Do you know where to change old ringgit? A friend of mine argue with me, "I heard Bank Negara Malaysia will Interrogate you for hours if you want to exchange your old RM500 or RM1000 banknotes". I don't believe what he said and try to exchange my old notes to experience it myself. BNM statement on 12 September 1998, announced the demonetisation of the RM500 and RM1,000 notes, and they ceased to be legal tender from July 1, 1999. The statement said the volume of both the RM500 and RM1,000 notes in circulation before the move stood at 1,989,479 and 4,523,731 pieces respectively.
After arriving at BNM, I go straight to "Kaunter Penukaran Wang" (BNM Money Exchange Counter) and said I want to change my old RM500 notes to the ladies who work there. He give me the above form and asked me to fill the necessary details. They're nothing much on that form, only the part asking you "why you don't exchange the notes earlier" a little bit interesting. After filing up the form I send it back to the counter. They asked for my Identity Card (kad pengenalan) and told me to wait for a while. 15 minutes later they called me and exchange my old ringgit with 5 pieces of new RM100. There is no interrogation going on as told by my friends.
Question and answer about Malaysia old ringgit exchange at BNM:
Do you get full value of your RM500 or RM1000 notes?
Yes. BNM will give back full value of your banknotes. Some people suggest to change to Money Changers, they only give half of the value of the notes and told you that BNM will never received that banknote since it has been demonetizes.
Where can I change RM500 or RM1000 notes?
You can still change them to a smaller denomination at all Bank Negara Malaysia branches:
(Walk-in Customer Service Centre)
Laman Informasi Nasihat dan Khidmat (LINK)
Ground Floor, D Block,
Jalan Dato' Onn
50480 Kuala Lumpur
Tel : 1-300-88-5465 (1-300-88-LINK)
Fax: 603-2174-1515
E-mail: bnmtelelink@bnm.gov.my
SMS : 15888
Operating Hours: 9.00 a.m. - 5.00 p.m. (Monday - Friday)
Bank Negara Malaysia Pulau Pinang
Jalan Corner Light
10200 Pulau Pinang
Tel: 604-262-7125
Bank Negara Malaysia Johor Bahru
Jalan Bukit Timbalan
80000 Johor Bahru
Johor Darul Takzim
Tel: 607-224-0799
Bank Negara Malaysia Kota Kinabalu
Jalan Lapan Belas
88000 Kota Kinabalu
Sabah
Tel: 6088-211-211
Bank Negara Malaysia Kuala Terengganu
Jalan Sultan Mohamad
21100 Kuala Terengganu
Terengganu Darul Iman
Tel: 609-622-0571
Bank Negara Malaysia Kuching
Jalan Satok
93000 Kuching
Sarawak
Tel: 6082-252-311
Why did BNM take the RM500 and RM1000 banknote out of circulation?
BNM has taken out the RM500 and RM1000 notes from circulation and withdrawn their legal tender status (“demonetised”) to complement the exchange control measures introduced in 1998.
Where can I exchange mutilated (duit rosak) banknotes?
You can exchange mutilated Malaysian currency banknotes at any of the six BNM branches namely BNM Kuala Lumpur, Pulau Pinang, Johor Bahru, Kuala Terengganu, Kota Kinabalu and Kuching. You can read more about it at; Where do you change damage money?
Can I exchange new banknotes and coins at BNM branches?
BNM has stopped the service of exchanging new banknotes and coins since 1997. You can exchange new banknotes and coins at your banking institution (Maybank, CIMB, RHB, Alliance bank).
Can I exchange foreign currencies at BNM?
No. You can exchange foreign currencies at any commercial bank or licensed money changer. BNM won't accept Iraq Dinar, Myanmar Kyat, US Dollars or any other foreign currency.
Can I change counterfeit currency that I received from circulation?
No. counterfeit money don't have any value. You can read more on what to do if you received counterfeit notes; What to do if I found counterfeit notes. Its also an offence to keep and circulate counterfeit money.
