Malaysian Currency and Paying for Goods in KL
Paying for Goods
The most common way to pay for goods in KL is with cash, with the local currency being the Malaysian Ringgit. Many find that the notes take some getting used to due to the similarity in colors between the notes, particularly the 10 and the 20. For newcomers, don’t be rushed when paying, look closely at the numbers on the notes until you become more familiar with the sizes and colors. Also, coins are common place so you’ll likely come home each night with pocketfuls! They do become useful for the train ticket machines, which also accept small denomination notes.
Credit cards are widely accepted except in the smallest of stores. The preferred cards include VISA, MasterCard, and JCB while larger establishments also accept American Express and Diners Club Cards. There are some smaller shops which levy a 3 percent service charge for using a credit card, but this is becoming less common.
If you are exchanging currency, many suggest that the airport is not the best value for money. Always count your money before leaving the exchange window.
Many ATMs accept foreign debit cards, contact your bank to inquire as to whats involved in using your card in KL.
For current exchange rates see http://www.bnm.gov.my/index.php?ch=statistic&pg=stats_exchangerates
The Ringgit, also referred to as the MYR or RM, consists of notes – 1, 5, 10, 50 and 100 notes and 50, 20, 10, 5 and 1 cent coins.