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Malaysia, a multi-cultural Asian country -famous for it beautiful temples and ever growing economy- is a common destiny for both tourists and businesspeople alike. It is quite recommendable if you want to take look at the most common Asian cultures in just one trip and a chance to take a glimpse at their culture and history. Given the fact that Malaysia has strong Muslim traditions it is not a place to go to wild party as their traditions and lifestyle scorn excesses.
Your savings starts with the fact that most people dont require a Visa to visit Malaysia. You are usually given a three months stay when entering to the country but some people get only one or two months. If you plan to spend a long period of time, it cost nothing to ask the official to give you the maximum. Otherwise, any immigration office in any town should be able to extend it up to the 3 months. You have no choice but to leave the country after that 3 month extension expires.
Considering its relative modernity, Malaysia remains pleasantly cheap. There is however a big difference between the Peninsula and the islands. On the Peninsula, it is possible to live with less than 4 a day: room, transport and food at the markets. On the islands however, in particular during the high season, count on about 4 for a basic bungalow, the boat transport and the basic food, again without any beer. Staying in dormitories will of course reduce the costs a bit. Most places are quite familiar with the English language so communication may not be a great problem.
Regarding currency, there is no problem to change money in developed Malaysia. Money changers usually offer a better deal than banks. This is particularly true with Travellers Cheques as most banks charge a commission per cheque. Credit cards can be used but check with your bank for the cost.
As a final recommendation, Malaysia is not a danger-free place. Women should be very careful on the way they dress and drinkers may find beer not only unavailable but disdained. Streets are sometimes dirty as people usually throw their rubbish just outside their homes. When planning an affordable trip to Malaysia dont forget then than ones health and safety are invaluable assets.