Malaysia's currency is the ringgit (abbreviated MYR, but more commonly referred to as RM). It was officially adopted in 1975 and is pegged at 3.80 RM to the U.S. dollar.

The ringgit is made up of 100 sens (cents). Bills are issued in notes of RM1, RM2, RM5, RM10, RM50 and RM100. Coins are issued in denominations of 1, 5, 10, 20 and 50 cents and RM1.

Opening a Bank Account

To open a local bank account you will need to bring a minimum initial deposit in cash or bank draft, your passport and letter of admission from your institution. The amount of the initial deposit depends on the bank’s policies. Upon opening your account, the bank will give you an ATM card.

Before opening an account, you should compare options from several banks to determine which offers the best services for your needs. A bank with branches both in Vietnam and Malaysia might be a good option for conducting transactions between the two countries.

ATMs

There are automated teller machines (ATMs) throughout Malaysia.  Most ATMs accept cards issued by other banks and are linked to international networks. Check with your bank in Vietnam to find out if your ATM card is part of an international network used in Malaysia.

Credit Cards

Major credit cards such as Visa, MasterCard, Diner’s Club and American Express are widely accepted for everything, including cash advances at banks and from many ATMS.

A credit card can turn into an expensive payment option if you are not able to pay the balance within the specified grace period. Make sure to understand all of the terms and conditions of your credit card, particularly the interest rate scheme, before deciding upon a credit card company.

If you already have a credit card from your country, bring it with you so that the bank in Malaysia can more easily review your credit history.