Penang International Airport (PEN) is the third busiest airport in Malaysia and receives a growing number of international flights from Singapore, Thailand, Vietnam, China, Indonesia, and a few other countries. If you’re planning to fly there, discover Penang Airport money changer options, and the currency exchange rate is offered there.
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Currency Exchange at Penang Airport
Cash is still very widely used in Malaysia, and Penang Island is not an exception. You will definitely need some local currency (Malaysian Ringgit - MYR) when exploring Penang’s street food scene and shopping for souvenirs in many of the lovely Georgetown old town shops.
If Penang Airport is the point of your entry to Malaysia, you might need to get Malaysian Ringgits right at the airport, as they would be needed for getting a bus to Georgetown or buying a Malaysian SIM card. You can either withdraw cash from one of the ATMs found at the airport or exchange your currency at one of the currency exchange booths found here.
If you're not comfortable with carrying a large amount of cash to exchange in Malaysia but still want to get a much better exchange rate on your payments and withdrawals than your regular bank card is offering, consider getting a Wise Card that lets you spend abroad with the real exchange rate and works well in Malaysia.
So, what currency exchange options do you have, and how good or bad are foreign exchange rates at Penang Airport?
Penang Airport Money Changer Options
To our surprise, we couldn’t find any money changers at Penang Airport’s arrivals (Level 1). No signs leading to currency exchange were noticed even if one of the banks stated that they have a currency exchange counter on this level too – it must be well hidden.
To find currency exchange booths at Penang Airport, you need to go up to the departures level (Level 2). There are 2 currency exchange booths of the banks located next to each other on the opposite side from the check-in counters.
At the departure level of Penang Airport, you will find currency exchange booths of these banks:
HongLeong Bank
CIMB Bank
There’s also one more money changer office of CIMB Bank at the airside of Penang Airport, just after passing passport control and security check. However, currency exchange rates at this branch are even worse than the ones you can get at CIMB Bank on the landside of the airport, so it should be used only in emergency situations.
Penang Airport Money Changer Exchange Rate
Penang Airport foreign exchange rates are far from good, as the two banks here don’t have any competition and set more or less the same rates for most of the currencies. You can get much better currency exchange rates in Georgetown, so exchange here as little as you will need for getting into the city.
The USD exchange rate was exactly the same in both banks (3.80 MYR during our visit), but checking both currency exchange booths for the rates of other currencies might be worth it, as exchange rates of less popular currencies vary.
What foreign exchange rates can be expected at Penang Airport?
USD to MYR exchange rate at Penang Airport
The official USD exchange rate at the time was 4.08 MYR for 1 US dollar, so the rate offered at the airport (3.80 MYR/USD) was 0.28 MYR lower than the official rate. For every dollar exchanged here, you’re losing about 0.07 USD or 7 USD per 100 USD. Losing 7% of your money just for exchanging it doesn’t sound like a good deal.
EUR to MYR exchange rate at Penang Airport
The official EUR exchange rate at the time was 4.63 MYR for 1 euro, so the best rate offered at the airport (4.46 MYR/EUR) was 0.17 MYR lower than the official rate. For every euro exchanged here, you’re losing about 0.037 EUR or about 3.7 EUR per 100 EUR. Surprisingly, the euro exchange rate is not as bad as the USD exchange rate offered by the Penang Airport money changer, but it is still far worse than the rate that you can get for your euro in Georgetown.
During the time of our visit, the euro exchange rate was 0.01 MYR better at HongLeong Bank.
Exchange rates of other currencies at Penang Airport
The official GBP exchange rate at the time was 5.33 MYR for 1 Sterling pound, so the best rate offered at the airport (5.05 MYR/GBP) was 0.28 MYR or 5.25% lower than the official rate. HongLeong Bank was offering the best GBP exchange rate at Penang Airport, and it was 0.05 MYR higher than at CIMB.
The official AUD exchange rate at the time was 2.92 MYR for 1 Australian dollar, so the best rate offered at the airport (2.81 MYR/AUD) was 0.11 MYR or about 3.8% lower than the official rate. AUD exchange rate was better at HongLeong Bank as well.
The official SGD exchange rate at the time was 3.02 MYR for 1 Singapore dollar, so the rate offered at Penang Airport (2.85 MYR/SGD) was 0.17 MYR or about 5.6% lower than the official rate. The SGD exchange rate was the same in both banks, and it was less than attractive.
Penang Airport Money Changer with Best Exchange Rate
During our visit, in most cases, the best exchange rates at Penang Airport were offered by HongLeong Bank.
The currency exchange booth of CIMB Bank managed to offer the same exchange rate only for a few currencies, but for most of the currencies, the exchange rate was worse than at HongLeong Bank, especially at the CIMB Bank branch on the airside.
For getting the best exchange rate at Penang Airport, consider using an ATM instead of money exchange, as you can actually get a much better MYR exchange rate for withdrawals in Malaysia with Wise Card.
Tips
If your mobile phone is eSIM compatible, you can get eSIM Malaysia by instant email delivery and use it right after landing in Penang.
Book a discounted private transfer from the airport to your hotel, and you won't need cash for getting into the city.
If your final stop in Malaysia is Penang Island and you will be departing from Penang Airport, exchange your Malaysian Ringgit leftovers to USD, EUR, or any other currency while in Georgetown, as selling rates for foreign currencies at Penang Airport are just as bad as buying rates.
Where can you exchange your Ringgits for other currencies at a really good rate? If you will be taking a public bus from Komtar to Penang Airport, this place will be very convenient: Best Penang Money Changer.
More tips for traveling in Malaysia can be found here: Malaysia Travel Tips.