What is the currency exchange rate for A$ 1 AUD/MYR?
It’s helpful to get to know the live AUD/MYR rate so you can easily calculate how much things are costing you while you’re on your trip abroad.The rate you need to focus on is the mid market rate, which is the one banks and major currency services get when buying and selling currencies. This rate isn’t always passed on to customers. Instead you may find that the AUD/MYR rate you get when exchanging travel cash includes a markup - an extra fee.
Find the AUD/MYR mid-market rate from a currency conversion site or a website like this, so you can keep an eye on the market and compare the rates you’re offered as you travel against the mid-market rate easily. Right now, the mid-market rate for 1 Australian Dollar to MYR is 0.60844.
Should I exchange AUD to MYR before traveling to Malaysia?
It’s a good idea to exchange AUD to MYR before you head off to Malaysia, as you can often find a better exchange rate and lower overall costs before you travel.
When you’re in Malaysia you’re going to need MYR in cash for some of your spending - particularly when tipping or making smaller value purchases. Buying your MYR travel money in advance can get you better AUD/MYR exchange rates, and saves you wasting precious time shopping around for a good deal once you arrive in Malaysia.
Tips for exchanging money in Malaysia
At merchants and ATMs, make sure you’re charged in MYR. If you’re asked if you’d rather pay in AUD instead, say no. That’s a sign of dynamic currency conversion, which usually means extra costs. ATMs are widely used in Malaysia so withdrawing money in target-currency is easy, particularly in big cities and Kuala Lumpur.
Best place to exchange currency in Malaysia
You can get your MYR in Malaysia in a couple of ways.
You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online.
Or if you prefer an offline solution you can carry some cash in AUD to exchange when you arrive. Currency exchange providers are often in airports and hotels, although the exchange shops in a city center are likely to be cheaper overall.
How to pay in Malaysia?
You’ll need to have MYR to spend in Malaysia. However, generally having a few different payment methods is a good plan. That means that if a merchant won't accept one, you’ve got a back up. It’s also reassuring to know you have a different way to pay if you were unlucky enough to have a card or some travel cash stolen. Here are your key payment options in Malaysia.
1. Debit or credit card
Card payments can be helpful in shops, restaurants and hotels but there will be places where cash is also important. Order a travel card from a provider like Wise for cheap and fast transactions, including card payments and cash withdrawals as and when you need travel money in MYR.
2. MYR cash
Cash is widely used in Malaysia, so it’s worth having some with you at all times. You may want to exchange money to MYR before you leave, but it’s also usually convenient to make ATM withdrawals locally once you arrive in Malaysia.
You’ll usually find you can use a card to make payments in Malaysia, but carrying some cash in MYR is also reassuring. It’s often easier for tipping and making smaller purchases, plus you’ve got a nice backup if your card is ever out of action for some reason.
It’s a smart idea to have both a card and some cash in MYR when you’re in Malaysia. Some merchants will prefer cash, but having a card for higher value payments and in busier more tourist places is also convenient. Consider using a travel card from a provider like Wise or Revolut alongside your cash for flexibility.
Paying for the trip in AUD
If you’re paying for things in Malaysia with a AUD bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.
Travel debit cards don’t always work this way. When you make purchases in Malaysia using the Wise card you can either choose to convert your account balance to MYR in advance in the Wise app, or just leave your balance in AUD and let the card handle the transaction when you pay. You’ll always get the lowest available fee and there are no extra foreign transaction charges.
Conclusion - Currency in Malaysia
You won’t be able to pay in AUD when you visit Malaysia - so learning about the currency you need is essential. Whether you decide to use a travel debit card from a service like Wise , or stock up on MYR in cash in advance, knowing the mid-market exchange rate can help you get the best available deal. Use this guide to learn all you need to know about the options, rates and fees for exchanging AUD to MYR, and make your money go further while you’re away.
The official currency in Malaysia is MYR. You can’t usually pay in AUD in Malaysia, so you’ll need to plan in advance to get your travel money sorted. Consider ordering a travel debit card from a service like Wise, for low cost conversions to MYR and convenient spending and withdrawals - and remember that knowing the AUD to MYR mid-market exchange rate is essential to check you’re getting a fair deal on currency exchange.
FAQ - Currency in Malaysia
What is the currency in Malaysia called?
The official currency in Malaysia is the Malaysian Ringgit. You may also see the code MYR and the currency symbol RM.
What's the currency in Kuala Lumpur?
The official currency in Kuala Lumpur is the Malaysian Ringgit. You’ll only be able to spend in MYR while you’re there.
What is the old Malaysia currency?
Today the currency in Malaysia is the Malaysian Ringgit. If you’re worried about currencies changing, why not get a travel debit card from a service like Wise which will automatically pick the currency needed in your destination when making a payment - with no penalties or inflated fees.
What is the best currency to take to Malaysia?
You’ll only be able to spend in MYR while you’re in Malaysia. Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home.
