Money Changers in Penang: 12 Licensed Counters in George Town and Beyond
Last updated: October 2026
Money changers in Penang are concentrated in George Town, where a row of long-established, Bank Negara Malaysia licensed counters on Jalan Masjid Kapitan Keling competes for business. Rates there are usually better than at the airport, hotels or the beach resorts, and you can compare several counters on foot.
This guide covers 12 licensed money changers in Penang, grouped by area, with addresses, opening hours and phone numbers where published. Every operator was checked against Bank Negara Malaysia's money services business licensee list (as at 6 October 2026) in October 2026. Exchange rates move daily, so no rates are quoted here.
Licensed changers do not normally charge a separate commission; their margin is the gap between the buying and selling rates. The gap is narrowest for major currencies such as the US dollar, Singapore dollar, euro and pound.
Jump to a place (12)
Money Changers in Little India and Lebuh Chulia
Jalan Masjid Kapitan Keling (still widely called Pitt Street) has the biggest row of licensed changers in George Town, most of them long-running Indian-Muslim family businesses within a few doors of each other. This is where locals go for the best rates on major currencies.
1. Teraju Positif
Teraju Positif Sdn. Bhd. has its head office counter on the Pitt Street money changer row, the same street as the Kapitan Keling Mosque. It is one of the highest-rated changers in George Town in online reviews, mainly for consistent rates and quick service.
It closes at 5:30 pm on Saturdays, all day on Sundays and for Friday prayers, so plan around that if you are visiting at the weekend. Phone +60 4-263 7229.
2. Kanson Forex
Kanson Forex Sdn. Bhd. is a few doors along the same row and keeps longer weekday and Saturday hours than most of its neighbours, opening until 7 pm. It is closed on Sundays. It also has a branch at Bayan Bay near Queensbay Mall.
It is listed as an active head office on Bank Negara Malaysia's money services business register. Phone +60 4-225 0275.
3. M.S.K.M. Mohamed Haniffa Forex
M.S.K.M. Mohamed Haniffa Forex Sdn. Bhd. is a few doors from Teraju Positif and opens every day, including Sundays. It has a second George Town counter at Wisma Rahmath (35-F) on the same street and a branch at Imbi Plaza in Kuala Lumpur.
With Teraju Positif, Kanson and Mohamed Kassim all within a short walk, you can compare four boards here in under ten minutes. Phone +60 4-261 0786.
4. M. Mohamed Kassim Forex
M. Mohamed Kassim Forex Sdn. Bhd. has three counters on Pitt Street: its head office at Nos. 47–49 and branches at Nos. 55 and 73, all listed as active by Bank Negara Malaysia. Hours shown are for the No. 73 branch.
Closed on Sundays. Phone +60 4-261 0609.
5. N.J. Forex, Lebuh Chulia
N.J. Forex Sdn. Bhd. has its head office on Lebuh Chulia, the backpacker street lined with guesthouses, cafes and the evening hawker stalls. If you are staying on Chulia Street or Love Lane, this is the closest licensed counter.
Saturday hours are short and it is closed on Sundays; at weekends use the group's 1st Avenue Mall branch instead. Phone +60 4-262 2314.
Money Changers at KOMTAR, Prangin Mall and 1st Avenue
The KOMTAR tower and the malls around it are the main transport and shopping hub of George Town, with the island's central bus terminal next door. Counters here keep longer hours than the Little India shophouses.
6. N.J. Forex, 1st Avenue Mall
The 1st Avenue Mall branch of N.J. Forex keeps full mall hours every day, which makes it the most useful licensed changer in central George Town for evenings and Sundays. It is on the ground floor, a few minutes' walk from the KOMTAR bus terminal.
Phone +60 12-882 5786.
7. HME Money Changer, Prangin Mall
Hasani Munawarah Exchange (HME) has a ground-floor counter in Prangin Mall, the mall linked to KOMTAR. It is listed as an active branch on Bank Negara Malaysia's register; a second HME kiosk in the same mall is listed as temporarily closed. HME also runs a branch at Gurney Walk on Gurney Drive.
Visitor reports suggest it sometimes closes before the posted time in the evening, so go before 7 pm if you can.
8. Merchantrade KOMTAR
Merchantrade Asia, one of Malaysia's larger licensed money services businesses, has a ground-floor branch in KOMTAR handling currency exchange and remittance. It opens daily from 8 am to 6 pm and is convenient if you are catching a Rapid Penang bus from the KOMTAR terminal or visiting The TOP at KOMTAR.
Merchantrade also has Penang branches in Sungai Nibong and Batu Maung, closer to the airport.
Money Changers in Gurney Drive, Bayan Lepas and Batu Ferringhi
Outside the heritage core, the most practical counters are in the big malls and on the Batu Ferringhi beach strip.
9. Suria Muhabat, Gurney Plaza
Suria Muhabat Sdn. Bhd. has a basement counter in Gurney Plaza and is one of the better-reviewed mall changers in the Gurney Drive area. It opens every day, which makes it the easy option if you are staying in one of the Gurney Drive hotels or condos.
