Best ways to take money to Malaysia - 2024
Preparing a trip to Malaysia? Planning how to manage your travel money before you leave the United States can help you save time, money, and hassle. Join us as we compare the best ways to spend in Malaysian Ringgit, including travel money cards and cash. Whether you prefer to spend with a card, or need to know if Malaysia is great for cash, this guide shows you the best money solution when you travel overseas.
Best ways to take money to Malaysia - an overview
Let’s kick off with a quick summary of the travel money options we’ll cover in this full guide - click to check out the providers we’ve highlighted, or read on for more detail.
| Provider | Card type | Spending fees | Go to provider |
|---|---|---|---|
| Wise travel debit card | Visa debit card | No fees to spend currencies you hold | Go to Wise |
| NetSpendv prepaid card | Visa/Mastercard | No fees to spend currencies you hold | Go to Netspend |
| Chase Safire Preferred | Visa credit card | No foreign transaction fee | Go to Chase Safire |
Debit cards for Malaysia
Debit cards can be issued by a bank or specialist provider. Your card will be linked to an account you need to top up before you can spend.
Spending and making cash withdrawals with a travel debit card in Malaysia can be convenient, and if you pick a low cost provider, it could be cheap too. Generally using a debit card cuts out a few common fees compared to using credit cards, but you’ll need to have money in your account before you travel as there’s no credit facility with this option.
Ideal for: Low cost spending and withdrawals when you’re in Malaysia, particularly if you choose a flexible card which has good exchange rates when you spend in MYR
Wise travel card
Delivered in the United States
Visa/Mastercard debit card
Mid-market exchange rate
40+ currenciesOpen a Wise account online or in the Wise app, to order a Wise travel card you can use for convenient spending and withdrawals in Malaysia. Wise accounts can hold 40+ currencies, so you can top up in USD easily from your bank or using your card. Whenever you travel, to Malaysia or beyond, you’ll have the option to convert to the currency you need in advance if it’s supported for holding a balance, or simply let the card do the conversion at the point of payment.
In either case you’ll get the mid-market exchange rate with low, transparent fees whenever you spend in MYR, plus some free ATM withdrawals every month - perfect if you’re looking for easy ways to arrange your travel cash.
Wise features
| Card | Fees for spending | ATM fees | Withdraw limit | Annual fee | App available | Trustpilot score |
|---|---|---|---|---|---|---|
| Visa or Mastercard Debit Card | No fees to spend currencies you hold | Some fee free withdrawals monthly, with low fees after that | 6,000 USD a month Set your own daily and monthly limits in app | N/A | iOS & Android | 4.2 / 5 (200,000+) |
Wise travel card pros and cons
- Hold and exchange 40+ currencies with the mid-market rate
- Spend seamlessly in MYR when you travel
- Some free ATM withdrawals every month, for those times only cash will do
- Ways to receive payments to your Wise account conveniently
- Manage your account and card from your phone
- 9 USD delivery fee for your first card
- ATM fees apply once you've exhausted your monthly free withdrawals
- Physical cards may take 14 - 21 days to arrive
How to apply for a Wise card
Here’s how to apply for a Wise account and order a Wise travel card in the United States:
Open the Wise app or desktop site
Select Register and confirm you want to open a personal account
Register with your email, Facebook, Apple or Google ID
Upload your ID document to complete the verification step
Tap the Cards tab to order your card
Pay the one time 9 USD fee, confirm your mailing address, and your card will be on the way, and should arrive in 14 - 21 days
How much does a debit card cost?
Debit cards are usually relatively cheap to use. It’s worth checking if your bank debit card can be used in Malaysia, and if any foreign transaction fees or international ATM fees will apply. Compare your bank debit cards against a specialist alternative like the Wise debit card, which is optimised for international use, to see which is cheaper.
Advantages and disadvantages for taking a debit card to Malaysia
| Travel debit cards are good if | Consider alternatives to cards if |
|---|---|
✅ You want low cost spending and withdrawals ✅ Your bank or specialist card has low or no foreign transaction fees ✅ You need ways to both spend on card and get cash from ATMs ✅ You’re happy to top up your account in advance to set your travel money budget | ❌ You’d prefer to spread the cost of your trip over a few months ❌ You need a card you can use as payment guarantee when checking into a hotel or hiring a vehicle |
Prepaid cards for Malaysia
Prepaid cards are often issued by specialist providers, although some banks do also offer this facility.
