How to buy Malaysian ringgit with a credit card

By   |   Verified by Andrew Boyd   |   Updated 30 Nov 2022

Want to get some Malaysian ringgit (MYR) banknotes to take with you for a trip to Malaysia?

You can use a credit card to purchase Malaysian ringgit from Australia and when you're in Malaysia, but there are a couple of important points to keep in mind as it can be an expensive way to get foreign currency. Scroll down for more about how it works and what it might cost.

Before travelling

Buying Malaysian ringgit with a credit card in Australia

If you're using your credit card to buy Malaysian ringgit in Australia and you aren’t familiar with the fees involved, be sure to read this before making the purchase.

What cards you can use

  • American Express, Mastercard, and Visa. You can purchase Malaysian ringgit with most Australian credit or debit cards. However, the majority of credit cards classify the purchase of foreign currency as a cash equivalent. Therefore, the transaction will be subject to interest at the rate for cash advances and incur the cash advance fee.

Where you can purchase Malaysian ringgit with a credit card

  • Your bank's local branch. Your bank is one of the easiest ways to obtain Malaysian ringgit locally. However, this convenience comes at a price: the exchange rates won't be the best.
  • Currency exchangers. You can find a money exchanger in cities and most big suburbs where you can get Malaysian Ringgit and various other currencies.
  • Money transfer services. You can use international money transfer services to send Malaysian ringgit to someone or a company. They usually have very competitive exchange rates and affordable fees.

While overseas

Buying Malaysian ringgit with a credit card while in Malaysia

If you're currently in Malaysia, here’s what to consider before you use your card to purchase Malaysian ringgit.

  • At a bureau de change. Locating an exchanger where you can buy Malaysian Ringgit is simple. Transactions at an exchange bureau are typically categorised as being a cash equivalent, which means you will be charged interest at the rate for cash advances. A cash advance fee may also be charged, along with the foreign currency fee (if your card that charges one).
  • Withdrawing from an ATM. Using an ATM is very convenient, but it's a costly way to get Malaysian ringgit and should be avoided if at all possible. Here’s why. You will not only incur interest at the cash advance rate, but will have to pay a cash advance fee as well as charges for using an ATM located outside Australia. Depending on your credit card, there may also be an additional foreign currency transaction fee.

What it might cost


Type of feeIncurred in Australia?Incurred overseas?Cost
Cash advance interestYesYesAround 20% (daily, no interest-free period)
Cash advance feeYesYes2 - 3% (one-off)
Foreign currency feeYesYes2 - 3% (one-off)
Overseas ATM withdrawal feeNoYes2 - 3% (one-off)

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Want more help?


Do you accrue credit card rewards while purchasing Malaysian ringgit?

No. The purchase of Malaysian ringgit or another currency like Japanese yen or Philippine pesos is classified as being a cash equivalent and does not earn any points.

Do you qualify for cashback when you purchase Malaysian Ringgit?

No. It's considered the same as cash and will not earn cashback.