Exchange Rates for RM

[wolverine23]

So dun remit anymore funds to MYR Malaysia account for the time being???

Latest rate after NY close is

USD/MYR - 3.2530

SGD/MYR - 2.5880

View attachment 11623

From 2.355 in May 27 till today 2.5880.

Malaysia Ringgit have lost 10% again Singapore dollar since 28 May 2013.

If you have take up a loan in Ringgit and you are a Singaporeans; your purchasing power just increase by 10% by selling SGD to pay for cheaper Ringgit.
However if your property price have remain the same; the condo have lost 10% in value if you sell it and convert back to SG dollar.

Look for a quick test of 2.55 before we break 2.60 quickly. Target 2.68-2.70 by mid September.

Those whom queue for cash Ringgit recently will wonder what the hell they are doing when it hit 2.7. (Bank Negara must intervene to bring it down; otherwise hedge fund will come join the party and make Ringgit even cheaper.)

 

[Lyc396]

Free cash withdrawals via Maybank Msia ATM & Citibank Msia ATM using Maybank sg & Citibank sg accounts. Cash rates are 2.529 & 2.527 respectively as at today, 10 Aug.

 

[ginfreely]

I think someone did mention in previous post that must go to JB branch to collect the ATM card. Yeah was told similar and need to take 4 to 6 weeks to open Cimb Msia account from SG. So personally, I find it easier and faster to just walk in to any Msia branch to open the account and collect the ATM card on the spot.

Okie dokie.. latest twist (or is it) to the CIMB SG-MYR link account opening.
went down to knightbridge orchard branch this morning.
open SG account - obviously no issue.
But, for the MY account - banker was quite adamant that they (Sg CIMB) cannot advise nor open account for MY side, they only help me by giving me an application form to fill up. There is also another form called "pre-arrival account opening". In this form, there is no option for me to select the current acount (money multiplier) account, which gazetted to pay 2.5% pa on balances above 10K RM. Banker only help me to relay on the application form with IC copy etc to Malaysia side. Also, he asked which local branch of CIMB, adding he cannot advice on branch location too. I wrote "Taman Daya, JB" on the form.
Also, he insisted, after asking aruond, that I would still HAVE TO MAKE at least one trip to JB to sign off and document verification. he also said that MY ATM and check book must go to collect in JB. So basically i just let him re-route my application form and play it by ear later.

I wonder how come my experience this morning seems so different from what others here have experienced?

 

[ginfreely]

banker told me 14 days for token to arrive.

Was told 3 to 5 days to receive the internet pin, and Cimb will send out the token 3 days after sending out the internet pin. So should take slightly more than a week to receive the token, which was my case.

 

[IRONMAN123]

Free cash withdrawals via Maybank Msia ATM & Citibank Msia ATM using Maybank sg & Citibank sg accounts. Cash rates are 2.529 & 2.527 respectively as at today, 10 Aug.

Thanks for the update....we encourage more ppl share here...TIA.

 

[toufu]

Okie dokie.. latest twist (or is it) to the CIMB SG-MYR link account opening.
went down to knightbridge orchard branch this morning.
open SG account - obviously no issue.
But, for the MY account - banker was quite adamant that they (Sg CIMB) cannot advise nor open account for MY side, they only help me by giving me an application form to fill up. There is also another form called "pre-arrival account opening". In this form, there is no option for me to select the current acount (money multiplier) account, which gazetted to pay 2.5% pa on balances above 10K RM. Banker only help me to relay on the application form with IC copy etc to Malaysia side. Also, he asked which local branch of CIMB, adding he cannot advice on branch location too. I wrote "Taman Daya, JB" on the form.
Also, he insisted, after asking aruond, that I would still HAVE TO MAKE at least one trip to JB to sign off and document verification. he also said that MY ATM and check book must go to collect in JB. So basically i just let him re-route my application form and play it by ear later.

I wonder how come my experience this morning seems so different from what others here have experienced?

This is my personal experience when i went to CIMB Singapore to open an account. Same reply from banker, basically better for me to go to JB to open an account as no matter what, I still need to go down to collect my atm card.

So I went to the CIMB JB branch that is about 10 mins walk from city square.
Teller told me that I can only open a saving account, not current account unless i have an introducer.