With a prepaid card you’ll need to add money to a digital account before you can spend. The features and fees of prepaid cards can vary quite widely - some are designed for overseas use, while others may have pretty high fees when you’re overseas. Comparing a few will help you pick.
Ideal for: Setting your travel budget in advance, and then spending and making withdrawals as you travel in Malaysia
Netspend travel card
Delivered in the United StatesVisa/Mastercard debit card
Different account plans
Cash top up optionNetspend has a selection of prepaid debit cards you can use for spending securely in Malaysia. While these cards don’t usually let you hold a balance in MYR, they’re popular with travelers as they’re not linked to your regular checking account. That increases security overseas - plus, Netspend offers virtual cards you can use to hide your physical card details from retailers if you want to.
The options with Netspend vary a lot depending on the card you pick. Usually you can top up digitally or in cash in USD and then spend overseas with a fixed foreign transaction fee applying every time you spend in a foreign currency. You’ll be able to view the terms and conditions of your specific card - including the fees - online, by entering the code you’ll find when your card is sent to you.
Netspend features
| Card | Fees for spending | ATM fees | Withdraw limit | Annual fee | App available | Trustpilot score |
|---|---|---|---|---|---|---|
| Visa or Mastercard Debit Card | Varying fees based on the specific card, which can include a foreign transaction fee of around 4% | Varying fees based on the specific card - international withdrawals may have no fee | Depends on the card you select | Some cards have no ongoing charges - others have monthly fees | iOS & Android | 4.2 / 5 (30,000+) |
Netspend travel card pros and cons
- Large selection of different card options depending on your needs
- Some cards have no overseas ATM fees
- Prepaid card which is secure to use overseas
- Manage your account in app
- Change from one card plan to another if you need to
- You may pay a monthly fee for your card
- Some cards have foreign transaction fees for all overseas use, which can be around 4%
- Selection of fees apply depending on the card you pick
How to apply for a Netspend card
Here’s how to apply for a Netspend account and order a travel card in the United States:
Visit the Netspend website
Click Apply now
Complete the details, following the onscreen prompts
Get verified
Your card will arrive by mail - add a balance and activate it to get started
How much does a prepaid card cost?
Prepaid cards which are designed for international use can offer flexibility and low international fees. It’s worth shopping around to find an option which supports low or no cost spending and withdrawals - if you’re eligible, getting a NetSpend could be a smart move, as a prepaid card with great travel features.
Advantages and disadvantages for taking a prepaid card to Malaysia
| Travel prepaid cards are good if | Consider alternatives to prepaid cards if |
|---|---|
✅ You want to add money to your account in advance for overseas spending ✅ You need to make cash withdrawals as well as pay by card ✅ You’ve picked a card with flexible international features and low or no cost overseas spending | ❌ You want to earn rewards or cash back on your spending ❌ You need to be able to pay off your travel costs over a few months |
Credit cards for Malaysia
With a credit card you’ll be able to spend to your credit limit and then repay your bill later - fees apply if you don’t pay in full and on time.
Credit cards can come with a few extra fees compared to debit and prepaid cards, such as interest, penalties and cash advance costs. However, they’re still an attractive option if you have a travel optimised card which lets you earn rewards as you spend, or if you need a card to act as a payment guarantee when you hire a car or check into a hotel.
Ideal for: Spending now and paying back later - you may also earn rewards or cash back spending on the card you pick
Chase Safire travel card
Visa network for global acceptance
Earn travel and dining rewards
No foreign transaction feeThe Chase Sapphire Preferred credit card is a Visa card which has no foreign transaction fee when you spend overseas. You get 5x rewards on some travel purchases, and 3x on dining. There’s an annual fee of 95 USD, and you’ll pay a cash advance fee if you choose to use this card in an ATM, of at least 10 USD. New customers may qualify for bonus points upon joining, to give your totals a boost.
