Job Discussion Forums

[elliot_spencer]

I will be coming to Malaysia on Tuesday.. Can I ask what is the best currency to bring into Malaysia to change .. Euro... Pound or USD? I will be coming from China so I can't get Ringgit nor do i want to bring in RMB

Thanks

PS.. How much do you think one needs to see them until their first pay packet comes through!

[wailing_imam]

I don't think it matters which of the major currencies you bring in.

If you are In a major Chinese city you should be able to buy MYR fromone of the money changing guys outside branches of The Bank of China at fair rates. He might need a day to organise the currency. I always got my sing dollars and sterling off these guys with no problems.

[elliot_spencer]

I live in a small city... so it's not possible!

[gloomyGumi]

this is a great topic. i too have been thinking of this thing. i think US dollars are not as in demand as they once were. i at this time would recommend bringing in euros or pounds. but thats just for a trip to Malaysia. my question is: if one plans on staying there fore a few years, what would be the best currecncy to convert one's savings into? and should this be done before or after one arrives in Malaysia? i.e. shoudl one convert say 20 million korean won into ringgits WHILE still in korea? or bring that currency TO Malaysia to get a better exchange rate?

[KayuJati]

Wow. To the best of my knowledge the Malaysian ringgit is still a controlled currency which means it is NOT easily obtainable outside Malaysia. Bring whatever currency you want into the country and deposit in a bank. The banks will give a decent exchange rate into ringgit (singular and plural are both ringgit).

Maybe it has been freed up the past few months and I didn't hear about it?

And BTW, controlled does not mean fixed exchange rate. Controlled means you cannot take ringgit in and out of the country in large amounts.

From a tourism website:

MALAYSIA CUSTOMS & TAX
The following are admitted duty-free into Malaysia: Tobacco 225 grammes of tobacco or cigars or 200 cigarettes. Liquor 1 litre of wine or 1 litre of spirits. Goods to the value of RM200 (except goods from Langkawi and Labuan, up to a value of RM500).
Tourists are free to bring in any amount of foreign currency or travelers cheques. However, tourists would need to seek approval if the amount of foreign currency to be carried out exceeds the amount brought into Malaysia and if the amount to be taken out is more than the equivalent of USD2500. Tourists must also obtain permission and declare ringgit exceeding RM1000 being brought into or out of Malaysia.
Pornography and weapons are strictly prohibited. Possession of narcotics and other illegal drugs carries the death sentence. Firearms are subject to licensing.

Some other prohibitions you might want to note.

[wailing_imam]

The RMB is also a controlled currency, like the MYR, yet very easy to buy in large quantities in Malaysia and Singapore. Similarly, the large number if people travelling back and forth between Malaysia and china ensures that there is plenty of Malaysian currency available on the Chinese black market.

[gloomyGumi]

it really gets maddeningly vexing if one overthinks it (note: I am that one!) I mean, ringgit are controlled like the korean won, so who would want to settle down permanently (haha, wish we could live forever) in a controlled-currency country? if you think about it, that currency will be your storehouse for all your wealth (or what little you have). and why does it seem a controlled currency--just the sound of that, "controlled", as in "not really cutting the mustard to be an internationally-respected currency"---(hyphens omitted)----would be more likely to suddenly tank, kaput, be obliterated by some regional or global event?

Is it possible---

[gloomyGumi]

malaysian ringgit is not depreciating aginast the us dollar, so it may be a good store of wealth for the future

[KayuJati]

[gloomyGumi]

actually i am not planning on returning to the u.s., but rather to my wife's country as we have a small business her brother is taking care of right now. therefore i'm also not planning on moving any money TO the u.s. Im just wondering how convertible my ringgit will be into OTHER currencies once we leave Malaysia.------that is, if after a few years we decide to leave Malaysia.

[clsc]

I think US$ would be a good currency to bring in.

There are many good money exchanger in Malaysia.

I like Mid Valley's Wawasan.

[Captain_Fil]

In my travels throughout Asia, I believe the best way to have money is by simply using an ATM or debit card.

I was able to easily withdraw cash from automated teller machines in Taiwan and the Philippines last year.

Of course, there is a small transaction fee. But it's better than trying to carry lots of cash through customs.

Just make sure you have enough, or more than enough, money in your bank account.

[gloomyGumi]

wwhat would happen if u try to carry large anmts of cash thru customs?

[Captain_Fil]

[gloomyGumi]

I was thinking to carry about $35,000 US into Malaysia. I called Malaysian embassy and thy said there is no limit at all. anythng over 10 thousand Us must be declared but tis none of their fuckeng business qustioning you about it. I'l have mu bank book showing 3 years of deposits into my account from my empoyer, and my passport shows 3 years of work visas for Korea. Only a moron would question where the $$$ came from at that point. Wouldnt you agree???