Currency
Malaysia's currency is the ringgit (abbreviated MYR, but more
commonly referred to as RM). It was officially adopted in 1975
and is pegged at 3.80 RM to the U.S. dollar.
The ringgit is made up of 100 sens (cents). Bills are issued in
notes of RM1, RM2, RM5, RM10, RM50 and RM100. Coins are issued
in denominations of 1, 5, 10, 20 and 50 cents and RM1.
Opening a Bank Account
To open a local bank account you will need to bring a minimum
initial deposit in cash or bank draft, your passport and letter
of admission from your institution. The amount of the initial
deposit depends on the bank’s policies. Upon opening your
account, the bank will give you an ATM card.
Before opening an account, you should compare options from
several banks to determine which offers the best services for
your needs. A bank with branches both in Vietnam and Malaysia
might be a good option for conducting transactions between the
two countries.
ATMs
There are automated teller machines (ATMs) throughout Malaysia.
Most ATMs accept cards issued by other banks and are linked to
international networks. Check with your bank in Vietnam to find
out if your ATM card is part of an international network used in
Malaysia.
Credit Cards
Major credit cards such as Visa, MasterCard, Diner’s Club and
American Express are widely accepted for everything, including
cash advances at banks and from many ATMS.
A credit card can turn into an expensive payment option if you
are not able to pay the balance within the specified grace
period. Make sure to understand all of the terms and conditions
of your credit card, particularly the interest rate scheme,
before deciding upon a credit card company.
If you already have a credit card from your country, bring it
with you so that the bank in Malaysia can more easily review
your credit history.
