MYR
RM
Malaysian Ringgit
Official currency of Malaysia
ISO Country Code
MY
Decimal Places
2 / 4
Subunit
sen
Payment Methods Available
Payment Options
Available payment methods and requirements
Choose the right payment method for your needs
Standard Payment
Standard payment processingM | Interbank GIRO (IBG) |
|---|---|
Cut-off Time (UK) | 16:00 |
D | Same Day |
M | MYR 100,000 |
D | Malaysia |
Trace | Not Available |
Recall | Not Available |
Ultimate Payer Displayed | Not Available |
Required Fields
Field requirements for this payment methodRecipient Name
Recipient Address
Recipient City
Recipient Bank Code
BIC/SWIFT
Account Number
IBAN
Payment Purpose Code
Currency Holidays
Currency settlements pause on public or bank holidays.
Currency Holiday Calendar
Official non-business days for this currency- Aug
31
2025National Day
In 25 daysSunday, August 31, 2025
- Sep
16
2025Malaysia Day
In 41 daysTuesday, September 16, 2025
- Oct
20
2025Deepavali
In 75 daysMonday, October 20, 2025
- Dec
25
2025Christmas Day
In 141 daysThursday, December 25, 2025
Account Format
Standards for account numbers and IBAN
Account Format & Structure
Standardised format for financial accounts with this currencyFormat Standards
| Format Type | Structure Pattern |
|---|---|
BBAN Basic Bank Account Number | XXXX-YYYYYYYYYY |
Example Accounts
| Account Type | Example Format |
|---|---|
B Bank Code | 1234 |
B Branch Code | 567 |
A Account Number | 8901234567 |
B BBAN | 1234-567-8901234567 |
Always double-check account formats before initiating payments to ensure successful transactions.
Additional Notes
Important information and special considerations
Special Considerations
Important notes and requirements for MYR paymentsPlease review these important notes before processing payments in MYR
1
Malaysian Ringgit cannot be funded directly and must be bought via conversion from a supported currency (e.g. USD, GBP, EUR, AUD, CAD) before payout. You cannot fund them directly.2
Funds must be paid out immediately after conversion and can't be held in your wallet. FXellence may auto-convert surplus balances after 5 days.3
Local payments in Malaysian Ringgit do not support trace or recall functionality.4
Payments to charities or non-profits are currently not supported.5
Malaysian Ringgit is managed under a floating exchange rate system by Bank Negara Malaysia.6
IBAN is not used; local payments require valid bank and branch codes.7
Non-ASCII characters will be transformed to ASCII equivalent or removed on a best endeavours basis in order to comply with the restrictions of the domestic payment scheme.
For more information about payment requirements for MYR, contact your account manager or refer to the latest regulations.
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