MALAYSIA
Money
& Cost
Malaysia's unit of currency is the Malaysian ringgit, divided
into 100 sen. You'll also see the ringgit written as "RM",
or simply as "$" (M$), and often hear it called a "dollar".
Notes come in $1, $5, $10, $20, $50, $100, $500 and $1000 denominations;
coins are minted in 1 sen, 5 sen, 10 sen, 20 sen, 50 sen and $1
denominations. At the time of writing, the exchange rate was around
RM5.80 to £1, RM3.50 to US$1. There is no black market.
If entering Malaysia from Thailand, you will find your daily budget
remains pretty much unchanged, but approaching from Indonesia,
costs will take a step up. In Peninsular Malaysia , if you stay
in basic accommodation, use local transport and eat at roadside
stalls, you can manage on £10/US$14 a day. With air-conditioned
rooms, decent restaurants and the occasional beer, your daily
budget becomes a more realistic £20/US$28.
You'll find living costs roughly similar in East Malaysia , though
room rates are around thirty percent more expensive. Moreover,
transport in Sarawak and Sabah can be expensive, since you may
decide to charter your own boat, and adequately exploring some
of the major national parks can require paying upfront for guides
or tours.
Sterling and US dollar travellers' cheques can be cashed at Malaysian
banks, licensed moneychangers and some hotels. Ban Hin Lee Bank
(BHL) doesn't charge any commission for changing American Express
travellers' cheques, but can only be found in major cities.
Licensed moneychangers' kiosks in bigger towns tend to open until
around 6pm, and sometimes at weekends; some hotels will exchange
money at all hours. It's not difficult to change money in Sabah
or Sarawak, though if travelling by river in the interior, you
should carry a fair bit of cash, in smallish denominations.
Major credit cards are accepted in most hotels and large shops,
but beware of illegal surcharges. Banks will advance cash against
major credit cards, and with American Express, Visa and MasterCard,
you can withdraw money from automatic teller machines (ATMs) in
big cities.
Wiring money to Malaysia is straightforward. In KL, the best banks
to use are Bank of America, 1st Floor, Wisma Stephens, galan Raja
Chulan, Golden Triangle (tel 03/202 1133) and the Hongkong and
Shanghai Bank, 2 Lebuh Ampang, Little India (tel 03/230 0744).
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