Malaysia Online Casinos | Casinos that Accept Ringgits (MYR)
History of Malaysian Ringgit
The Malaysian ringgit is the official currency of the country of Malaysia. The most common abbreviation used for it is RM, and it’s commonly referred to as the Malaysian dollar by the country’s citizens. The reason for this is rooted in the history of the coin. In June of 1957, the currency then referred to in dollars in cents, replaced the Malaya and British Borneo dollar. It was changed several years later in 1975 to ringgit and sen, giving it the name most of us are familiar with today.
A noteworthy thing about the Malaysian ringgit comes from the locations it’s used. While the currency is officially used in Malaysia, it’s also used unofficially in border areas like the Philippines, Thailand, Indonesia, and some areas of Ho Chi Minh City in Vietnam. Currently, there are four coins and six banknotes associated with the currency. These include 5, 10, 20, and 50 sen as coins and RM1, RM5, RM10, RM20, RM50, and RM100 banknotes.
Safe Casino Deposit Methods that Accept Malaysian Ringgit
The Malaysian ringgit might not be the most popular currency in circulation, but it is used frequently in a few reasonably large regions for online gambling purposes. Because of this, it appears as a viable option in a myriad of online casinos that accept players from around the globe! It’s worth noting that not all operators who offer these options are well-established gambling venues. Some can seem a bit suspicious, so make sure to pay close attention to their offers. With that in mind, here are some of the most popular payment options related to this currency:
- VISA: VISA is one of the most well-established payments worldwide, so it comes as no surprise to see it on this list. The bank card can be used by Malaysian players in most online gambling venues, giving them a safe and secure way to transact online. While there’s nothing too exciting about using VISA, the option is insanely widespread. Thanks to this, you should have no issue funding your online gaming ventures in the online casino of your choice.
- MasterCard: MasterCard is another bank card that earns a spot on this list. MasterCard offers users most of the pros that VISA does. It’s pretty well-established in tons of locations across the globe, giving players a chance to explore different options when online gambling is in question. A big part of what makes MasterCard such a popular choice is also the safety it offers. Transactions using this method are highly secure, so you needn’t worry too much when making payments.
- Help2Pay: Help2Pay is a popular banking option in Southeast Asia, especially Malaysia. The fully digital platform gives players a chance to deposit in online casinos in a few easy steps. All they need is a Help2Pay account that works with their banking details and a casino that accepts payments from the service! These transactions are characterized by high-end encryption that maximizes security and better anonymity than what you get with most methods. While this option isn’t as widespread as some of the others on this list, it’s certainly more worthwhile.
- Neteller: If you’re a fan of modern payment options, Neteller is one of the best eWallets you’ll find on the market. The good news is, most Malaysian players can use Neteller when visiting online casinos. Not only that, but the option is a pretty big hit with many online gambling sites! Many perks stem from using Neteller, but the biggest ones are the fast processing speed and low fees.
- BankTransfer: Bank Transfers might be a bit more old-fashioned, but they get the job done. Direct Bank Transfers can be made in several ways these days, including online banking, over-the-counter, and ATM deposits. While these types of transactions are accepted in most online casinos, you might run into some issues on the other end. Mainly, not all Malaysian financial institutions process payments to gambling organizations. Additionally, those that do might come with hefty fees attached to them!
Gambling Restrictions for Malaysian Ringgit
Gambling is nothing new in Malaysia, but it’s not seen in a positive light. Since the country is governed by Sharia law, operating an online gambling venue or similar business is illegal. Thankfully, online gambling in itself isn’t banned in the region! Online gambling fans from Malaysia are free to partake in the activity at their own risk. While this might be great news, it’s worth noting that specific laws dating back to 1953 point to the eventual ban of online gambling at some point. For now, these don’t seem to be getting much attention.
Since Malaysia doesn’t issue gambling licenses, players from the region should be vigilant when choosing an online casino to play at. It’s best to be thorough when sifting through casino information, which includes looking at licenses from trusted licensing bodies like the MGA and UKGC. It’s also a good idea to follow the gambling restrictions in Malaysia if you’re using the Malaysian ringgit to gamble, but information about the regulations in places like the Philippines, Thailand, Indonesia, and Vietnam may also come in handy.
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