Malaysia Guide
Money
Malaysia's unit of currency is the ringgit (pronounced ring-git and written "RM" before the price), divided into 100 sen. Notes come in RM1, RM2, RM5, RM10, RM50 and RM100 denominations, though the RM2 notes had practically vanished from circulation at the time of writing. Coins are minted in 1 sen, 5 sen, 10 sen, 20 sen and 50 sen denominations; don't allow people to palm off RM1 coins on you, as these are no longer legal tender. Note that you will sometimes hear the word "dollar" used informally to refer the ringgit.
At the time of writing, the exchange rate was around RM3.6 to US$1 and RM5.30 to £1. Rates are posted daily in banks and exchange kiosks, and published in the press. The maximum amount of rinngit you can take into or out of the country is RM1000. There is no limit on the amount of foreign currency you can take with you into the country, although you are supposed to declare it at customs, and in theory you cannot take out more foreign currency than you declared on the way in.
Note that while most town centres have ATMs where you can withdraw cash using a credit or debit card, you won't be able to use plastic to settle bills in budget hotels and kedai kopis.