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Bank Negara Malaysia exchange rates

Learn about Bank Negara Malaysia's interbank foreign exchange rates and what they mean when you're sending money overseas.

A competitive exchange rate can make a significant difference in the amount of money that ends up with your recipient.

Typically, the major commercial banks located in Malaysia like CIMB Bank, Maybank and Public Bank Berhad offer similar foreign exchange rates to one another. If you want to find the best exchange rate possible, it’s worth comparing Bank Negara Malaysia’s (BMN) mid-market rate against your bank’s as well as some specialist money transfer providers. Typically, you’re able to get a better deal somewhere other than with your usual bank.

What are Bank Negara’s exchange rates?

Bank Negara Malaysia publishes the interbank exchange rates on its website. These rates are updated daily, and you can check for the rates according to their days, months and time slots.

When looking at the website, you can check for different rate types – middle rate, buying and selling.

  • Buying refers to the rate at which selected commercial banks will purchase foreign currency from you and give you Malaysian ringgit in exchange.
  • Selling is the opposite, meaning it’s the rate banks are selling the foreign currency at. This is the exchange rate you’ll need to pay if you want to send Malaysian ringgit overseas.

What services does Bank Negara Malaysia provide?

Bank Negara Malaysia (BNM) is the Malaysian central bank. Established in 1959, the statutory body’s primary purpose is to act as the government’s banker and advisor, develop and implement monetary policies, issue currency, as well as regulate the country’s payment system and financial institutions.

BNM does not provide consumer or corporate banking services.

What is the interbank rate?

Also known as the mid-market rate, the interbank rate is the mid-point between the “buy” and “sell” rates on the global market. This means it’s the actual exchange rate, without the margin that most banks and money transfer services add on to make a profit.

Before you commit to a deal, it’s always a good idea to compare the interbank rate against what your bank is offering to see if it’s a favourable deal or not. You can get an idea of the live mid-market rate by using the calculator below.

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How do BNM’s interbank exchange rates compare?

Since Bank Negara Malaysia publishes the interbank forex rates it’s a good idea to use it as a gauge for whether the rates you’re being offered are competitive. Often, a specialist money transfer company can offer you better exchange rates and lower fees than your local bank.

Check out the table below to see some of the more popular providers and calculate how much you could receive through them.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 1 Same day MYR 3.99 0.222 USD
2,222
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
USD 60 1 day MYR 0.00 0.224 USD
2,241
Skrill offers easy transfers to many popular destinations, but keep an eye out for added fees. Go to site Show details
USD 1 1 day MYR 100.00 0.225 USD
2,227
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
USD 1 1 day MYR 50.00 0.224 USD
2,230
Use code FINDER to access the RM2,500 discount..
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.
Go to site Show details
USD 120 1 - 2 days MYR 5.00 0.223 USD
2,230
Malaysia-based MoneyMatch offers competitive exchange rates for overseas money transfers from MYR to more than 70 countries. Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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