Licensed Money Changers in Labuan

As this was my first time travel overseas so I had went to few money changers to ask for the exchange rate. The money changer in Labuan that I knew was Arcade Money Changer (L) Sdn Bhd, Ranjit Store Sdn Bhd and Swagat Enterprise Sdn Bhd.

When I write for this post, I had searched online and found out that has another money changer in Labuan which is Bertam Mass Sdn Bhd that I get information from BNM Money Changers but by see the address, I did not where is the shop.

Bertam Mass Sdn Bhd

U0086, Ground Floor,

Jalan Merdeka,

87012 W.P.Labuan

Thai Baht

The money changers counter in Labuan usually in a shop that mostly operates by Indian while in Wisma Merdeka at Kota Kinabalu, there have many money changer counters in shopping mall.

I had asked for these three money changers and only Arcade Money Changers (L) Sdn Bhd has Thai Baht while the others two money changers were out of stock. Look like many Labuan people went to Thailand. The Arcade Money Changers (L) Sdn Bhd exchange RM 1 for 9.09 Thai Baht.

Ranjit Store Sdn Bhd

No. U0111

Jalan OKK Awang Besar

87008 W.P.Labuan

As my aunt always travelling so I had asked for her opinion and she told me that the time she went to Thailand during June 2014, the money exchange rate was as below:-

Arcade Money Changers (L) Sdn Bhd: RM 1,100 exchange for 10,000 Baht

Ranjit Store Sdn Bhd: RM 1,050 exchange for 10,000 Baht

As I had told my aunt that usually I will asked the money changer “How much RM 1 can exchange for Thai Baht?” My aunt advises me to ask in this way “How much Ringgit that I need to spend for 10,000 Baht” then calculates by self. It was because by asking RM 1 to exchange how much will make the money changer look down me. 

Swagat Enterprise Sdn Bhd

Shop Lot No. D0005, Ground Floor,

Podium Level, Ujana Kewangan,

Jalan Merdeka,

87014 W.P.Labuan

As the rate given in money changer Labuan was no so good so I had asked my friend in Kota Kinabalu (KK) to exchange Thai Baht for me. The good exchange rate that can get in Wisma Medeka was 0.10150 so I had exchange 13,000 Baht for RM 1,319.50. The name of money changer that my friend helped me to change is Traveller’s Money Changer Sdn Bhd (License No. 00178) which located at Ground Floor Phase 1, Lot No. AG56 in Wisma Merdeka.

Money changer will usually give huge amount of money such as 1,000 Baht. If you use 1,000 Baht to buy things at stall, you will probably meet a problem that the owner will require for small amount of money and show unhappy face. Then when exchange money, remember to ask for small amount of money like 500 Baht.

Arcade Money Changers (Labuan) Sdn Bhd

90, Jalan OKK Awang Besar,

87008 W.P.Labuan

I had learned that if I want to change Ringgit to Thai Baht then I need to see “We Sell” on the money changer’s board. When I come back from Thailand then I need to see “We Buy” section to get back Ringgit. The word of “We” refers to the money changer.

Useful Sources:

1. List of Licensed Money Changers (by State): Bank Negara Malaysia 

2. How to Read and Buy Selling Price in Money Changer Counter by Champdog

3. What is the meaning of “We Buy” and “We Sell” in Currency Exchange? By Jasmine Yap

4. How to Calculate Currency Conversion at Licensed Money Changer by Alan Tan