Here are more details about the Malaysia Currency - Malaysia Ringgit (MYR) or "Ringgit Malaysia (RM)" in Malay. Knowing more may keep you alert of the counterfeit currency.
Coins circulation in the market now are 1 cent, 5 cents, 10 cents, 20 cents and 50 cents.
However, 1 cent is in the process of reclamation by the government. All payments are now adjusted/round up to the nearest 5 cents.
It used to have RM1 coins, but now it has been reclaimed by the government. So now, RM1 coin is useless, zero in value, except for coin collection purpose.
In the other hand, banknotes available are RM1, RM2, RM5, RM10, RM20, RM50 and RM100. It used to have RM500 and RM1,000 but it had been reclaimed and demonetized to complement the Malaysia currency exchange control measures introduced in 1998.
For coins, it has the maximum limits that you can use to make a payment in Malaysia currency. However, it has no limit for the banknotes usage.
For 50 cents, you can only make payment with 50 cents until ten Ringgit.
For coins less than 50 cents, you can only make payment with it until two Ringgit.
It's normal that banknotes can become soiled after its circulation in the market for some while. You can exchange the soiled banknotes with new notes at any branches of commercial banks.
If you received a defaced banknote, you should reject to accept it. It is because if there is any defacements on the banknotes, such as words, symbols, drawings etc., the banknotes become worthless when you exchange it in commercial banks or branches of Bank Negara Malaysia (BNM). It is the same for coins.
There are some circumstances that a banknote become damaged, but don't worry, you can exchange with new banknote in any branches of BNM. A banknote can be damaged by fire, water, chemicals, explosives, animals, insects etc.
There are some security features on Malaysian banknote to help you differentiate between the genuine and counterfeit banknote.
1. The shaded watermark portrait of the First Yang di-Pertuan Agong, in the clear panel on the left hand side of the banknote, can be seen when the banknote is held up against the light. The watermark has a 3-dimensional look with different tones of dark and light, appearing soft and shady without sharp outlines. At the base of the watermark the number i.e. 50 for the RM50 denomination, is clearly visible.
2. The windowed security thread is interwoven in the paper and it runs vertically down the reverse side of the banknote. When the banknote is held up against the light, the thread appears as a continuous dark line with repeated text printed on it. For example on a RM50 banknote, the words "BNM RM50" are typed repeatedly on the thread.
3. For denominations of RM50 and RM100, there is a holographic strip (seen as a shiny strip) on the right hand side of the banknote. There are three items printed on the holographic strip:
4. The PEAK feature is located in the middle of the banknote. When the banknote is looked at from various angles, the denomination numeral can be seen in the center of the square. For example on a RM50 banknote, the number 50 is printed.
5. A hibiscus flower at the top and bottom of the banknote with exact images on both sides of the banknote.
6. The portrait of the First Yang di-Pertuan Agong, denomination figures, designs and the words 'BANK NEGARA MALAYSIA' are printed with intaglio inks to give good overall tactility and gives a raised feel.
[source: Banking info from central bank of Malaysia - BANK NEGARA MALAYSIA (BNM)]
1) Try to delay the person who give you the counterfeit currency from leaving, recognize his/her (and partners, if any) face, and jog down his/her vehicle's plat number (if any).
2) Do not deface, cut or re-circulate the counterfeit currency.
3) Minimize your touch on the counterfeit currency (you can put it inside an envelope or plastic bag). Jog down important details, such as where do you get this counterfeit currency, from who, when and how.
4) Take the counterfeit currency to the nearest police station and make report.
You can exchange foreign currency in any commercial banks or licensed money changer through out the country.
Malaysia currency exchange used to be not available outside of the country after the financial crisis in 1997. But now the restriction has been lifted.
BNM has 6 branches located in different states, which are BNM Kuala Lumpur, Penang, Johor Bahru, Kuala Terengganu, Kota Kinabalu and Kuching.
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