Chase Safire features
| Card | Fees for spending | ATM fees | Annual fee | App available |
|---|---|---|---|---|
| Visa Credit card | No foreign transaction fee | 10 USD or 5%, whichever is greater | 95 USD | On Android and Apple |
Chase Sapphire Preferred pros and cons
- Visa network for global acceptance
- Earn premium dining and travel rewards
- No foreign transaction fee
- Spread the costs of your trip over months
- Relatively low annual charges
- 95 USD annual fee
- ATM fees of at least 10 USD apply
- Interest and penalties may apply depending on how you use your card
Apply online - you can check your eligibility before you apply, which will allow you to check if the card is suitable for you.
How much does a credit card cost?
Generally, using a credit card can be more expensive than using a debit or prepaid card. There are various fees to consider, including an annual fee, interest and penalties, depending on how you use your card. Plus for international use you might find foreign transaction fees and hefty cash advance charges for ATM use. Check your card’s terms and conditions carefully before you use it overseas.
Advantages and disadvantages for taking a credit card to Malaysia
| Travel credit cards are good if | Consider alternatives to credit cards if |
|---|---|
✅ You want to earn rewards or cash back on spending ✅ You want to spread the costs of your purchases over months ✅ You want a card you can use as a payment guarantee ✅ You can find a card with low or no foreign transaction fees | ❌ You’re concerned about interest or penalty fees ❌ Your card has high cash advance costs for ATM use |
Taking cash to Malaysia
There are likely to be times in Malaysia when cash is handy - for smaller purchases, tipping and taxis for example. Having some cash in your pocket is also reassuring in case your preferred payment card isn’t available or can't be accepted for some reason. Carrying too much cash is a security risk, so do be careful as tourists are often prey to opportunist thieves - in Malaysia and the world over. Take out cash from ATMs little and often if you can.
Ideal for: Those times when only cash will do - market purchases, tipping and taxis for example
How much cash should I bring to Malaysia?
The budget you need to set for your trip depends a lot on what type of trip you’re expecting – you may be travelling or a shoestring, or you might be all up for a big blow out, with the very best of everything available in Malaysia. In either case you can avoid spending money unnecessarily with a bit of advance planning, booking accommodation online before you travel, and looking out for deals and offers.
How much money do I need per day in Malaysia?
While the amount of money you need depends a lot on the type of trip you’re taking, there are some things pretty much all travellers need to consider, including:
Accommodation
Meals
Transportation
Entry to tourist locations
Activities and entertainment
Tips and discretionary spend
Any tourist taxes or visas that apply
You can start to set your budget for different spending types long before you travel - it’s also worth taking into consideration less obvious costs like the fees you’ll pay for currency conversion.
The exchange rate between the USD and Malaysian Ringgit changes all the time, but getting a better rate means your money goes further when you’re in Malaysia. Right now, 1 USD/MYR = 4.468. Get familiar with the exchange rate by using a reputable online currency converter, so you know what to expect.
In Malaysia, the average accommodation typically costs around 86 USD per night, offering a wide range of options from cozy hostels to luxurious resorts, ensuring there's something to suit every traveler's budget. Local transportation, like buses, trains, and trams, provides convenient and affordable ways to explore the cities and other areas, with an average price of 12 USD.
Dining experiences in Malaysia offer many options, from fresh seafood to multicultural cuisines, with meals averaging around 18 USD. For people seeking hassle-free adventures, organized tour packages are readily available, showcasing the country's iconic landmarks, wildlife encounters, and cultural highlights, with prices starting from 26 USD.
| Outgoings average for one day | Costs in Malaysia |
|---|---|
| Accommodation | 86 USD |
| Public transportation | 12 USD |
| Meal | 18 USD |
| Entertainment | 26 USD |
Is Malaysia expensive?
The amount of money you’ll spend in Malaysia depends a lot on the type of travel you like - whether that’s low cost or luxury. You can always make sure you stick to your planned budget by booking accommodation well in advance, and looking for great local places to eat rather than sticking to tourist hotspots where the prices tend to be cranked up. There are loads of great, and up to date, online resources to help you plan your trip to Malaysia which include hot tips and ways to save - do some research before you go to make your money go further.
What is the best way to pay in Malaysia?
