The Mrs and I are going to KL for 10 days in December, and I am wary of being fleeced on currency exchange — and that is more of a comment on the good old Aussie banks than it is about any Malaysian organisations.
Any suggestions on the best deal?
On the advice of fellow OzBers, I have had positive experiences in Vietnam, in getting bang for bucks. Anyone got any advice to pass on?
Many thanks in advance.
Best Value for Exchanging AUD for Malaysian Ringgit?
branners on 27/11/2016 - 20:49
Comments
This. My mum and dad always did their exchanging in Malaysia rather than in Australia
Yep
If thay are desparete for some local cash you can exchange a bit at the airport (not the best rates, but better than in Oz).
You can get from airport to hotel on uber which doesn't require cash and then find somewhere local to exchange. Or get train to Sentral (card) and exchange when you get there. A few money changers with excellent rates.
Hi singlemalt72, I was tempted to try uber while in KL, but did not. Partly because I have not used them before, even in Oz, so a bit uncertain of things. Will the same Uber app that works here, work there? Thanks in advance.
@bluesky: Yep - same app. I had it linked to my citibank plus card in case there were any international fees. Worked seamlessly.
If you're catching the bus or train from the airport to KL Sentral, go downstairs at Nu Sentral, there are a couple money exchange places there that give awesome rates, close to, if not even with xe.com rates is what I've found
If you do not any Malaysian currency on arrival, you may have to change the minimal amount at the airport..The difference between airport and money exchangers in the tourist shopping centres can be quite a bit. As for me, I will only change the minimal amount at the airport/hotel if I have no choice or arrive late at night
If you are taking a train from KLIA / KLIA2, you can pay by credit card and change the money when you arrive at KL Sentral. The bus fare is 11 ringgit per passenger (less than A$4). You buy tickets at the counter and I'm not 100 % sure if they accept credit card. Maybe, just ask them before changing the money at the airport, if you intend to take a bus
Nu Sentral which is next to KL Sentral, is quite new. If you are a foreign visitor with some luggage, it may not be easy to locate the decent money exchange places. As for KL Sentral, the money exchange is inside a bookshop/newsagent. Take the escalator and turn left. You should be able to see the bookshop. If in doubt, ask the information counter for assistance. Just change enough money for a day expenses. On the same floor, you can buy a coupon with your credit card, if you plan to take a taxi from KL Sentral to your hotel.
If you are staying at Bukit Bintang area, a popular location, you will get the best rates. There are 2 money exchangers just opposite Fahrenheit Shopping Centre, near Pavilion. It's easy to find and you won't miss them. There are also several money exchanges n Bukit Bintang, but these two are safe and well-located. Like any busy tourist destination, please keep an eye on your wallet and handbag.
Enjoy your trip.
I actually have some on me.
If you're in Sydney, pm me and I'll trade with you for xe.com rate if you're willing to?
However, in terms of specific advice from an actual money changer, the other guys have pretty much covered most of it.
My own personal experience is right in the middle of Mid Valley shopping centre in KL is where you can get really awesome rates. So awesome that the money changers always have lines. It's near the KFC in the basement level.
As what others have already mentioned, make sure that you have some Malaysian currency to get to the hotel and exchange the majority at Mid Valley or Bukit Bintang.
Recently in KL, I used my Citibank Plus debit card to withdraw cash at ATMs, and was getting very good rates - close to XE. And they were better rates than offered by the local money exchangers. I used the HSBC and Maybank ATMs which were fee-free. Not sure about other ATMs.
In case you are not familiar with this card, wiki on Cards With No Overseas Transaction Fees provides some info.
Thought I should add: During my last visit, the Citi Plus card provided better rates than the money exchangers; and it has to do with events surrounding that time, which caused the rate spread offered by the money changers to be rather wide. And so, the rate from Citi Plus card was better.
I am not suggesting that the card always gives better rates than money exchangers. But either way, the difference between the two will not be that great, since the card rate is always close to XE rate. The advantage is not having to carry much cash, and withdraw as necessary.
Was it easy to find Citibank ATM there?
Or did you use Citibank ATM card and used it in other banks' ATM machine?You don't need to use a Citibank ATM. In fact I find it easier to find fee-free ATMs overseas than I do in Australia using the Citibank Plus card. You always get a generic warning that "your issuing bank may charge you" but if your issuing bank is Citibank and you're holding the Plus Transaction account, you actually don't get charged.
AFAIK Citibank has few ATMs in Malaysia, so you will need to use other ATMs but as bluesky said, they didn't charge an ATM fee. This is not true of all countries though, I got charged in Sri Lanka and S. Korea for non-Citibank ATMs. Whether it's worth your while chasing down a Citibank ATM (if they exist) is up to you.
I used HSBC and Maybank ATMs - they were fee-free.
I tried using a Public Bank (PBB) ATM too, but the message was not clear whether fees will be levied, so I cancelled. If anyone knows of any other ATMs which are fee-free, would appreciate the feedback.Haven't seen a single Citibank ATM there :-)
Citibank does have an ATM locator link - to locate all Citibank ATMs in other countries. But I did not consult it that time.
