One of the most frequet questions is what money do I take with me, should I use cash, ATM or travellers cheques?
You have to consider the law, Malaysian Currency Exchange Control Order (Import and Export) (General) 1998 states:
Non-resident Travellers is allowed to import; Ringgit Malaysia not exceeding RM1,000 each; and any amount in foreign currency and travellers’ cheque, but must be declared in IMM26 form if the total amount exceeded USD10,000.
Non-resident Traveller is allowed to export; Ringgit Malaysia not exceeding RM1,000 each; and foreign currency including travellers’ cheque not exceeding the amount brought into Malaysia.
Note: Should you need to carry Ringgit notes, foreign currency notes and traveller's cheque in excess of the permitted limits, prior written permission must be obtained from Exchange Control Department. www.customs.gov.my/index.php
So whatever you are are planning you are not allowed to take more than 1000 ringitts in cash per adult into Malaysia . Chances of being stopped are slim especially if you walk confidently through the green channel, but only you can decide whether to chance it or not.
You can get some money changed up at home so you have enough for your incidentals when you arrive, or use the ATM in your arriving airport.
The easiest and most secure method of getting your currency in Malaysia is no different than almost anywhere in the world. ATM's are located at the major bank branches, most shopping malls, airports, bus terminals, etc. As normal, a 4 digit PIN is required, so if your password has more digits, change it before you depart on your trip.
Credit cards are widely accecpted. But be careful of possible scamming and do not let the card out of your sight. Use credit cards for hotel deposits or payments or purchases in department shops. Use an ATM for topping up your cash. ATMs to get out cash as needed - usually use Maybank or Public Bank with no problems as long as you tell your bank before you go. ATM/Credit Cards will usually give good exchange rates but some banks do make a charge, check which bank cards give the best deal.
Never block your credit card before you go, emergencies happen!! Be sensible when using any cards, look out for 'scammers' on ATM or card reading machines. You are equally as likely to be targeted for card fraud at home. Credit cards are an essential travel accessory now a days, but you need to follow basic security rules and NEVER let the card out of your sight. Do ring your bank and tell them you are travelling so they don't block it, and take a contact number to phone you bank in case the computer overwrites any instructions. Some banks block cards even if you have told them as a computer makes the decision and does not look at your file notes, so taking a contact number to ring means you can ring and get it released as well for emergencies.
You can always take your own home currency, as changing up cash is really easy, they all offer pretty similar rates [banks, money changers etc] to be honest, you can shop around for the best rates and might gain a few cens here and there, but on the whole it won't be much.
Hotels will tend to charge more commission.
There are a lot of money changers in Malaysia, especially at tourist attraction places. The money changer is pretty straight forward - you give him your money, he will press a few buttons on his calculator and come out with the exchange rate. If you are happy with the rate you will convert your currency for Ringgits. They work exactly as a bank or Travel exchange. Money changers will usually give a better rate than Bureau deChange or banks. Do check the money you are receiving is correct. Here's a website that you might want to look at regarding Ringgit Malaysia's security features.
To find the location of an ATM using the CIRRUS network.
To find the location of an ATM using the PLUS network.