So i opened a saving account (AirAsia account). Was given an atm debit card and was told i will be charged RM8 annually for this card (No way to waive it.. sigh).
I was told that I must come down again with my telephone bill to activate an internet banking account. (WTH?!) I told the teller where got so free to do that... but she told me that is the only way...
Luckily I went online to research and managed to register the internet banking by myself using my local (Digi Best Prepaid) mobile phone number that i bought over the counter at city square. Before that, I must also update my local (malaysia) mobile number using the CIMB ATM machine. A code was sent to this number for me to register for the internet banking services.

After that, link the Singapore account with the malaysia account using internet banking.. but currently still pending approval for the linkage (damn the long weekend).

So yeap, still better go just go down to JB to open the account. Faster as it can all be done within an afternoon

 

[malpaso]

I think someone did mention in previous post that must go to JB branch to collect the ATM card. Yeah was told similar and need to take 4 to 6 weeks to open Cimb Msia account from SG. So personally, I find it easier and faster to just walk in to any Msia branch to open the account and collect the ATM card on the spot.

yes, i agree. Apologies if i sounded rude. nothing could be further away from the truth. Just want to know the standard procedure . I don't mind driving to JB to settle, no worries! Thanks for sharing.

 

[malpaso]

This is my personal experience when i went to CIMB Singapore to open an account. Same reply from banker, basically better for me to go to JB to open an account as no matter what, I still need to go down to collect my atm card.

So I went to the CIMB JB branch that is about 10 mins walk from city square.
Teller told me that I can only open a saving account, not current account unless i have an introducer.

So i opened a saving account (AirAsia account). Was given an atm debit card and was told i will be charged RM8 annually for this card (No way to waive it.. sigh).
I was told that I must come down again with my telephone bill to activate an internet banking account. (WTH?!) I told the teller where got so free to do that... but she told me that is the only way...
Luckily I went online to research and managed to register the internet banking by myself using my local (Digi Best Prepaid) mobile phone number that i bought over the counter at city square. Before that, I must also update my local (malaysia) mobile number using the CIMB ATM machine. A code was sent to this number for me to register for the internet banking services.

After that, link the Singapore account with the malaysia account using internet banking.. but currently still pending approval for the linkage (damn the long weekend).

So yeap, still better go just go down to JB to open the account. Faster as it can all be done within an afternoon

awesome.. guess i will go JB settle , easier! thanks!

 

[Sweeve]

Hi Lyc396,

Can you guide me on how you got the rates ? I'm thinking of doing a comparison amongst all the banks next week and see which bank gives the best rate (be it cash withdrawal or funds transfer.)

thanks

Free cash withdrawals via Maybank Msia ATM & Citibank Msia ATM using Maybank sg & Citibank sg accounts. Cash rates are 2.529 & 2.527 respectively as at today, 10 Aug.

 

[OracleMasia]

Well Said.

I just found this website which details all exchange rates by bank in Malaysia.

http://www.exchangerate.my/

 

[IRONMAN123]

Well Said.

I just found this website which details all exchange rates by bank in Malaysia.

http://www.exchangerate.my/

Thanks, anyway for all your info, we should look @ 'buy TT' column for the rates in this case.....

 

[ginfreely]

Yeah just go to the JB branch to open, very fast and simple process, all done within half an hour.

yes, i agree. Apologies if i sounded rude. nothing could be further away from the truth. Just want to know the standard procedure . I don't mind driving to JB to settle, no worries! Thanks for sharing.

 

[IRONMAN123]

This is my personal experience when i went to CIMB Singapore to open an account. Same reply from banker, basically better for me to go to JB to open an account as no matter what, I still need to go down to collect my atm card.

So I went to the CIMB JB branch that is about 10 mins walk from city square.
Teller told me that I can only open a saving account, not current account unless i have an introducer.

So i opened a saving account (AirAsia account). Was given an atm debit card and was told i will be charged RM8 annually for this card (No way to waive it.. sigh).
I was told that I must come down again with my telephone bill to activate an internet banking account. (WTH?!) I told the teller where got so free to do that... but she told me that is the only way...
Luckily I went online to research and managed to register the internet banking by myself using my local (Digi Best Prepaid) mobile phone number that i bought over the counter at city square. Before that, I must also update my local (malaysia) mobile number using the CIMB ATM machine. A code was sent to this number for me to register for the internet banking services.

After that, link the Singapore account with the malaysia account using internet banking.. but currently still pending approval for the linkage (damn the long weekend).

So yeap, still better go just go down to JB to open the account. Faster as it can all be done within an afternoon

Cool story bro. I plan to open same acc on Monday but I don't have local hp no.! Hope they allow to register Singapore hp no. in the future just like Maybank.