Gurney Plaza also has a second licensed operator, Syarikat Mushadi Ali Money Changer, on the ground floor (170-G-45), and AsiaPac Forex has its head office counter at 170-B1-36G, so you can compare rates without leaving the mall. Phone +60 4-218 9257.
10. Suria Muhabat, Queensbay Mall
Queensbay Mall, about 15 minutes from Penang International Airport, is a good place to change money if you land and head south or stay in the Bayan Lepas area. Suria Muhabat's lower ground counter (unit LG66) opens daily from 10:30 am to 9 pm.
Dean Forex has its head office in the same mall (1F-143) if you want a second quote. Phone +60 4-638 0057.
11. Ruhanmas Forex, Batu Ferringhi
Ruhanmas Forex Sdn. Bhd. is the licensed money changer on the Batu Ferringhi beach strip, opposite the PARKROYAL Penang Resort and close to the night market stalls. It is listed as an active head office on Bank Negara Malaysia's register.
Beach-strip rates are usually a little behind George Town, so if you are spending a day in the city first, change the bulk there. Phone +60 4-881 1023.
12. Bank Islam Currency Exchange, Penang International Airport
Bank Islam's currency exchange counter is airside in the International Arrival area on Level 1 of Penang International Airport, before customs, so only arriving international passengers can use it. It opens from 8 am until midnight every day. The bank states that it adds no fees or charges; its margin is in the rate.
If you have already passed customs, or are departing or flying domestic, Travelex has a counter on Level 2 of the public concourse. As with any airport, change only enough for the taxi or Grab ride and a meal, then use the George Town counters for the rest.
Tips for Using Money Changers in Penang
Compare boards on Pitt Street
Licensed changers display their buying and selling rates. Walk the Jalan Masjid Kapitan Keling row and compare two or three boards before changing a large amount. Look at the rate the counter pays for your currency (the "we buy" column).
Airport and hotel rates are worse
Airport counters and hotel front desks have the widest spreads. Change a small amount when you land and the rest in George Town. Only use counters that display a Bank Negara Malaysia licence; never change money with people on the street.
Bring clean, undamaged notes
Torn, marked, heavily creased or very old series notes may be refused or bought at a lower rate, especially US dollars. Large denominations usually get better rates than small notes.
Carry your passport
Licensed money changers must carry out customer due diligence on larger transactions, and Bank Negara Malaysia has penalised operators that skipped checks on money-changing transactions above RM3,000. Bring your passport whenever you plan to change a large sum.
Friday prayers and Sundays
Most Little India changers close for Friday prayers (roughly 1 pm to 2:30 pm) and several close on Sundays. On Sundays use Mohamed Haniffa Forex or the mall counters at 1st Avenue, Prangin Mall, Gurney Plaza and Queensbay.
ATMs, cards and QR payments
Cards are accepted at malls, hotels and most sit-down restaurants, and bank ATMs are easy to find around KOMTAR and Gurney Drive. Decline any offer to charge you in your home currency. Penang hawker stalls increasingly show DuitNow QR codes, which participating Alipay+ wallets and selected banking apps from Singapore, Indonesia, Thailand and Cambodia can scan, and Touch 'n Go eWallet is open to tourists from ASEAN countries. Still carry ringgit for hawker centres, trishaws and small shops.
Money Changers in Penang: Frequently Asked Questions
Where is the best place to change money in Penang?
The row of licensed money changers on Jalan Masjid Kapitan Keling (Pitt Street) in Little India, George Town, usually offers the best rates on major currencies. Teraju Positif, Kanson Forex, Mohamed Haniffa Forex and Mohamed Kassim Forex are within a few doors of each other, so you can compare rates quickly.
Are there money changers open on Sunday in Penang?
Yes. Mohamed Haniffa Forex on Jalan Masjid Kapitan Keling opens on Sundays, and the mall counters at 1st Avenue Mall, Prangin Mall, Gurney Plaza and Queensbay Mall keep mall hours every day. Most other Little India changers, including Kanson Forex and Teraju Positif, are closed on Sundays.
Should I change money at Penang airport?
Only a small amount. The Bank Islam counter is airside in the international arrival area, before customs, so only arriving international passengers can use it; it is open 8 am to midnight and charges no extra fee. Travelex has a counter on the Level 2 public concourse. George Town money changers usually give better rates. Change enough for your ride into town and a meal, then change the rest in Little India or at KOMTAR.
Is there a money changer in Batu Ferringhi?
Yes. Ruhanmas Forex at 76-C-1 Jalan Batu Ferringhi, opposite the PARKROYAL Penang Resort, is a licensed money changer open daily from 10 am to 9 pm. Rates are usually a little behind George Town.
Do I need my passport to change money in Penang?
Bring it. Licensed money changers must verify customer identity on larger transactions, and Bank Negara Malaysia enforces checks on money-changing transactions above RM3,000. Some counters ask for identification on any amount.