Changing money in Kuala Lumpur
There are money changers all over KL
These days it is important to make the most out of your hard-earned cash, and the last thing travellers want is to hand over a good slice to banks or money changers just to get the local currency. But thankfully, changing money in KL is relatively hassle-free and won’t cost the earth.
The currency of Malaysia is the ringgit which is occasionally also known by its previous name of the Malaysian dollar. Notes are available in RM1, RM5, RM10, RM50 and RM100 denominations. Each ringgit is divided into 100 cents which are normally handled in coin form. Beware of fake notes, especially if taking a taxi. Often if you will offer to pay with a large note such as a 50 the driver will look at it before performing a crafty switch and handing a fake back to you. For more on safety in KL.
Travellers cheques and cash can be changed at banks and money changers. Hotels will also change money in Kuala Lumpur but the rate is always significantly worse and not worthwhile unless everywhere else is closed and you are in a desperate rush. Credit cards are accepted pretty widely these days in department stores and hotels although a surcharge of around three per cent may apply. Outside the city cash is a necessity, however, except in large tourist resorts where guests normally charge everything to their room and pay with credit card upon check-out.
Banks generally charge commission while money changers do not, although their rates will vary so it is wise to shop around. If changing a large amount it may be better to pay a small commission and get a better rate from a bank, although if you just want a few extra ringgit in your pocket you’d be better off at a money changer.
Banks are normally open from 10:00 to 15:00 during the week and 09.30 to 11.30 on Saturdays. Some of the best rates can be found from KL money changers around Jalan Masjid Jamek on the PUTRA LRT metro line. But remember to search around for the best rate first of all.
However, you should always be aware of the people around you and your surroundings, avoiding KL money changers in crowded places where you may fall victim to sleight of hand. Avoid changing money in Kuala Lumpur at night as well and be careful when you go onto the escalators at LRT stations.
There is a scam recently where tourists who change money in KL are targeted when someone pretends to drop something on an escalator. When he goes to retrieve it an accomplice picks the tourist’s pocket after previously seeing where they secreted their cash. Be very careful when changing money in unfamiliar surroundings and perhaps secure it in a money belt to avoid any nasty surprises when walking around town.
Upon leaving the Malaysia, travellers can only carry RM1,000 in cash out of the country without permission first from the Controller of Foreign Exchange. But they can take out an equivalent of RM10,000 in foreign currency.
