Penang Currency and Cash Guide

Malaysia's currency is the Malaysian Ringgit (MYR, symbol RM). In 2026, the exchange rate is approximately:

1 USD ≈ RM 4.7
1 EUR ≈ RM 5.0
1 GBP ≈ RM 5.9
1 SGD ≈ RM 3.4

These rates fluctuate. For a live rate, check Google ("USD to MYR") before your trip.

How Much Cash to Carry

For hawker food: Most hawker stalls in George Town are cash only. A week of hawker eating (3 meals/day at RM 8–20 per meal) will cost RM 168–420.

For hotels: Mid-range and above accept cards. Budget guesthouses may be cash only.

For attractions: Entry fees at Khoo Kongsi (RM 10), Penang Peranakan Mansion (RM 25), Penang Hill funicular (RM 30) can usually be paid by card. Smaller temples and hawker stalls: cash.

For transport: Grab (ride-hailing) accepts card and e-wallet. Trishaws: cash. Penang Hill funicular: card accepted.

Suggested cash on hand for a 5-day trip: RM 300–500 covers food, a few attraction entry fees, and incidentals. Replenish at ATMs as needed.

Where to Get Ringgit

ATMs: The safest and usually best-rate option. Maybank, CIMB, and OCBC branches in George Town have ATMs. The rates are tied to interbank rates; the fee is your home bank's international withdrawal fee (typically USD 3–7 per transaction).

Licensed money changers: George Town has numerous licensed money changers in the Komtar area and near Chowrasta Market. Rates are competitive — often better than airport rates — and no fee for cash exchanges. Always count the notes before leaving.

Airport exchange: Penang International Airport has Maybank and other exchange counters. Airport rates are consistently worse than town rates. Change a minimal amount at the airport to cover your taxi/Grab to the hotel; exchange the bulk of your cash in town.

Hotel exchange desks: Usually the worst rates available. Not recommended.

Local tip

The money changers on Lebuh Campbell (near the Komtar end) consistently give better rates than those at the airport or inside shopping malls. Locals use them — the rates are posted on whiteboards and are negotiable if you're changing RM 500 or more. Always count your notes before leaving the counter.

Do You Actually Need Cash?

For pure hawker food and heritage-zone walking: Yes, you need cash. Most hawker stalls don't accept cards; DuitNow QR (Malaysia's payment QR standard) is available at some stalls but not all.

For a hotel-heavy, restaurant-heavy trip: Card is fine for most transactions. Visa and Mastercard are widely accepted at restaurants, malls, and hotels.

For a mixed trip (which is most visitors): Carry RM 200–300 in cash at all times; replenish at ATMs. Use card for hotels and sit-down restaurants.

E-Wallets

If you're using a Malaysian e-wallet (Touch 'n Go eWallet, GrabPay), they're widely accepted in George Town. As a tourist, signing up for Touch 'n Go with a foreign phone number is possible but adds friction. Most visitors find cash + card sufficient.

Notes on the Physical Currency

Malaysian Ringgit banknotes come in RM 1, RM 5, RM 10, RM 20, RM 50, and RM 100 denominations. Coins are 5, 10, 20, and 50 sen.

Practical note: RM 100 notes are sometimes declined at small hawker stalls (not enough change). Carry a mix of RM 10 and RM 20 notes for hawker use. For general visitor info including transport and accommodation, the Penang Tourism Board is the official reference.