U.S. citizens are generally allowed to travel to Malaysia without a visa for business/tourist trips of less than ninety days.
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The processing time for a Malaysian visa depends on your country and the method through which you are applying, the time of year and whether you have all the required documentation. If you are applying online (eVisa), the process should take no longer than 100 hours, ie. four days.
Malaysia represents fantastic value for money at almost all levels. Costs for food, lodging, fuel and internal transportation are very reasonable, and alcohol is one of the rare goods that will make a hefty dent in your wallet.