The currency of Malaysia is called the Malaysian Ringgit and has the code MYR. It comes in RM100, RM50, RM20, RM10, RM5,RM1, and 50, 20, 10, and 5 sen coins.

As of 2022, RM100 is equal to just over USD22. You can check the current exchange rates here.

If you are relocating to Kuala Lumpur, you will need to open a bank account.

How to open a bank account in Malaysia

To open a bank account in Kuala Lumpur, you will require these documents.

  • Your passport

  • National Identity Card

  • Work visa for Malaysia

  • A letter from your Malaysian employer

  • Any documents regarding your type of visa for residence in Malaysia, that is student visas, MM2H visa (purchase of property).

What is a National Identity Card for foreigners?

When you apply for residence in Malaysia, you will be issued a MyPR card.

Banks in Malaysia

There is a large selection of banks to choose from in Malaysia. In Kuala Lumpur, you are very likely to find a bank that has English-speaking staff.

Banks are open Monday to Friday, 9.30 am to 4.00 pm. They are closed on Saturday, Sunday, and public holidays.

International Banks in Malaysia

Three American banks are operating in Malaysia.

Other international banks are:

Bank Services in Malaysia

Malaysian banks offer the same services that you are used to from your home bank.

  • Standard savings accounts, student accounts, credit card options, Expat services

  • Personal loans

  • Mortgages

  • Investment accounts

  • Insurance

  • Digital and online banking.

  • Mobile banking by downloading the app

  • Business bank accounts

International Money Transfers

These days international money transfers are simple and cheaper if you use one of the following:

Are Malaysian bank accounts safe?

Your savings in a Malaysian bank are insured for up to RM60,000 by the PIDM, the Perbadanan Insurans Deposit Malaysia.