Where to exchange money in Labuan
Are you heading to Labuan? You will want to ensure you are aware of the local currency and how to obtain it. In addition, you may want to keep track of the current exchange rates and where to change your money to the local currency without getting ripped off.
We will give you a list of the best currency exchanges in Labuan that you can visit in person.
There is also a digital alternative to consider by using Wise. This could save you both time and money.
Where to exchange money in Labuan
Are you heading to Labuan? You will want to ensure you are aware of the local currency and how to obtain it. In addition, you may want to keep track of the current exchange rates and where to change your money to the local currency without getting ripped off.
We will give you a list of the best currency exchanges in Labuan that you can visit in person.
There is also a digital alternative to consider by using Wise. This could save you both time and money.
Spend abroad without hidden fees
Currency exchanges in Labuan
If you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Labuan.
One reminder, though: there’s no such thing as fee-free or 0% commission foreign exchange transactions. So, always check the mid-market exchange rate in advance, so you know how much your money’s worth.
| Money Changer | Address | Contact Information |
|---|---|---|
| SMJ Currency Exchange | Bandar Labuan, 87000 Labuan, Labuan Federal Territory, Malaysia | |
| Ringgit Priority Money Changers | U0168, BA, WP Labuan, Jalan Okk Awang Besar, Bandar Labuan, 87000 Labuan, Wilayah Persekutuan Labuan, Malaysia | +60 87-412 545 |
| western union | Jalan Okk Awang Besar, Bandar Labuan, 87000 Labuan, Wilayah Persekutuan Labuan, Malaysia | +60 87-412 545 |
| TML Remittance Center (Labuan) | Ground floor, Lot E & F, Victoria Point, Jalan Okk Awang Besar, Bandar Labuan, 87007 Labuan, Wilayah Persekutuan Labuan, Malaysia | +60 87-453 363 |
| Lulu Money Labuan | 700, Ground Floor, U0301 Lot No.9 B9, Phase 1, Jati Shophouse, Bandar Labuan, 87000 Labuan, Sabah, Malaysia | |
| 4xhub Limited | Lot 7616, Jalan Jumidar Buyong, Bandar Labuan, 87000 Labuan, Wilayah Persekutuan Labuan, Malaysia | |
| UTrada | Unit Level 11A, Main Office Tower, Jln Merdeka, Financial Park, 87000 Labuan, Wilayah Persekutuan Labuan, Malaysia | |
| K Abdul Kader & Co | U0168, BA, Jalan Okk Awang Besar, Labuan, 87000, Labuan, WP Labuan, 87000 Victoria, Labuan Federal Territory, Malaysia | +60 87-412 545 |
Notice anything wrong with our results table? Let us know - If there is a genuine mistake, we will do our best to resolve it.
Malaysian ringgit rate today
The accepted currency in Labuan and across Malaysia is the Malaysian ringgit.
However, when you visit a currency exchange, you'll find that they use currency codes. Specifically, the currency code for the Malaysian ringgit is MYR. Keep an eye out for this code if you're comparing exchange rates.
What you should know about exchanging money in Labuan
You can follow a few simple tips which could help save money when exchanging currency in Labuan. By increasing your awareness you can be better prepared for currency exchanges wherever you are.
1. Beware of 'zero fee' services
Some services will claim 'no commission'. This can be misleading as they will often have hidden a markup by offering you a worse exchange rate.
2. Know the current exchange rate
Be familiar with the current exchange rate to help identify a bad deal from exchange services.
3. Avoid exchanging money at airports or hotels
The convenience of exchanging currency at airports and hotels often comes at a price. That price will come as poor exchange rates and high transaction fees. Try to use this as a last resort.
4. Avoid scams
Be cautious of street vendors or unofficial exchange services that may offer seemingly attractive rates. Stick to recognised establishments to avoid falling victim to scams or fraudulent practices. Your financial security should always be a top priority.
5. Opt for local currency
When using an ATM abroad, pick the option to be charged in Malaysian ringgits for a fairer rate to avoid undisclosed exchange rates. Picking the local currency will almost always be cheaper.
Currency exchange bureau who?
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Other currency exchanges
Bottom line
As you can see, there’s no shortage of options when it comes to exchanging money in Labuan. Don't forget to do your research on the exchange rate before converting your money, and check Wise out if you want a fuss-free alternative to exchanging cash.
Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.