Cash is still widely used in Malaysia. That means having some MYR in your pocket is essential. You may be able to pay by card in tourist areas and chain hotels, but it’s important to keep cash handy just in case. Because carrying a lot of cash with you isn’t safe, withdraw little and often from ATMs, and use hotel safes to keep your money safe if you can.
Can I use my bank card in Malaysia?
Generally you can use your bank card in Malaysia wherever the network is accepted. However you might find you can get a better deal with a specialist provider like Wise. Using a bank card issued in the United States for spending in Malaysia may come with a few headaches. You might need to inform your bank of your travel plans in advance, you could run into fees such as foreign transaction fees - and there’s a good chance you won’t get the very best exchange rate available either.
Is it better to exchange money in the United States or in Malaysia?
There’s no strict right and wrong when it comes to exchanging currency in the United States versus Malaysia. Ultimately, the best option comes down to the exchange rates and fees you can find both here and on arrival - and the convenience. Changing money on arrival means wasting precious time looking for a good deal, but carrying too much with you when you travel might not be the safest option.
Having some cash on hand can be very useful and reassuring, as you know you’ll always be able to pay for immediate expenses, or for emergencies. It’s also a handy back up if your preferred card isn’t accepted.
Because carrying lots of cash can make you a target of thieves, be sure to use the safety box in the hotel where you can, and split funds between a few different spots in your baggage as well. No matter whether you exchange at home or abroad, it’s also a smart idea to keep an eye on exchange rates so you’ll know you’re getting the best available deal on currency exchange.
How to buy MYR on arrival in Malaysia?
If you plan on changing your money on arrival in Malaysia you’ll want to research currency exchange options in advance to avoid wasting time on your trip. In many cases physical exchange offices are clustered in one area of a city, such as the CBD or financial area. Compare your options based on fees and rates available before you hand over any money. It’s also worth stressing the importance of using a licensed money changer to avoid scams.
If you don’t want to waste time changing your money to Malaysian Ringgit on arrival, consider an alternative like the Wise card. With the Wise card you can add money in USD and tap to pay in MYR without needing to do a manual exchange. Your money is changed using the mid-market rate and low, transparent fee - with no extra foreign transaction fee to worry about.
Does Malaysia accept USD?
Generally it’s not possible to pay in USD anywhere except in the United States. The official currency in Malaysia is Malaysian Ringgit - and in most cases this is the only currency you can use to pay.
Conclusion - Best ways to take money to Malaysia
There’s no single best way to spend in Malaysia - and for most people, having a blend of payment options gives flexibility and reassurance. Consider getting a low cost debit card from an international provider like Wise, alongside your regular bank debit or credit card, and some cash in MYR. That way you’re prepared no matter what happens.
FAQ - Best ways to take money to Malaysia
What is the best way to take money internationally?
The best way to take money with you when you travel depends on your personal preferences and where you’re headed - usually having an international debit or prepaid card, alongside your bank debit or credit card and a little cash is a smart plan.
Should I exchange money before I travel to Malaysia?
While you can exchange money before you travel, it’s not necessary and can eat up your precious planning time. If you don’t want to change your money in advance you can get a low cost international card from a provider like Wise, to make ATM withdrawals with low or no fees when you arrive in your destination.
Can I withdraw MYR from a local ATM?
You can’t withdraw Malaysian Ringgit from a local ATM in the United States. You’ll need to wait until you arrive to make a cash withdrawal - ATMs are often found in airports, train stations and other travel hubs to make this easier.
Are debit travel cards a good way to take money to Malaysia?
Generally debit travel cards are cheap and flexible for international spending and withdrawal. Pick a low cost international card from a provider like Wise, to get flexible international services and low overall fees.
Can I use cash in Malaysia?
You can often use cash, but carrying a lot of cash isn’t a smart move for safety. Using a mix of cards and cash, and making ATM withdrawals as and when you need to can give you the best of all worlds when it comes to your travel spending.
Data sources & references
Data on the cost of accommodation, meals, travel and entertainment is kindly provided by BudgetYourTrip. The information is correct as of April 2024.
Note: “accommodation” refers to the cost of a double-occupancy hotel room and “entertainment” refers to outgoings on shows, excursions, etc.
According to the 2024 WorldPay Global Payments Report, the most popular point-of-sale payment method in Malaysia is cash.
