Money & Payments in Penang
Currency info, exchange tips, ATMs, e-wallets, and daily budget guide
Malaysian Ringgit (MYR)
The official currency of Malaysia
Currency Basics
Approximate Exchange Rates (2026)
Rates fluctuate - check current rates before exchanging
Where to Exchange Money
Money changers offer better rates than banks or the airport
Money Changers
Best rates overall
Pros:
- Better rates than banks
- No commission fees
- Quick service
- Widely available in malls and tourist areas
Cons:
- Need cash to exchange
- Rates vary between changers
Tip: Compare rates between 2-3 changers. Ask for RM100 notes to be broken into smaller denominations.
Banks
Security and reliability
Pros:
- Safe and regulated
- Can handle large amounts
- Consistent rates
Cons:
- Worse rates than money changers
- May charge commission
- Limited hours
- Slower service
Tip: Only use if you need official receipts or are exchanging very large amounts.
ATMs
Convenience and availability
Pros:
- 24/7 availability
- Widely available
- Competitive rates from your bank
Cons:
- Your bank may charge fees
- Malaysian banks charge RM5-12 per withdrawal
- Withdrawal limits apply
Tip: Withdraw larger amounts less frequently to minimize ATM fees. Check your bank's international fee policies.
Airport Exchange
Small amounts for taxi/initial expenses
Pros:
- Convenient on arrival
- Open when flights arrive
Cons:
- Worst exchange rates
- Higher commissions
Tip: Only exchange enough for taxi/Grab and first meal. Get better rates in George Town.
ATMs & Banks
ATMs are widely available throughout Penang
| Bank | ATM Fee (foreign card) | Notes |
|---|---|---|
| Maybank | RM5 | Largest bank, ATMs everywhere |
| CIMB | RM5 | Very common, good coverage |
| RHB Bank | RM5 | Good availability |
| Public Bank | RM5 | Common in shopping areas |
| Hong Leong | RM5 | Found in major malls |
| HSBC | RM10 | International, limited locations |
ATM Tips
- Use ATMs inside banks or malls for safety
- Typical withdrawal limit: RM1,500-2,500 per transaction
- Always choose "without conversion" for better rates
- Maybank and CIMB ATMs are most common and reliable
E-Wallets & Mobile Payments
Digital payments are increasingly popular in Malaysia
Touch 'n Go eWallet
Most widely accepted e-wallet in Malaysia. Works at restaurants, stores, parking, and tolls.
Yes, requires Malaysian phone number or passport verification.
Credit card, bank transfer, convenience stores
GrabPay
Integrated with Grab app. Use for rides, food delivery, and partner merchants.
Yes, works with international accounts. Link credit card in-app.
Credit card (most convenient for tourists)
Boost
Popular local e-wallet with rewards. Many promotions and cashback offers.
Limited functionality for tourists. Requires Malaysian phone number.
Bank transfer, convenience stores
Where Each Payment Method Works
Cash is still king at hawker centres and street food stalls
| Place | Cards | E-Wallet | Cash | Notes |
|---|---|---|---|---|
| Hotels | All payment methods accepted | |||
| Shopping Malls | Visa, Mastercard, UnionPay widely accepted | |||
| Restaurants (tourist areas) | Most accept cards above RM20 | |||
| Hawker Centres | Some have QR codes, but CASH IS KING | |||
| Street Food Stalls | Cash only for most street vendors | |||
| Traditional Markets | Cash only, bring small notes | |||
| Convenience Stores (7-Eleven) | All methods accepted | |||
| Taxis/Grab | Grab: card in app. Taxis: cash only |
Cash is Essential
Penang is famous for its hawker food, and most hawker stalls are cash-only. Always carry at least RM100 in small denominations (RM1, RM5, RM10) for food. Larger notes like RM50 or RM100 can be hard to break at small stalls.
Tipping Culture
Tipping is NOT expected in Malaysia — here is what you need to know
| Situation | Tip | Notes |
|---|---|---|
| Restaurants | Not expected | Service charge (10%) often included. Round up for good service. |
| Hawker Centres | Never | Tipping is not practiced at hawker stalls |
| Hotels (Bellhop) | RM2-5 | Optional but appreciated for carrying bags |
| Hotels (Housekeeping) | RM2-5/day | Optional, leave on pillow or desk |
| Taxi Drivers | Round up | Not expected but you can round up fare |
| Tour Guides | RM10-20 | For full-day tours, tip is appreciated |
| Spa/Massage | RM5-10 | For good service, but not mandatory |
Daily Budget Guide
Estimated daily costs per person (excluding flights)
Budget Traveler
RM80-150
$18-33/day
Hostel, hawker food, public transport, free attractions
Mid-Range Traveler
RM200-400
$45-90/day
3-star hotel, mix of hawker and restaurants, Grab, some paid attractions
Comfort Traveler
RM400-700
$90-155/day
4-star hotel, nice restaurants, private transport, tours
Luxury Traveler
RM700+
$155+/day
5-star resort, fine dining, private tours, spa treatments
Sample Prices (2026)
Char Koay Teow (hawker)
RM8-12
Nasi Kandar meal
RM12-18
Coffee (kopitiam)
RM3-5
Coffee (cafe)
RM12-18
Bottled water (500ml)
RM1-2
Beer (bottle)
RM12-18
Grab (airport to George Town)
RM25-40
Grab (within George Town)
RM8-15
Bus fare
RM2-4
Penang Hill tram
RM30 (tourist)
Frequently Asked Questions
Should I bring cash or use cards in Penang?
Bring both. Credit cards work at hotels, malls, and restaurants, but hawker centres and street vendors are cash-only. We recommend having RM200-300 in cash at all times for food and small purchases, plus cards for larger expenses.
Where can I get the best exchange rates?
Money changers in George Town and shopping malls offer the best rates. Avoid airport exchanges except for small amounts. Look for licensed money changers (they have official signage). Popular spots include Komtar, Gurney Plaza, and Little India.
Is tipping expected in Penang?
No, tipping is not a strong culture in Malaysia. Most restaurants include a 10% service charge. At hawker centres, there is no tipping. For exceptional service, rounding up the bill or a small tip is appreciated but never expected.
Can I use Singapore dollars in Penang?
Some tourist shops and money changers accept SGD, but at poor rates. It is better to exchange SGD for MYR at money changers. Only Malaysian Ringgit is accepted for everyday purchases like food and transport.
How much cash should I carry?
For a typical day of eating and exploring, RM100-200 is usually sufficient. Carry smaller denominations (RM1, RM5, RM10) for hawker food. Keep the bulk of your money secure and carry only what you need for the day.
Do ATMs charge fees?
Yes, Malaysian ATMs typically charge RM5-12 per withdrawal for foreign cards. Additionally, your home bank may charge international transaction fees. Withdraw larger amounts less frequently to minimize fees. Check with your bank before traveling.
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