaysia?

Yes, in tourist-heavy areas or big hotels, you can use currencies like INR, USD or even EUR. But you might not often be lucky enough. These places might give you a bad exchange rate. Instead, stick to Ringgit and save yourself the headache.

How to Buy Malaysian Ringgit in India?

There are several places to exchange currency in India. Here is a list of the most popular and safest ones: 

Option 1: Airports Exchange Counters

Indian and Malaysian airports have exchange stores of reputed forex vendors. However, due to the high rent at the airports, these vendors charge extremely high exchange rates to cover their maintenance costs. Since travellers are in a last-minute hurry, these vendors take advantage of their situation.

Option 2: Banks

Most banks in India allow you to buy foreign currency, including MYR. While this is a trustworthy option, it often comes with higher exchange rates, fees, and slower service.

Option 3: Currency Exchange Stores

You’ll find these in your cities, and they may offer good exchange rates. But purchase with caution, as these counters can at times be a scam and offer counterfeit currencies. Therefore, always opt for stores that you personally know or are widely accepted.

Option 2: Online Forex Platforms

If you’re looking for a smarter way to exchange currency, online forex platforms like ExTravelMoney are the way to go. ExTravelMoney offers better exchange rates after comparing rates from different providers near you. Plus, it can be done from the comfort of your home, saving you time and effort.

Pro Tip: Keep an eye on the mid-market exchange rate, which is the rate displayed on Google. It is the midpoint between the buying and selling prices of two currencies at a specific time. Knowing it helps you assess whether the markup (the additional fee charged by forex vendors) is reasonable.

Check Today's Interbank Rates

Best Way to Buy Malaysian Ringgit Online?

For affordable and convenient Malaysian travel, purchase Malaysian Ringgit as both cash and forex card in a 30:70 ratio. To save money, purchase them from a forex service provider in India, preferably through an online platform like ExTravelMoney.

Currency:

  • Carry 30% of your expenses as cash for places that don’t accept cards and for tipping at hotels.
  • By carrying less cash, you can travel stress-free.

Forex Card:

  • Upload the rest 70% in a single-currency forex card. These cards often come with better exchange rates than cash. 
  • You can swipe them like a debit card in Malaysia for purchases and even withdraw cash when needed. 
  • Single-currency forex cards incur no conversion or international transfer fee. Only a fee of 2-3 US Dollars is charged per transaction for ATM withdrawals.
Pro Tip: To avoid any last-minute rush, make sure to buy the necessary forex products at least three days before your trip.

What to Do with Excess Malaysian Ringgit After Travel?

On landing back in India, after your Malaysian trip, you can sell your Malaysian currency and unload your forex card with the help of a forex service provider like, ExTravelMoney.

How much Ringgit can You bring In and Out of Malaysia?

The Malaysian government allows foreign travellers to take MYR equivalent to USD 10,000 in and out of the country. But if the amount exceeds the permissible limit, you must get prior permission from the director of the Exchange Control Department.1 

However, the Indian government permits Indian travellers to carry foreign currency equivalent to USD 3000 as cash.2 On entry to India, Indians can only carry USD 5000 as cash. The remaining currency (annual LRS limit USD 250,000) can be loaded in a Forex card.3

When traveling to Malaysia, having minimum Malaysian Ringgit in your wallet and maximum in your forex card is the best way to ensure a smooth experience. Avoid the stress of high exchange rates and last-minute confusion by purchasing with ExTravelMoney.

Also Read: 15 Free Things To Do In Malaysia You Shouldn’t Miss!

FAQ

1. Should I exchange money before I travel to Malaysia?

Yes, exchanging money before your flight to Malaysia is the best way to purchase Malaysian Ringgit. It is advisable to purchase MYR, 3 days before your travel.

2. Is it better to use cash or card in Malaysia?

Since Malaysia is a popular tourist destination, most of the enterprises follow both cash and card payments. It is better to make your payments using cards (forex card) inorder to avoid pick-pocketing and other risks.

3. Can I use an Indian debit and credit card in Malaysia?

Yes, you can use your Indian debit and credit card in Malaysia, but unlike forex cards, be ready for high charges and exchange rates. The amount in your account in INR shall be converted to Malaysian Ringgit when used in ATMs and POS machines in Malaysia.

4. Can I exchange Indian Rupees in Malaysia?

Yes, you can, but since Indian Rupees is not widely accepted in the Malaysian forex market. Even if they purchase, a high exchange rate shall be charged. So it is better to purchase Ringgit in India and use it conveniently in Malaysia.

5. What is the best cashless payment in Malaysia?

The best cashless or card payment method is a single-currency forex card. You can upload Malaysian Ringgit in it, lock the exchange rate, and use it at ATMs and POS machines in Malaysia. 

  1. Malaysian Customs Department ↩︎
  2. RBI Currency Export Rules ↩︎
  3. RBI Currency Import Rules ↩︎

Comments

Scroll to Top