Kuala Lumpur, the capital and largest city of Malaysia, attracts big numbers of tourists who often use local currency (Malaysian Ringgit – MYR) for their daily expenses. Kuala Lumpur currency exchange rates vary a lot throughout the city so it's really useful to know where the best Kuala Lumpur money changers can be found.
As the reports about the best money changers in Kuala Lumpur on internet were mixed, we've made our own currency exchange rates research during our last visit to Kuala Lumpur.
Currency Exchange at Kuala Lumpur Airport (KLIA2)
Kuala Lumpur Airport (KUL) consists of two main terminals KLIA1&KLIA2 and is the busiest airport in Malaysia. KLIA2 is serving low-cost carriers that operate international flights from Singapore, Thailand and other countries in the region, so we have started our research there.
At the time of our arrival at Kuala Lumpur Airport, we have found 3 money changers at the arrivals of KLIA2 (Level 2). Two of these money changers were the branches of CIMB Bank that seems to have the leading position for currency exchange in Malaysian airports. The only alternative there was currency exchange booth of AmBank.
Foreign exchange rates at Kuala Lumpur Airport (KLIA 2) are far from good as the banks here don’t have any competition. AmBank offers a bit fairer rates for some currencies but you can get much better currency exchange rates in the center of Kuala Lumpur. How bad currency exchange rates at Kuala Lumpur Airport (KLIA2) really are? Check here: Currency Exchange at Kuala Lumpur Airport Terminal 2 (KLIA2).
If you can survive without exchanging your currency at KLIA2, don’t exchange your currency here!
Currency Exchange in Kuala Lumpur City Center (KLCC)
Kuala Lumpur City Center or KLCC is one of the main tourist attractions in Kuala Lumpur. Local currency might be needed for your expenses while exploring the surroundings of Petronas Twin Towers and KLCC Park or shopping at the luxury Suria KLCC shopping mall that can be found here.
There are plenty of money changers at Suria KLCC but the easiest to spot currency exchange booths are found just at the entrance - CIMB Bank on the left side and Merchantrade on the opposite side.
At KLCC you can get decent enough currency exchange rates that will be much better than the rates offered at Kuala Lumpur Airport. Even CIMB Bank at KLCC offers exchange rates better by about 5-6% than the rates that are given by bank's branches at KLIA2. And still, CIMB Bank can’t compete with Merchantrade as this money changer offers much better foreign exchange rates in Kuala Lumpur City Center.
How good or bad are the rates offered by money changers at KLCC? Check here: Currency Exchange in Kuala Lumpur City Center (KLCC).
Even if exchanging currency at KLCC is not such a bad idea, Kuala Lumpur money changers on the streets around Chinatown and Central Market offer even better foreign exchange rates. If you are looking for the best money changer in Kuala Lumpur, go to the Central Market area.
Best Money Changer in Kuala Lumpur
Merchantrade and UAExchange were the most common money changer names we came to when doing our research online and trying to find the best money changer in Kuala Lumpur. However, none of these famous brands could beat smaller money changers that we've found nearby Central Market.
The best currency exchange rates we could find in Kuala Lumpur were offered by money changer Placid Express which is conveniently located opposite Central Market.
Placid Express HQ address: 20, Jalan Hang Kasturi, Kuala Lumpur (opposite Central Market)
Tel: +6012 961 8013 , +6011 3666 7675
Another Kuala Lumpur money changer, which was offering better rates than the nearby Merchantrade, was Malik Maju, located on Jalan Tun Tan Siew Sin street, just a couple of blocks away from Central Market.
Address: G Floor 26, Jalan Tun Tan Siew Sin, Kuala Lumpur
Tel: 03-2022 3134
Agent of UAExchange that we found nearby Central Market was offering lower exchange rates than both above mentioned Kuala Lumpur money changers.
Currency Exchange Rates in Kuala Lumpur
Currency exchange rates at money changers Placid Express and Malik Maju in Kuala Lumpur are significantly better than at Kuala Lumpur Airport and also beat the rates offered by Merchantrade and UAExchange. How good are the rates offered by the best money changers in Kuala Lumpur? Let’s see!
