Money
Currency: Ringgit (RM) = 100 sen. Notes are in denominations of RM1000, 500, 100, 50, 10, 5, 2 and 1. The RM1000 and RM500 notes are now being phased out. Coins are in denominations of RM1, and 50, 20, 10, 5 and 1 sen. There are also many commemorative coins in various denominations which are legal tender. The Ringgit is often referred to as the Malaysian Dollar.
Currency exchange: The best currency for exchange is the Pound Sterling, but US Dollars are also widely accepted. Although all major currencies can be exchanged easily in the main tourist centres, problems may occur elsewhere. It is difficult to exchange Malaysian currency outside of Malaysia, Singapore or Indonesia. All visitors need to fill in a Travellers Declaration Form (TDF); see Currency restrictions below for details.
Credit & debit cards: MasterCard, Visa, Diners Club and American Express are accepted. Check with your credit or debit card company for details of merchant acceptability and other services which may be available.
Travellers cheques: Accepted by all banks, hotels and large department stores. To avoid additional exchange rate charges, travellers are advised to take travellers cheques in Pounds Sterling, US Dollars, or Australian Dollars.
Currency restrictions: All visitors entering Malaysia (including children) must declare amounts over RM1000 that they have in their possession (local and equivalent in foreign currencies) on a Travellers Declaration Form (TDF), which can be obtained at the airport or Malaysian embassies, high commissions and tourist offices. On departure, the TDF has to be filled in prior to immigration clearance.
The import and export of local currency is limited to RM1000. The import of foreign currency is unlimited. The export of foreign currency is limited to the amount imported on arrival.
Exchange rate indicators
The following figures are included as a guide to the movements of the Ringgit against Sterling and the US Dollar:
| Date | May ’02 | Aug ’02 | Nov ’02 | Feb ’03 | | £1.00= | 5.54 | 5.78 | 6.01 | 6.05 | | $1.00= | 3.80 | 3.80 | 3.80 | 3.80 |
Banking hours: Mon-Fri 0930-1500, Sat 0930-1130. Banks in Sabah open at 0800 and usually break for lunch (1200-1400).
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