Buying Malaysian Currency for Travelling.

MondaySleeper on 02/12/2014 - 00:16

Hi everyone

Need some advice please.

This weekend I am heading to Malaysia (KL) and staying there for 3-4 days with family. Hotel and flights are already booked. Just wondering what is the best way to get some Malaysian Currency. I think I have these options

1) Convert AUD to Malaysian Currency
2) Buy Currency from Sydney and take it to Malaysia
3) Use 28 Degrees card that I have. But from 1-Jan-2014 inwards they have introduced cash withdrawal fee.

What you guys think would be the best option? If buying from Sydney, can you suggest some Currency Exchange services in Sydney?

Thanks in advance..

Sab

General Discussion

Comments

  • retiredfeline on 02/12/2014 - 00:30
    +3

    (4) Use Citibank debit card to get cash from ATM. But a bit too late to arrange that now. Alternatively if you have the Ingdirect card (you don't?) that's not too bad, $2.50 transaction fee IIRC.

    I've never had to do 1 or 2, but my feeling is you will get a better rate for AUD in KL than for MYR in Sydney. But then of course you may encounter a changer in Sydney who is happy to sell off some MYR accumulated from Malaysian tourists.

  • Davo1111 on 02/12/2014 - 03:16
    +2

    We always just bring AUD then bargain them at a local currency exchange.

    • aggregate on 02/12/2014 - 07:22

      This. You can get very good conversion rates at local currency exchanges, close to or even better than the rate published on XE.com.

    • MondaySleeper on 02/12/2014 - 18:27

      OK, Thanks. its a new info for me. I never knew that our OZbargain trick of bargaining will work for currency exchange. I will give it a try.

      • Davo1111 on 02/12/2014 - 18:40

        use lonely planet (or similar) to find a non branded sketchy currency exchange. Generally you tell them how much you want in AUD, then you barter over the price with a calculator. Make sure you know the actual exchange rate before you go in.

  • mariosensei on 02/12/2014 - 07:33

    You'll definitely get better rate in KL. However, get a few hundred ringgit at Sydney just for airport taxi and also for emergency.

  • mrkorrupt on 02/12/2014 - 07:55
    +1

    Go to Bukit Bintang on the side near the mall, the green one, a few sellers, very close to xe.com

    • MondaySleeper on 02/12/2014 - 18:28

      thanks, will check this out.

  • IMFrugl on 02/12/2014 - 08:15
    +1

    1. Change a small sum of currency to RM at a local money changer (example in Westfield Parramatta, or on Church Street). Do not use banks. You would need about RM200 to RM300 just to cover your taxi/ express train fare to the city and any snacks, tips etc. Carry remainder budgeted expenses in cash form.

    2. Change a little more (say RM1000) in the KLIA airport while you pick up a local SIM card (make sure it comes with pre-loaded credit, and buy a reputable brand to ensure good reception). Use money to pick up two bottles of liquor from the duty free shop for the family.

    3. Change all the rest in shopping complexes in KL (MegaMall etc). These have the best rates.

  • Davros on 02/12/2014 - 08:22

    "Need some advice please.
    This weekend I am heading to Malaysia"

    Nothing like leaving it to the last minute.

  • retiredfeline on 02/12/2014 - 08:24

    Well at least the MYR fell on oil price weakness so you'll be getting a better rate than in the past. Happy holidays.

  • IIGnomeII on 02/12/2014 - 08:32
    +1

    We did went there earlier this year, exchanged the money at a local currency exchange place for about 2 cents lower than xe.com which was good. No fees or anything either.
    We kept a few hundred in AUD to exchange over there and in an emergency we would just take it out from an ATM.
    From memory with St George it cost me $4 for the withdraw.

  • bluedufflecoat on 02/12/2014 - 09:00

    Think about the Malaysian friends you do have … and ask if they have any spare RM for you to exchange with them at a fair rate.

  • unicorn888 on 02/12/2014 - 09:12
    +2

    rate in KL much more better compare here. I was working in KL few years back..u can PM me if u have any question

  • c64 on 02/12/2014 - 09:23
    +1

    get some out of an atm at the kl airport

  • Almost Banned on 02/12/2014 - 11:59
    +2

    Here's a sneaky little trick I found - it won't quite help you in your situation but maybe for others…
    When we went to Sunway Lagoon theme park they require you to pay for all in park purchases with credit on your wrist-band.
    You can buy credit to load onto your wristband as a purchase on your credit card.
    They then refund you in cash any leftover credit when you leave the park.
    So, because the money I had transferred into my Citibank account hadn't turned up yet, what I did was load up the maximum amount of credit on my wristband (and the rest of the family) on my 28 degrees card just before I left the park.
    I then cashed out our left over credit and ended up with a huge amount of cash - and all at 28 degrees rates and without having to carry $AU.
    Not for everyone but I thought it was kinda clever.

  • MondaySleeper on 02/12/2014 - 18:25

    Thanks guys for all the inputs.

    I do have around RM 200 with me now and it should be enough for the Cab etc when we land there. I was not sure about the best value money exchange (confusion was to do it in AU or MY?), and as per the advice, it seems better to get it from MY.

    Sab

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