Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a. with a fee of £3 per month, your representative rate is 27.7% APR (variable).
From the dizzying heights of skyscrapers in Kuala Lumpur to the idyllic beaches on the Perhentian Islands, Malaysia has a wide variety of landscapes and adventures to offer.
With more than 20 million people visiting it every year, the country is well-equipped to deal with tourists and their needs. However, when it comes to credit cards and cash, much depends on the area you find yourself in and the kind of holiday you’re planning.
While main hotels and restaurants, especially in the cities, accept card payments, be prepared to use cash when paying for a taxi, getting street food or shopping for souvenirs.
The local currency is the Malaysian ringgit (it was the Malaysian dollar until 1975 and occasionally you can still hear it referred to as that). It’s a non-internationalised currency – which means it cannot be traded outside Malaysia. It’s thus impossible to exchange it in advance so you’ll have to change your pounds once you get there.
Relying on local food stalls, shops and accommodation is an excellent way to enjoy Malaysia to the fullest and to the cheapest. However, they often don’t accept credit cards, so if you’re planning a trip on a budget, you’ll want to carry cash pretty much everywhere.
The good news is, Malaysia has a decent network of ATMs across its territory, especially in the cities and in most tourist destinations. Plus, unlike those in other South Asian countries, they normally don’t charge any fees for withdrawing money with a foreign card.
Maybank is the largest bank in the country, but If you bank with HSBC, you’ll be happy to hear that it has some ATMs and branches in Malaysia too – you can find a list here.
However, ATMs aren’t everywhere and don’t always work. For example, Taman Negara, a vast national park in the middle of Malaysia, is a major tourist attraction but has no ATMs – perhaps unsurprisingly, considering that it’s basically a huge tropical rainforest.
All in all, to avoid any nasty surprises it’s best not to wait until you’ve spent all your cash before exchanging or withdrawing some more, and not to go anywhere without notes.
ATMs will give you the choice of who you want it to handle the currency conversion, whether the ATM’s bank or yours. It’s generally a good idea to refuse any currency conversion offered by the ATM as your bank at home will offer a better rate, especially if you’re using a card that comes with fee-free spending abroad.
Using your credit card at main hotels and restaurants in Malaysia is generally safe. You should be more cautious with local shops, although many of them won’t accept cards anyway.
Following some basic common sense rules should be enough to grant you a worry-free vacation:
In 2017, Malaysia completed the transition to chip-and-PIN payments, so transactions with the old magnetic stripe aren’t really a thing anymore – which has significantly reduced the amount of credit card fraud occurring in the country.
Malaysia is also starting to offer and accept contactless payments.
If you do decide to use your credit card during your trip to Malaysia, you may come across any of these fees:
Here’s a fairly typical section from a credit card’s Terms and Conditions showing non-sterling usage fees that are pretty standard.
Additionally you can get an idea of costs by using these online currency conversion tools from Mastercard and Visa.
A cash advance fee is calculated (and charged) when you withdraw cash from your credit card. It’s usually the greater of a flat fee or a percentage of the transaction. For example, “2.5% of the transaction, minimum £3.00”.
If you’re travelling for leisure, you want to do your homework carefully so that you don’t have to think about it while sunbathing on the beach. Some tips for you:
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