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Malaysia’s low cost of living and high quality of life means that many expats choose to relocate here. The Malaysian government has encouraged foreigners to retire in Malaysia, as a fixed income can go a long way here. The capital Kuala Lumpur also pulls in huge numbers of working expats looking for an adventure. In fact, you’ll find expat communities of retirees, digital nomads and people employed locally, in all of the larger cities.
If you’re retiring, temporarily relocating or moving to Malaysia for good, it’s helpful to have a picture of what life there will cost as an expat. Here’s a quick guide.
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The official currency in Malaysia is the Malaysian Ringgit (MYR on currency exchanges).
You can find out the exact value of your money in MYR, using an online currency converter - but here’s a rough guide:
- 1000 USD = 4,290 MYR
- 1000 GBP = 5,469 MYR
- 1000 EUR = 4,832 MYR
- 1000 AUD = 3,262 MYR
|Comparing basic cost of living||1 bedroom flat in city centre (monthly rent)||Lunch for 2 (3 courses, mid range restaurant)||Transportation (monthly pass)|
|Kuala Lumpur, Malaysia||MYR 2,390||MYR 70||MYR 125|
|Penang, Malaysia||MYR 1,104||MYR 65||MYR 110|
|London, UK||MYR 9,274||MYR 300||MYR 720|
|New York City, USA||MYR 12,926||MYR 324||MYR 507|
|Sydney, Australia||MYR 8,492||MYR 261||MYR 527|
One major factor that adds expense for expats in Malaysia, is the cost of converting cash to MYR from your home currency. Even if your bank says it offers fee-free money exchange, you can be sure that its cut is rolled up in the exchange rate it uses. To get the best deal, you should use an exchange service like Wise, which applies the same mid market rate you’ll find on Google or Reuters. With a quick service, and low flat fees to transfer your cash, this can be a much better deal than relying on your home bank.
Although the day to day costs of living in the capital city, Kuala Lumpur, are similar to other cities in Malaysia, rents are much higher here. You can live well for much less if you choose a home outside of the city centre, or in another city entirely.
|Living expenses in Malaysia (excluding rent)||Kuala Lumpur average cost||Penang average cost|
|Single person, per month||MYR 2,036||MYR 2,058|
|Single person, per year||MYR 24,432||MYR 24,696|
|University student, per month||MYR 1,268||MYR 1,302|
|Four person family, per month||MYR 7,310||MYR 7,487|
|Four person family, per year||MYR 87,720||MYR 89,844|
Average salaries in Malaysia are fairly low, in keeping with the low cost of living.
|Salary averages for Malaysia||Average annual salary|
|Financial analyst||MYR 118,115|
|Graphic designer||MYR 61,870|
|Mobile developer||MYR 138,868|
|Product manager||MYR 96,694|
|Software engineer||MYR 91,491|
|Web developer||MYR 78,063|
The amount you pay in rent is a big driver of your overall cost of living. Rent in Kuala Lumpur is much higher than elsewhere in the country, so if you’re planning on staying for a long time, you might decide that buying a property in Malaysia is a better option.
|Renting in Malaysia||Average monthly cost (Kuala Lumpur)||Average monthly cost (Penang)|
|One bedroom apartment (city centre)||MYR 2,390||MYR 1,104|
|One bedroom apartment (outside of city centre)||MYR 1,342||MYR 839|
|Three bedroom family home (city centre)||MYR 4,495||MYR 2,408|
|Three bedroom family home (outside of city centre)||MYR 2,156||MYR 1,817|
|Internet||MYR 163||MYR 157|
|Utilities (gas, electric and water for a 85m2 apartment)||MYR 214||MYR 164|
Healthcare in Malaysia is available at both public and private institutions. Health infrastructure, especially in the large cities, is well developed, but having private health insurance can mean you get access to services quicker than you might through the public system.
|Healthcare service||Average cost to you|
|Family doctor check-up||MYR 54|
|Cold medicine for 6 days||MYR 15|
|Antibiotic prescription||MYR 20|
Kuala Lumpur is a notoriously congested city, so using public transportation is a good plan. See what it’ll cost you here:
|Transportation and vehicle prices for Malaysia||Average cost|
|Gasoline (One litre / 0.25 gallon)||MYR 2.11|
|Monthly bus/transport pass||MYR 125|
|Bus ticket, single use||MYR 3|
|Taxi tariff, 8km/5mile journey||MYR 20|
|Toyota Corolla, new||MYR 119,406|
|VW Golf, new||MYR 148,444|
Malaysia is rated as one of the best cities in the world for students, based on the costs of living and quality of education available. There are public and private universities, including Malaysian campuses of universities based elsewhere in the world.
|Preschool / kindergarten (monthly fee)||MYR 861|
|Private school for lower grades (annual)||MYR 27,200|
|University tuition (University of Malaya)||Fees vary depending on course, starting from around MYR 10,700 for international students|
|University tuition (Universiti Kuala Lumpur)||Fees vary depending on course, from around MYR 15,000 to MYR 20,000 for international students|
It’s easy to see why so many expats have chosen Malaysia as their home. Some move to frenetic Kuala Lumpur to work in one of the large international businesses there, while others opt for a calmer pace of life in stately George Town. The real adventurers get off the beaten track entirely. Whatever you fancy, the low costs mean that you can have a really great life for less money, making Malaysia a fantastic destination for a permanent move, or just to spend a year or two exploring somewhere new.
Good luck with your new life in Malaysia!
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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