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The unit of currency in Malaysia is the Malaysian Ringgit (RM) which is divided into 100 sen. Currency notes are in denominations of RM2, RM5, RM10, RM50, and RM100. Coins are issued in 1, 5, 10, 20, and 50 sen pieces.

Major hotels and larger establishments readily accept currencies such as US Dollars, Pounds Sterling, Euros, Deutsch Marks, Japanese Yen, and Australian Dollars. Travelers checks are accepted at banks, hotels, and large department stores. Foreign currencies can be readily exchanged for local currency at a bank or moneychanger. Major credit cards such as American Express, Mastercard, Visa and Diners Club are generally accepted at hotels, shopping centres and larger restaurants.

A service charge of 10% and government tax of 5% is added to bills in tourist-class hotels and restaurants. Tipping is not usually the custom in Malaysia.

The cost of living is relatively low compared to many other countries in Asia, and is a particularly attractive option for expatriates who are living on a pension or overseas income, especially those settling under the Malaysia My Second Home Programme, for whom remittances from abroad are not taxed.