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American Dollar

nottingham
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112 posts
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American Dollar

Hi all again

Staying in K.L. and Langkawi over Christmas and the post office here in the UK have advised me to take the American Dollar rather than Ringits due to the good exchange rate.

Is this correct that this can be used in both places.

Thank you

M

Surrey UK
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2,017 posts
33 reviews
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1. Re: American Dollar

The Post Office are talking C$ap. They probably do not sell Rms

The Rm rate has been tracking the $ very closely. I know that in London I can get Rm 6.9 to the £ and this is significantly higher than a month ago

The advice from the local experts is not to take any Rms but change locally. So the choice is yours - will the exchange rate go up or down? If only I knew the answer to these questions!

Amsterdam
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2. Re: American Dollar

Hi Gilt,

I remember you posting ages ago, when you were booking, now it’s almost time!!! Anywayyyyy…

sorry, this post is confusing me on so many levels…

1. it has never ever been cheaper for me to exchange to ringits in Europe. It has always been cheaper to exchange in Malaysia, irrespective to what the rate has been at that time. You’ll always get a better ringit rate in Malaysia. At least I certainly have.

2. You’re from the UK, so you would need to pay to get your money changed into dollars, then pay again to get the dollars changed into ringit. That strikes me as a bit mad (sorry, if that’s a bit blunt, lol). If you’d rather carry cash and exchange that for ringits, then just take pounds sterling and exchange those. Unless of course you have dollars lying around already?

3. Why not just do the easiest thing of all and use your ATM card to withdraw Malaysian ringits out the hole in the wall cash machines? There are tons of ATMs in KL and Penang and even Langkawi has enough of them. Just make sure your ATM card has the cirrus and/or maestro logo. As long as you’re not going to some far flung place out in the sticks you’ll find plenty of ATMs. I always use the ATMs at the Maybank or HSBC and I can withdraw up to rm1500 per time, and I only get charged a couple of euros per withdrawal. Although you’d need to check with your own bank for exact rates… however most of the Brits who post on here get cash via the ATMs too, so I’m assuming it must be an economical choice. Better to take out 1 x 1500rm at the cash machine than to take out 3 x rm500 as you’d pay charges 3 times.

Hope this makes some sense.

Watford, United...
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37 posts
29 reviews
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3. Re: American Dollar

Gilt, we travelled to Malaysia from the UK and only took UK Pounds, we changed everything up when we got there. Never had a problem at all in Kuala Lumpur. I'm sure Langkawi will be the same. Not only that but it was £50 notes we took, which I rarely see in circulation here outside of casinos & bookies, however these weren't given a second glance! We used hotels and the outside FX booths (where you get a better rate).

Amsterdam
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1,096 posts
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4. Re: American Dollar

if anyone was interested it’s easy enough to look on (for example) the Maybank’s website and see what their rate for that day is for sterling to ringit exchanges, and compare that rate with your own bank at home. I know for me the difference is massive, I lose out big time if I buy ringits here. About 18 months ago I was getting rm5 to the Euro *in* Malaysia. At that same time it was 4.1 ringits to the Euro here.

On the Maybank website you find the daily rates under

> Financial tools

> Foreign currency

Amsterdam
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5. Re: American Dollar

oh and another thing…. (I’ll shut up after this, I promise)

Make sure you don’t have a load of surplus cash (ringits) over at the end of your holiday. Because you will get terrible rates when you exchange it back in to sterling/euro in Europe.

A colleague of mine had about Euro300 worth of ringits left over when he got back home, the bank here would only give him Euro220. I split the difference with him and bought them from him for around Euro260.

nottingham
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112 posts
6 reviews
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6. Re: American Dollar

Yes not long now,we fly out on the 14th so soon be here......

I will take your adive and travel with sterling and my ATM card.

Im sure everything will be great.

thanks to all

Kuala Lumpur...
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7. Re: American Dollar

Hi M, bring your sterling pounds (GBP) over here; then upon arrival at the airport, exchange to about RM150.00 for the fixed coupon taxi and some small purchases.

Then when in KL, you will find many licensed money changer, in shopping malls, giving even better FOREX than in the airports.

Please do not fall into the "trap" of exchanging your GBP into USD, then MYR. You can do a simple computation, as below, though the FOREX employed herein is for TT/Overdraft transaction, higher rates when cash transacting.

All financial times and bank websites, FOREX are for TT/OD transactions, against LIBOR rates (i.e Interbank rates, with reference to a Central Bank-in Malaysia- Bank Negara, as in Bank of England).

Anyway, say for GBP100

GBP100 = USD 198.147

which is MYR711.869

However, if GBP100, straight to MYR = 740.344

A FOREX gain of RM28.48, and not taking into account, commission charges, if imposed in UK for FOREX.

As I do not think you will be transacting FOREX of 5 figures, those licensed money changer in shopping malls should suffice, as if it is 5 figures, we go to the bank as they calculate based to 4 decimal places, whereas shopping malls licensed money changer, are up to 2 decimal place.

In fact the Ringgit has been strengtening against the greenback for the last two weeks, whereas GBP is maintaining close to equilibrium; though for many of us..the strengthening against the greenback against a basket of currency (RM Is NOT pegged to USD) is around RM0.23, around (about 3 pence), but if five figures, we are talking of thousand ringgits, involved in FOREX loss.

nottingham
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112 posts
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8. Re: American Dollar

thank you for that.

I will do exactly as you say,change a small amount in the Airport and the rest when in K.L.

Thanks

9. Re: American Dollar

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