 

[whoami]

Cool story bro. I plan to open same acc on Monday but I don't have local hp no.! Hope they allow to register Singapore hp no. in the future just like Maybank.

They accept Sinkie HP no.

 

[Equinox]

Thanks everybody who shared about the ATM withdrawals in MY...

I was initially sceptical about the better exchange rates thru ATMs than moneychangers, so had to try out myself..
I went to UOB atm at Citysquare on 10/08/13 @ 2105hrs and withdrawed RM$100 just to test it out. Here was what printed on my transaction receipt.

Amount : RM100.00
SGD Amount : SGD39.26
Avail Bal: .............

Calculated the exchange rate myself, 100/39.26 = 2.54712175
No service charge. So it is indeed true!! Awesome....

Thanxs to all the bros & sis who unselfishly shared this piece of info..
Am always learning something new here.....

 

[westcoastbay]

Think tomorrow TT rate at least 2.55?

Anyway, you can always buy a prepaid MY mobile number. Cheap.

 

[contrarian]

Based on my experience at CIMB Jl Kuning 2 (who say they have a lot of foreigner customers and thus should be very familiar with the process):

For CIMB M checking accounts, CIMB Money Multiplier Account can be opened without an introducer. You need to produce 3 pieces of government ID.

Your chequebook can be sent to you by courier for RM10.

For phone numbers to register for Internet banking, you can use any Malaysian mobile number or a Singapore non-prepaid number.

Process takes about 1 hour. Make sure you put your parking coupons if you don't want to land a RM30 fine.

Interestingly, there's no CIMB in Taman Molek although there are 18 other banks!

This is my personal experience when i went to CIMB Singapore to open an account. Same reply from banker, basically better for me to go to JB to open an account as no matter what, I still need to go down to collect my atm card.

So I went to the CIMB JB branch that is about 10 mins walk from city square.
Teller told me that I can only open a saving account, not current account unless i have an introducer.

So i opened a saving account (AirAsia account). Was given an atm debit card and was told i will be charged RM8 annually for this card (No way to waive it.. sigh).
I was told that I must come down again with my telephone bill to activate an internet banking account. (WTH?!) I told the teller where got so free to do that... but she told me that is the only way...
Luckily I went online to research and managed to register the internet banking by myself using my local (Digi Best Prepaid) mobile phone number that i bought over the counter at city square. Before that, I must also update my local (malaysia) mobile number using the CIMB ATM machine. A code was sent to this number for me to register for the internet banking services.

After that, link the Singapore account with the malaysia account using internet banking.. but currently still pending approval for the linkage (damn the long weekend).

So yeap, still better go just go down to JB to open the account. Faster as it can all be done within an afternoon

 

[malpaso]

Based on my experience at CIMB Jl Kuning 2 (who say they have a lot of foreigner customers and thus should be very familiar with the process):

For CIMB M checking accounts, CIMB Money Multiplier Account can be opened without an introducer. You need to produce 3 pieces of government ID.

Your chequebook can be sent to you by courier for RM10.

For phone numbers to register for Internet banking, you can use any Malaysian mobile number or a Singapore non-prepaid number.

Process takes about 1 hour. Make sure you put your parking coupons if you don't want to land a RM30 fine.

Interestingly, there's no CIMB in Taman Molek although there are 18 other banks!

great .. the money multiplier account their rate is 2.5% interest for balances above 10kRM, correct?
what are the 3 pieces of government ID? IC, passport and ..??

 

[kengheng23]

Cool story bro. I plan to open same acc on Monday but I don't have local hp no.! Hope they allow to register Singapore hp no. in the future just like Maybank.

For my internet you need local hp no,cannot use singapore no.That was what happen to me when i open maybank ac.They say sms can only be send to local hp no.

 

[winners]

I went to UOB atm at Citysquare on 10/08/13 @ 2105hrs and withdrawed RM$100 just to test it out. Here was what printed on my transaction receipt.

Amount : RM100.00
SGD Amount : SGD39.26
Avail Bal: .............

Calculated the exchange rate myself, 100/39.26 = 2.54712175
No service charge. So it is indeed true!! Awesome....

LOL, next time, those snobbish money changers can forgo their RM exchange business. I doubt I'll ever go to a money changer for my RM requirement anymore in future since I have my CIMB and MAYBANK to withdraw from.