Exchange rates CCs/ATMs/cash

My bills for a recent visit to Malaysia (April) have all come through and the exchange rates were (for GB pounds)

London exchange dealer 6.5

Malaysian bank 6.7

credit card 6.65

KL licensed money changer 6.8

ATMs (Maybank) 6.46

I was particularly shocked to see the exchange rates for cash from ATMs. I used a debit card (HSBC) to extract cash from Maybank ATMs. In each case the exchange rate was 6.58 (less than the credit card rate) and then they charged a GBP3.42 fixed fee for each withdrawal. I withdrew RM1500 per transaction and had the withdrawals been of smaller amounts the net rate would have been even lower.

So my advice is to take as much cash as you dare carry (bearing in mind the usual insurance limit of about GBP 200/250 per person and exchange it at a money changer or bank. Use the credit card where you can see the PIN machine in front of you (for security reasons) and if you need extra cash limit withdrawal from ATMs to one big one.

Exchange rates CCs/ATMs/cash

Not surprised. For the convenience of ATM, (u most probably go through Visa Plus or Mastercard Cirrus), these agencies will charge a percentage of fees from the bank (this case HSBC), hence the exchange rate is not favourable. And Maybank probably charge a fee for using their ATM.

KL indian money changer will have the best rate. Apparently, they have an extensive global network which doesn%26#39;t need to go through bank when transferring money. Hence, their rates are always better.

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