I've used pretty much every ATM under the sun in Malaysia and was never charged a fee lol
Pretty sure Public Bank was one of the ones I tried.
.. only ATM I don't recall withdrawing from in Malaysia is Citibank…
@illumination: Oh, this is good info to know :-). Thanks a lot.
There I was, on several occasions, walking 15-20 mins to a closeby HSBC/Maybank ATM.
@bluesky: Yea unfortunately I do not recall the names.
I think one of them was Alliance bank and another one was probably something something Islam bank?
@illumination: Must be the Bank Islam Malaysia. Do you by any chance remember if you have used the CIMB or RHB atms as well? No worries if you can't remember.
@bluesky: Umm.. yes I think I have. Honestly can't remember exactly off the top of my head but I'm always there and I don't even target a specific ATM because I know most are free LOL
@bluesky: Oh, don't forget that at many restaurants not only in Malaysia but in South East Asia they give discounts for paying with cards issued by a specific bank. I often see Citibank. The other ones that come up sometimes are CIMB and Public Bank. Not gonna bother getting CIMB/Public Bank for those discounts but we've got a Citibank anyway so keep that in mind!
@illumination: Do they apply to a foreign Citibank Card? I did see a few deals in Pavilion that has bonuses for Citibank cards. But thought, it has to be for the local Citibank card. Or are you referring to some other scheme?
@bluesky: I am referring to those that you see at restaurants and at checkouts of some clothing stores. Should be the same as what you're referring to.
To be honest I've never tried but from what I remember seeing, it doesn't specify a particular (level of) card, only an issuer. You just have to pay with your Citibank.
@illumination: I see. I will try it if the opportunity arises next time :-) Thanks for the heads-up.
I wouldn't arrive in a foreign country without a small amount of local tender. Many moons ago I did and my card didn't work; leaving me a pennyless sitar player. YMMV!
You can arrive with any cash in your pocket and exchange a little at the airport on arrival.
It depends. For a developed country like western European ones, Japan, S. Korea, Taiwan, I wouldn't have any qualms arriving with plastic, backup plastic and Australian currency, rather than spend time exchanging here pre-trip. But these days I usually have cash from a previous trip.
Did basking by playing sitar bail you out? :-)
But seriously, I think the same too. ATMs can jam etc, so a bit precarious to rely on the card alone. I would exchange some small amount before leaving Australia. Or as singlemalt72/greenpossum said, at least have Aussie currency.Did
baskingbusking by playing sitar bail you out? :-)(spelling mistake)
I should add there are also countries where it is necessary to arrive with legal tender for one reason or other. The one that sticks in my mind is Cuba, currently in the news for Castro's passing, which I visited in 2004. You had to have USD, in small denominations. So I got some here ahead of time. I met a traveller who went with TCs (remember those?) but there were a hassle to change in a bank. As to why USD is legal tender, along with the Cuban peso and convertible peso, that's an intricate story. PM me if you want my blog post explaining.
As others have stated, money changers in KL's centre are very competitive (often within 1% of the mid-market rate) and unlike some countries (e.g. Myanmar) don't treat AUD like some obscure skippable currency.
By far the best fee-free ATM to use with your OzBargain-issued Citibank Debit card is CIMB (the very red one). They often dish out as low as 10 ringgit ($3), perfect for that last day of travel when you want just one more meal.
Good to know, thanks. They are in quite a lot of places.
My experiences and suggestions:
- definately better to change in Malaysia. much better rates and you can haggle as well if changing a larger sum.
- yes take some cash with you whether AUD or MYR. depending on who your're flying with, if you buy something on the plane, they'll give you MYR in change (exchange may not be the best)
- can always change some at the airport
- away from airport, always compare the FX booths. i try and stay clear of tourist places.
- yes definately get a CitiBank Plus account with debit card - rates are fantastic (often better than FX booths). I've use many different ATMs with no charges. I know there are a few which do but don't remember which.
- for larger purchases, use the 28 degrees mastercardi am going KL this Saturday as well, but i shall arrive there very late, it is possible to change at the airport?
Not sure if they are open 24 hours (others may be able to confirm this).
If I were you, just get a small amount of Malaysian currency from here - enough to get you to hotel. Might save you time and hassles.
I thought that I would post an update.
I arrived in KL this morning, with a small amount of currency swapped with a local OBer (many thanks Wayne).
After a bit of a sniff around I found that the rate at the airports was, predictably, crap, about 10 percent down on the 'real' rate.
But I found a specialist money changer at Sentral Station (the main station downtown) and they exchanged AUD for ringgit at the EXACT rate, which was a great help. Three very helpful gentlemen, right next to the Visitor's Information counter, near the main entry on the 'drop-off' side.
Minimum of fuss, they could not have been more helpful. Highly recommended.
Money exchange places in KL offer much better rates than what you can get in Australia. I remember changing money in touristy places in Bukit Bintang and getting close to the rates on xe.com.
My suggestion is to hold off changing money until you land in KL. You can also get around many public places with a visa/MasterCard card.