Kuala Lumpur and the center of the city called KLCC are the main tourist attractions in Malaysia. You may need local currency (Malaysian Ringgit – MYR) for your expenses while exploring the surroundings of worldwide famous Petronas Twin Towers and KLCC Park. You can get decent enough currency exchange rates at Suria KLCC shopping mall.
Money Changers in Kuala Lumpur City Center
There are plenty of money changers at Suria KLCC but the easiest two to spot are found just at the entrance to the shopping mall under Petronas Twin Towers. Just after entering the building you will see currency exchange booth of CIMB Bank on the left side and currency exchange booth of Merchantrade on the opposite side.
When it comes to currency exchange in Kuala Lumpur, these are two of the names you will hear most often. CIMB Bank has a wide net of currency exchange branches in Malaysian capital and other cities and Merchantrade is one of the better known money changers in Kuala Lumpur.
Even if you can find money changers offering better foreign exchange rates on the streets around Chinatown and Central Market, exchanging currency at KLCC is not such a bad idea as the rates here are decent that can’t be said about Kuala Lumpur Airport.
Currency Exchange Rates in Kuala Lumpur City Center
Currency exchange rates offered by KLCC money changers are significantly better than the ones at Kuala Lumpur Airport. CIMB Bank has a number of branches at KLIA2 and the rates offered at the airport are about 5-6% lower than the ones at KLCC. And still, CIMB Bank can’t compete with Merchantrade when trying to get best foreign exchange rates in Kuala Lumpur City Center.
How good or bad are the rates offered by Merchantrade in Kuala Lumpur City Center? Let’s see!
USD to MYR exchange rate in Kuala Lumpur City Center
The official USD exchange rate at the time was 4.08 MYR for 1 US Dollar and the rate offered by Merchantrade (4.0215 MYR/USD) was lower than the official rate by 0.0585 MYR. If compared with the rates offered at KLIA2 (3.70 MYR/USD), the difference is huge as you are saving 0.32 MYR or 0.08 USD for every dollar changed. By exchanging 100 US Dollars at KLCC and not the airport you can save as much as 8 US Dollars.
EUR to MYR exchange rate in Kuala Lumpur City Center
The official EUR exchange rate at the time was 4.61 MYR for 1 euro and the rate offered by Merchantrade (4.5175 MYR/EUR) was lower than the official rate by 0.0925 MYR. If compared with the best exchange rate at the airport (4.28 MYR/EUR), the difference is really big as you are saving almost 0.24 MYR or 0.05 EUR for every euro changed.
Exchange rates of other currencies in Kuala Lumpur City Center
GBP exchange rate at Merchantrade was better than at the airport by 0.22 MYR or more than 4%. At the same time, AUD to MYR exchange rate was better by 0.18 MYR/AUD (more than 6%) and SGD to MYR exchange rate was better by 0.20 MYR/SGD (about 6.7%).
For all other currencies you can expect to get much better rates in Kuala Lumpur City Center than at the airport, so skip the money changers at Kuala Lumpur Airport and do all your foreign exchange in the city – your wallet will be grateful!
Best Exchange Rates in Kuala Lumpur City Center
As it was mentioned above, Merchantrade is offering much better foreign exchange rates in Kuala Lumpur City Center than its competitor CIMB Bank and the gap between them is quite wide.
Let’s compare currency by currency.
US Dollar to Malaysian Ringgit (USD to MYR):
- Merchandtrade – 4.0215 MYR
- CIMB Bank – 3.90 MYR
Euro to Malaysian Ringgit (EUR to MYR):
- Merchandtrade – 4.5175 MYR
- CIMB Bank – 4.38 MYR
British Pound to Malaysian Ringgit (GBP to MYR):
- Merchandtrade – 5.1517 MYR
- CIMB Bank – 5.04 MYR
Singapore Dollar to Malaysian Ringgit (SGD to MYR):
- Merchandtrade – 2.9517 MYR
- CIMB Bank – 2.79 MYR
Australian Dollar to Malaysian Ringgit (AUD to MYR):
- Merchandtrade – 2.8317 MYR
- CIMB Bank – 2.71 MYR
You can save 2-5% if exchanging your money at Merchantrade in Kuala Lumpur City Center and skipping CIMB Bank, so don’t forget to look around before making your move!
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, check these Kuala Lumpur Money Changers.
If your final stop in Malaysia is Kuala Lumpur and you will be departing from Kuala Lumpur Airport, exchange your Malaysian Ringgit leftovers to USD, EUR or any other currency while in the city as selling rates for foreign currencies at KLIA2 are just as bad as buying rates.
More tips for traveling in Malaysia can be found here: Malaysia Travel Tips.