Malaysian banks and currency


There is a wide network of different banks available in Malaysia, international, local and Islamic banks. Generally, most bank staff speak English.

The Malaysian currency is called Malaysian Riggit (RM). One Riggit consists of 100 Sen. Coins in use are 1, 5, 10, 20, 50 and RM 1. Notes are issued in RM 1, RM 2, RM 5, RM 10, RM 50 and RM 100.

Banks in Malaysia

Malaysia's national bank is the Bank Negara Malaysia. A large number of various banks is available. The major Malaysian commercial banks are, i.a. CIMB Bank, Maybank, Affin Bank and Alliance Bank Berhad.

Several Islamic banks are represented as well, some of the major ones being Bank Islam Bhd. and Bank Mualamat Bhd.

All larger foreign banks like HSBC, Deutsche Bank, Bank of America and JP Morgan Chase Bank are represented in Malaysia offering expatriates the same service they are used to in their home country.

Mainstream banking can be very slow in Malaysia and transactions and bill paying can mean waiting in very long queues. Due to this reason many banks offer internet and telephone banking and it is highly recommended to make use of these services.

Banking hours in Malaysia are slightly different in the individual states. Opening hours in the States of Kedah, Kelantan and Terengganu are Sundays to Thursdays from approx. 9.30 a.m. to 4 p.m and on Saturdays from 9.30 a.m. to 11.30 a.m. (some banks also from 11 a.m to 2 p.m.).

All other states have more or less the same opening hours but are also open on Fridays and Saturdays. The Saturdays opening hours are from 9.30 a.m. to 11.30 a.m. (some banks also from 11 a.m to 2 p.m.), yet usually only on the 2nd and 4th Saturday of the month.

Further reading

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