By Ilona Kauremszky

Q: What kind of currency do they accept in Malaysia and is it better to take Canadian dollars or should I take US?

A: The Malaysian currency is the ringgit and $1-Cdn will get you around 3.22 ringgits. I have never had any problems exchanging Canadian dollars. You most likely have heard that the best money exchange institutions are the banks as they give the daily bank rate when you purchase foreign currency but will charge a service fee for doing so.

Malaysian banks charge in the region of US$2-3 for foreign exchange transactions. So itís best to convert large denominations to get the best bang for your buck.

However, in larger centres like Kuala Lumpur there are scads of licensed money exchange booths where you can purchase ringgits and are a popular alternative to banks with tourists. Here exchange rates will vary slightly so shop around.

Moneychangers are generally quicker to deal with and do not charge commission. You can also exchange travellers cheques at banks and some hotels and remember ATMs are widely available and all major credit cards are accepted at upscale hotels, shops and restaurants.


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