Money Matters Malaysia

• The currency of Malaysia is the Ringgit (RM or MYR or Rm). RM1 is equivalent to 100 sen.
• Cash is the most common means of payment. Small shops and streets vendors accept only cash. Most restaurants and other establishments in small towns accept only cash. Most supermarkets and department stores accepts only cash for purchases below RM30.
• Currency exchange. You can change your currencies at banks or from an authorized money changer. Money exchange counters are located at international airports in the country. You can also change currencies from a licensed money changer. These traders usually operate from a shop or a small counter located at tourist spots or shopping malls, both on Malaysia and Singapore. Rates (for cash) offered by licensed money changers are usually better than if you change at the bank. You can also change currencies at international airports in Malaysia (not domestic airports). Though you can send money in various currency at the bank, not all banks will change foreign currencies to ringgit cash for you.
• Credit cards are accepted at hotels 2-star and above, major supermarkets and department stalls. Cards are usually  accepted in supermarkets and department store only for purchases above RM30 (or RM80 in some hypermarkets). Most small shops and shop lots in shopping malls accept only cash. Only big restaurants and hotel lounges accepts credit cards, mainly in major towns such as KL and Penang. Most restaurants in small towns accept only cash.
• Safety matters: Be sure to keep your money on your persons at all times. It is advisable not to carry a sling bag that hand over one shoulder as snatch thieves are not uncommon. Be extra cautious hen withdrawing money or changing your money. More on safety tips here

• The currency is the Singapore dollars. Singapore$1 is equivalent to 100 cents.
• Currency exchange. You can change currency at the airport, banks or licensed money changers located at shopping malls or shophouses.
• Credit cards are accepted in hotels and major establishments. Practices are similar as in Malaysia except that there are more places where you can pay by credit cards.

Details on money matters at Business and Finance in Malaysia and Singapore