diff --git a/lib/monetize/parser.rb b/lib/monetize/parser.rb
index 8d88c09a6..0f5a8cf14 100644
--- a/lib/monetize/parser.rb
+++ b/lib/monetize/parser.rb
@@ -74,19 +74,33 @@ def to_big_decimal(value)
     attr_reader :input, :fallback_currency, :options
 
     def parse_currency
-      computed_currency = nil
-      computed_currency = input[/[A-Z]{2,3}/]
-      computed_currency = nil unless Monetize::Parser::CURRENCY_SYMBOLS.value?(computed_currency)
-      computed_currency ||= compute_currency if assume_from_symbol?
-
+      computed_currency = compute_currency
+      computed_currency ||= compute_currency_assumed_from_symbol if assume_from_symbol?
 
       computed_currency || fallback_currency || Money.default_currency
     end
 
+    # input[/[A-Z]{2,3}/] can match certain currency symbols with no "special" and uncapitalized characters e.g.
+    # RM, not just normal ISO codes. Thus, we make sure that if parsed_currency matches
+    # the mentioned currency symbols, then we return the respective ISO currency code for them.
+    def compute_currency
+      parsed_currency = input[/[A-Z]{2,3}/]
+      
+      return if !parsed_currency
+      return CURRENCY_SYMBOLS[parsed_currency] if parsed_currency == input.match(currency_symbol_regex).to_s
+
+      Money::Currency.all.map(&:iso_code).include?(parsed_currency) ? parsed_currency : nil
+    end
+
     def assume_from_symbol?
       options.fetch(:assume_from_symbol) { Monetize.assume_from_symbol }
     end
 
+    def compute_currency_assumed_from_symbol
+      match = input.match(currency_symbol_regex)
+      CURRENCY_SYMBOLS[match.to_s] if match
+    end
+
     def expect_whole_subunits?
       options.fetch(:expect_whole_subunits) { Monetize.expect_whole_subunits }
     end
@@ -99,11 +113,6 @@ def apply_sign(negative, amount)
       negative ? amount * -1 : amount
     end
 
-    def compute_currency
-      match = input.match(currency_symbol_regex)
-      CURRENCY_SYMBOLS[match.to_s] if match
-    end
-
     def extract_major_minor(num, currency)
       used_delimiters = num.scan(/[^\d]/).uniq
 
diff --git a/spec/monetize_spec.rb b/spec/monetize_spec.rb
index 00aad8002..9fd0c1632 100644
--- a/spec/monetize_spec.rb
+++ b/spec/monetize_spec.rb
@@ -109,7 +109,11 @@
             end
 
             it 'parses formatted inputs without currency detection when overridden' do
-              expect(Monetize.parse("#{symbol}5.95", nil, assume_from_symbol: false)).to eq Money.new(amount, 'USD')
+              currency_symbols_with_no_special_and_uncapitalized_chars = ["RM"]
+
+              expect(Monetize.parse("#{symbol}5.95", nil, assume_from_symbol: false)).to eq(
+                Money.new(amount, currency_symbols_with_no_special_and_uncapitalized_chars.include?(symbol) ? iso_code : "USD")
+              )
             end
           end
         end