Malaysian Currency and Banking

TEFL Trainees / ESL Teachers

Ringgit Malaysia is the Malaysian currency which is represented by the symbol RM. A Ringgit can be divided into 100 sen (cents). Both notes and coins can be founded in RM. The denominations of the notes are RM 1, 2, 5, 10, 50 and 100 and the denominations of the coins are 5 sen, 10 sen, 20 sen and 50 sen. The TESOL trainees can exchange the Malaysian currency of 3.80RM against the US dollar and they will also be able to exchange their currency in different ATMs, big hotels, banks and currency converter which are scattered all over the country to serve the travelers. Every traveler is supposed to fill out TDP (Travelers Declaration Form) and there are a few terms and conditions which have been declared by the Malaysian Government are as follows –
1. RM 1000 is the maximum amount of money which can be carried into and out of Malaysia by one person (both resident and non-resident).
2. Anyone can carry any amount of foreign currency notes and travelers’ cheques into Malaysia except few exceptional cases.
3. A residence only is allowed to carry out of Malaysia RM 10,000.
4. A non residence can carry out of the country only that amount of money which he or she has brought in.

Bank Negara Malaysia which is the central bank of Malaysia issues the notes and coins in the country. Apart from central bank the commercial bank, oreign owned bank and wholesale banking are always available for the common people.
The name of some of the commercial banks are given below
1. Affin Bank Berhad
2. RHB Bank Berhad
3. EON Bank Berhad
4. Alliance Bank Berhad

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