blade2007

We are visiting Kuala Lumpur, Malaysia for a couple of week early July. I'd like to know if hotels/merchants accept US$ (NEW $100, $50) bills there. I heard US$ gives the best exchange rate. Of course, we have ATM, Credit cards as backup. What about traveler's checks? Does traveler's check have good exchange rate??

Kathie

For Malaysia, I'd just use your card to get ringgit from ATMs (as long as your bank doesn't have outrageous charges - check not only per use charges but also what percentage they charge for foreign exchange. If you are asking whether US dollars are used as currency in Malaysia, the answer is no. You'll want to use the local currency (ringgit) everywhere.

If you want to carry cash and exchange it you can do that, but NOT at hotels and merchants. That's the way to get a poor exchange rate. Change at Banks and exchange windows. I don't know where you are from, but if you are from anywhere with a major currency (Euro, Canadian dollar, Australian dollar, etc) there is no need to change to dollars to get a fair exchange rate, indeed, you'll lose money that way.

I haven't used travelers checks in more than a decade. It always costs a bit extra to exchange travelers checks. But if you are more comfortable carrying travelers checks, you can certainly do so.

TravelTwiddle

Don't use traveler's check. It's a tediuous process getting them cashed out in banks and forex kiosks. Try not to use US Dollars too. Hotel reception officers aren't trained to identify all currencies from different nationalities. Most will hesitate to arrange for check in if you indicate you're paying USD hard cash.

For Malaysian travels, the mantra is ...

- Credit cards for hotels
- ATM Ringgit cash for everything else

One more important note. Malaysian businesses have stopped accepting credit cards with magnetic strips. Only ones with smart chips will be accepted. For more low downs, take a look at this http://malaysiaupclose.wordpress.com...anaging-money/

July is peak period and hotels are packed. Do book early. Happy holidays!

SirHalberd

I had no problem cashing U.S. dollars in Malaysia at the airport. Hotels and stores will give you a lower rate of exchange.

I have a debit card from my credit union (MasterCard logo) that I use to withdraw money form ATMs. My credit union pays for my ATM fees, even overseas. Before I leave on a trip overseas I move money from my bank to my credit union account and draw on that money as needed. I can add to that account through the internet if I need more. (Many credit unions also sell travelers checks to their customers without commission!)

I never use a credit card overseas, especially in restaurants and shops to cut down on potential credit card fraud. I keep the CC for emergencies. I prefer to pay cash for cheap purchases.

If you plan on using ATMs make sure you notify your bank that you will be overseas and where you are going. Otherwise the ATM may refuse your withdrawal suspecting fraud.

If you take out the maximum you can from an ATM you will cut down on your ATM fees. Lots of small withdrawals means lots of fees!

Have fun.

Kathie

Good reminder, SH, do make sure your bank and credit card companies know where and when you are traveling. Also, make sure you have a number to call them collect if there is a problem with your card.

blade2007

Thank you all for your input. We greatly appreciate it.

gard

Hi

I normally just use cards when I go to KL Feel free to check out my KL trip report with pictures on http://gardkarlsen.com/malaysia_kuala_lumpur.htm . I hope to go there again soon on business.

Regards
Gard
http://gardkarlsen.com - trip reports and pictures

rhkkmk

ATM's--did not see one with a fee

minsyd

If possible, change some RM before you leave your country (around RM200 to cover airport transfer & expenses for first day, especially if you arrive at night). Otherwise, change at the airport forex counter when you arrive. They offer pretty reasonable rates but the rates are better in the city.

The way that has worked well with us is to carry a few hundred cash of your own currency (depends on your budget, length of trip & how much you feel safe to carry...makes sure you don't bring in more than the maximum amount allowed), to be changed to local ringgit as we explore the city the next day.

The popular ones are in Sungei Wang Shopping Centre (Bukit Bintang shopping area)(rate negotiable depending on the amount). The one on ground floor of Suria KLCC (shopping mall adjoined to Twin Towers) is ok too.

If you need more cash, just withdraw ringgit (RM) from ATMs in KL. Always withdraw maximum amount allowed each time to minimise fees.

Only carry necessary amount of cash everyday, leave the extra in the safe in hotel room.

Avoid using credit card for purchases, only for accommodation if you have to.

Finally, notify your bank of your destination & period of travel, so that you won't find that your account is blocked when you try to withdraw money or use your credit card.

Email me if you have further questions, will be happy to help:
[email protected]

Kathie

I strongly disagree with minsyd. The best way to waste money is to get foreign currency in your own country. The exchange rate you will receive is very poor, and there are often surcharges as well. You can quickly and easily get local currency in the airport on arrival, either via an ATM or at an exchange window.

Know what your bank will charge you for ATM use. Does it have a per use fee? Many do, but some do not. I have no per use fees on my account, so it doesn't matter how many withdrawals I make. What surcharge does your bank add for foreign exchange? The minimum seems to be 1%, but some banks charge 3%. Knowing what your particular bank charges will allow you to make the best decisions about where/when and how much money to exchange, whether to use ATMs or to bring cash to exchange.

SirHalberd

Usually you get a better rate after you get to the country you are visiting than any other country.

I always wait until I get to the airport and then change money over. don't find a big difference from what I get in town. Rates are not chiseled in stone, they do change! So, the rate you get at the airport today may be different than what you get at a bank in town a few days later. You didn't get cheated at the airport if the new rate is a little higher, the rate at the airport will be higher that day also.

Hotels and stores will have rates a little lower than the banks and regular money exchanges.