USD to MYR exchange rate in Kuala Lumpur
The official USD exchange rate at the time was 4.079 MYR for 1 US Dollar and the rate offered at Placid Express (4.052 MYR/USD) was lower than the official rate only by 0.027 MYR. The best USD exchange rate in Kuala Lumpur is normally given for the largest notes (50, 100 USD) only.
If compared with the rates offered at the airport (3.70 MYR/USD), the difference is huge as you are saving 0.35 MYR or 0.086 USD for every dollar exchanged. By exchanging 100 US Dollars here you can save as much as 8.6 US Dollars.
Other 3 best Kuala Lumpur money changers at the same time were offering the following USD exchange rates:
- Malik Maju - 4.050 MYR/USD
- UAExchange - 4.045 MYR/USD
- Merchantrade - 4.0215 MYR/USD
EUR to MYR exchange rate in Kuala Lumpur
The official EUR exchange rate at the time was 4.608 MYR for 1 Euro and the rate offered at Placid Express (4.580 MYR/EUR) was lower than the official rate only by 0.028 MYR.
If compared with the best exchange rate at the airport (4.280 MYR/EUR), the difference is huge as you are saving at least 0.30 MYR or 0.065 EUR for every Euro exchanged.
Other 3 best Kuala Lumpur money changers at the same time were offering the following EUR exchange rates:
- Malik Maju - 4.560 MYR/EUR
- UAExchange - 4.527 MYR/EUR
- Merchantrade - 4.5175 MYR/EUR
GBP to MYR exchange rate in Kuala Lumpur
The official GBP exchange rate at the time was 5.261 MYR for 1 British Pound and the rate offered at Placid Express (5.230 MYR/GBP) was lower than the official rate only by 0.031 MYR.
If compared with the best exchange rate at the airport (4.930 MYR/GBP), the difference is huge as you are saving at least 0.30 MYR or 0.057 GBP for every British Pound exchanged.
Other 3 best Kuala Lumpur money changers at the same time were offering the following GBP exchange rates:
- Malik Maju - 5.210 MYR/GBP
- UAExchange - 5.140 MYR/GBP
- Merchantrade - 5.1517 MYR/GBP
AUD to MYR exchange rate in Kuala Lumpur
The official AUD exchange rate at the time was 2.916 MYR for 1 Australian Dollar and the rate offered at Placid Express (2.910 MYR/AUD) was lower than the official rate only by 0.006 MYR.
If compared with the best exchange rate at the airport (2.650 MYR/AUD), the difference is huge as you are saving at least 0.26 MYR or 0.089 AUD for every Australian Dollar exchanged.
Other 3 best Kuala Lumpur money changers at the same time were offering the following AUD exchange rates:
- Malik Maju - 2.900 MYR/AUD
- UAExchange - 2.848 MYR/AUD
- Merchantrade - 2.8317 MYR/AUD
SGD to MYR exchange rate in Kuala Lumpur
The official SGD exchange rate at the time was 3.007 MYR for 1 Singapore Dollar and the rate offered at Placid Express (2.995 MYR/SGD) was lower than the official rate only by 0.012 MYR.
If compared with the best exchange rate at the airport (2.750 MYR/SGD), the difference is huge as you are saving at least 0.245 MYR or 0.082 SGD for every Singapore Dollar exchanged.
Other 3 best Kuala Lumpur money changers at the same time were offering the following SGD exchange rates:
- Malik Maju - 2.985 MYR/SGD
- UAExchange - 2.962 MYR/SGD
- Merchantrade - 2.9517 MYR/SGD
Exchange rates of other currencies in Kuala Lumpur
The less popular is the currency, the worse exchange rate you can normally get. However, the exchange rates in the city will still be much better than you could get at Kuala Lumpur Airport. At the best money changer in Kuala Lumpur you can normally get exchange rates that are about 6-9% higher than the exchange rates offered at the airport.
Placid Express offers exchange for over 85 foreign currencies.
Tips
More tips for traveling in Malaysia can be found here: Malaysia Travel Tips.