Exchanging Local Currency In Malaysia
We recommend currency exchange in Malaysia after reaching the place, at the many exchange centres and money changers in cities. Airports, hotels and banks charge high commission fees for exchange and are not very favourable. One can carry USD to the country and exchange it for MYR instead of carrying the currency of the previous destination, as USD brings in the best exchange rates. Make sure that the currency is in good condition – damaged notes are usually not accepted at money changing centres. Remember that foreign currencies are not allowed in most places in Malaysia – carry the bare minimum MYR for taxis, food, and convenience before reaching an exchange centre for the best rates.
How Much Currency to Carry?
While there is no limit on the amount of foreign currency and travellers’ cheques that can be carried in and out of Malaysia, when it comes to MYR, the value is limited to the equivalent of USD 10000. Keep in mind that exchange transactions over RM 3000 require a form of ID, usually a passport. While out sightseeing, carry only the required amount of cash as pickpocketing is a problem in Malaysia. Opt to place in a fanny pack and not a shoulder bag.
You are required to render your personal information if your transaction is above RM 3,000 in order to satisfy the Customer Due Diligence (CDD) requirement. Identity card or passport and information such as the purpose of your exchange will be needed for verification. When the transaction is RM 10,000 and above, thumbprint verification is needed for Malaysians and/or ID documents will be copied for foreigners, to satisfy the Enhanced Customer Due Diligence (ECDD) requirement. The directive on this can be found in AML/CFT – MSB (Sector 3). E-Globex appreciates your full cooperation as all personal details are solely for internal record and will be kept private and confidential as per Personal Data Protection Act.
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