- Malaysia Ringgit (MYR), symbol: RM
Penang's currency is the Malaysian ringgit. One ringgit is equivalent to 100 sen. You will see banknotes in denominations of RM100, 50, 20, 10, 5 and 1. Coins are in circulation in the following denominations 50, 20, 10 and 5 sen. Banks and authorised moneychangers will exchange major foreign currencies and travellers cheques for ringgits.
There are many places in Penang where you can exchange currency to the local Ringgit, however, they do not all offer the same exchange rates and some tack on additional fees for processing. You can exchange money at the airport, hotels, malls, banks, and money changers throughout Penang.
The airport, hotels, and banks usually have the worst exchange rates. The Money changers usually have the best exchange rates and if you go to George Town where there are several money changers located together, you can even negotiate a better rate. Money changers are more willing to negotiate rates if there is competition right near by and if you are exchanging a large sum of money. They will not be as flexible with smaller denominations, so it is better to do sums upwards of a 1000RM at a time.
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