Where to exchange money in Malacca

Currency exchanges in Malacca

If you’re still into the idea of carrying cash around and exchanging it, here are some popular foreign currency exchange locations in Malacca.

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.

What you should know about exchanging money in Malacca

You can follow a few simple tips which could help save money when exchanging currency in Malacca. 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 ringgit for a fairer rate to avoid undisclosed exchange rates. Picking the local currency will almost always be cheaper.

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