Currency exchange - Best options available

S

Spectre

Skilled
I need to exchange INR with Malaysian Ringgits before I start to Malaysia. Since this is the first time I have leaving the country, I would like to know what best options I have got to exchange INR to Ringgits. I need it to spend there for more than a month on my own money, till I get the salary and bonus.

So, whats the best and safe options available for this.
 
i suggest take usd and later get it changed there its best way and save lots of money as once u back to india rate to get for ringgits to inr will be very low
 
I will be Malaysia for long term and this money will be used up there. So I am not bringing the money back. I want this currency for the initial period till I get my pay cheque there.
How does US Dollar help in this case. Could you please provide more details. Thanks :)

delguy19 said:
i suggest take usd and later get it changed there its best way and save lots of money as once u back to india rate to get for ringgits to inr will be very low
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Spectre said:
I will be Malaysia for long term and this money will be used up there. So I am not bringing the money back. I want this currency for the initial period till I get my pay cheque there.
How does US Dollar help in this case. Could you please provide more details. Thanks :)
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sorry but from your post i unable to know there ur gona live there for long time. reading your post just give idea that your going for travel purpose. only option is convert inr to ringgit
 
Dont go about and getting USD then Ringgits ,you tend to loose quite a bit .Best bet buy Ringgits locally .Try at UAE Exchange.

They gave me a very good price when i was in India trying to covert NZD/INR .Way farr better than ICICI who quoted me 18INR for 1 NZD :mad: :mad:
 
Thanks MS

Which is better, getting currency exchanged here before taking a flight or carry INR and get it exchanged in forex services at KL airport. which one will benifit me

Metalspree said:
Dont go about and getting USD then Ringgits ,you tend to loose quite a bit .Best bet buy Ringgits locally .Try at UAE Exchange.

They gave me a very good price when i was in India trying to covert NZD/INR .Way farr better than ICICI who quoted me 18INR for 1 NZD :mad: :mad:
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Thanks everyone

An URGENT info required

I called up a few popular and reliable forex services in Chennai and enquired about the rates

One guy said, the carrying limit is 50000 INR, so u will get only the equivalent Ringgit currency only

But another agent said max limit is 3000 USD and so u can carry ringgits of equivalent amount

Who is correct here. I am planning to carry ringgits worth of around 60K

Prithvi Exchange is the one who quoted me the best price, Have anyone traded with them before.

Prithvi Exchange - Foreign Exchange Chennai - Money Transfer Services
 
Stupid Customs website of Malaysia is not opening :mad: :mad: .IIRC you can carry 1000 Ringgits in cash and rest in TC's( no limit,thats what i know).
 
Spectre said:
Thanks everyone

An URGENT info required

I called up a few popular and reliable forex services in Chennai and enquired about the rates

One guy said, the carrying limit is 50000 INR, so u will get only the equivalent Ringgit currency only

But another agent said max limit is 3000 USD and so u can carry ringgits of equivalent amount

Who is correct here. I am planning to carry ringgits worth of around 60K

Prithvi Exchange is the one who quoted me the best price, Have anyone traded with them before.

Prithvi Exchange - Foreign Exchange Chennai - Money Transfer Services
Click to expand...

There are certain limit for each country but for Malaysia on googling I found there is no specific limit if you are carrying local currency i.e Ringgets.

There is no limit on the amount of foreign currency notes and travellers cheques carried into Malaysia.
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Source

Local Currency Import Restrictions No Restrictions
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Source

--- Updated Post - Automerged ---
Metalspree said:
Stupid Customs website of Malaysia is not opening :mad: :mad: .IIRC you can carry 1000 Ringgits in cash and rest in TC's( no limit,thats what i know).
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+1 to Metalspree....carry TC, safe and no hassles from customs.
 
Guys, I am confused now

If I can carry only 1000 RM in cash into Malaysia, whats the best way to carry the other 3000 RM, which i would need for later

American express travelers cheque - but that will be in USD, will I tend to lose here

or

Wire transfer from my Indian bank account to my Malaysia bank account ( will be opened soon)
 
Spectre said:
Guys, I am confused now

If I can carry only 1000 RM in cash into Malaysia, whats the best way to carry the other 3000 RM, which i would need for later

American express travelers cheque - but that will be in USD, will I tend to lose here

or

Wire transfer from my Indian bank account to my Malaysia bank account ( will be opened soon)
Click to expand...
TC you will lose some amount in conversion charges.
 
I don't think you should have any problems whatsoever in carrying 4k ringgit in cash. Most of the countries (incl. India) have a limit of 10k USD which can be brought into the country legally in any form without declaring. Above 10k, you have to declare. You can carry equivalent of 3k USD out of India in any form (cash, TCs etc.). Your best bet is to carry cash with you as in TCs you'll lose value both when buying and when converting. Wire transfer/Dollar draft is the other option but its not very easy to remit money from India as RBI has pretty strict guidelines for remitting money outside India. Also INR is not fully convertible so I don't think you would be able to convert INR into Ringgit in Malaysia.
 
Thanks guys, much appreciated.

UPDATE:

I called up few contacts who have traveled to Malaysia before and everyone said you can carry ringgits, upto an equivalent of 3000 USD in cash. Just keep documents handy incase they inquire you.

Not fully satisfied with this info, I called up Malaysian consulate and they said you can safely carry upto 10,000 RM in cash.

I bought the currency exchanged today 4000 RM @ 14.95 which I see as a damn good rate, with proper documentation as per RBI rules, proper printed receipt and paid by cheque.
 
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