things to know about malaysia currency

I'm going to share with all about the Malaysia Currency - Malaysia Ringgit (MYR) or "Ringgit Malaysia (RM)" in local dialect. Knowing more may enriched your knowledge about Malaysia. Lets start ...

Coins circulation in the market now are 5 cents, 10 cents, 20 cents and 50 cents.

It used to have 1 cent and RM1 coins, but now it has been reclaimed by the government. So now, 1 cent and RM1 coin is useless, zero in value, except for coin collection purpose.

In the other hand, banknotes available are RM1, RM2, RM5, RM10, RM50 and RM100. It used to have RM500 and RM1000 but it had been reclaimed and demonetized to complement the Malaysia currency exchange control measures introduced in 1998. So, like the 1 cent and RM1 coin, the RM500 and RM1000 notes are meant for collection purpose only.

For coins, it has the maximum limits that you can use to make a payment in Malaysia currency. However, it has no limit for the banknotes usage.

For 50 cents, you can only make payment with 50 cents until ten Ringgit.

For coins less than 50 cents, you can only make payment with it until two Ringgit.

You can exchange foreign currency in any commercial banks or licensed money changer through out the country.

Malaysia currency exchange is not available outside of the country.