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Exchange Rates for RM

myrsing said:
Most of the time money changer rates better than cimb internet banking rate. But this time round is the opposite.
Click to expand...
I've a theory in this; money changer controls the rates however they want, but banks must follow some standard formula for the exchange rates. And the spread for banks' exchange rates are consistent the same.
 
vincentck said:
I've a theory in this; money changer controls the rates however they want, but banks must follow some standard formula for the exchange rates. And the spread for banks' exchange rates are consistent the same.
Click to expand...

Actually I think its because money changers need to clear their existing stock. They probably have hedging policies in place for the old stocks. In 2 weeks time, money changers rates will surpass the banks again.
 
RedsYNWA said:
Actually I think its because money changers need to clear their existing stock. They probably have hedging policies in place for the old stocks. In 2 weeks time, money changers rates will surpass the banks again.
Click to expand...
No doubt that the money changers have old stock, but banks also have old stock. The difference is that bank has to follow their SOP for this because of the highly-regulated nature of the banking industry. Just sharing an opinion... Wonder if there's a banker than can reveal the inner workings of deciding the exchange rate.
 
Singaporeans head to Johor to cash in on weak ringgit
By Leong Wai Kit, Channel NewsAsia
POSTED: 06 Dec 2014 17:39

Singaporeans are heading across the Causeway to Johor Bahru as the ringgit slips to a 10-month low against the Singapore dollar.

JOHOR BAHRU: The ringgit is at a 10-month low against the Singapore dollar, and Singaporeans are heading across the Causeway to cash in on the exchange rate.

They are now getting 10 ringgit more for every S$100 exchanged, compared to two weeks ago.

"Previously, I went to Johor Bahru four times a month - that means every week - because the exchange rate was also good at that time,” said Singaporean Rashid Osman. “But after the toll hike, I stopped going in for the past one month or so.

"So now that the exchange rate is at 2.63 the last time that I heard, it's about time to go back there again. Usually we will go there for grocery shopping and eating."

Some Singaporeans whom Channel NewsAsia spoke with said they would visit hair salons and go for meals in Johor Bahru.

Although many Singaporeans whom Channel NewsAsia spoke to said they have been going across the Causeway, some retailers in Johor Bahru said they are not seeing a marked increase in business.

One owner of a mobile phone and accessories shop at Holiday Plaza said the weak ringgit has had no impact on its business, as his sales volume depends on the launch of new phone models instead of currency exchange rates.

A salon told Channel NewsAsia it lost about 20 per cent of its monthly clients after the August Causeway toll hike. It said it serves about 20 clients a day, 70 per cent of whom are from Singapore or Malaysians who work there. The recent fall in exchange rate has not been strong enough to spur people to visit the salon.

The sentiment was shared by Jack Tan, a Singaporean who frequents Johor Bahru. Mr Tan said he crosses the Causeway at least once a week.

"The ringgit has dropped, but it's not to the extent where it was sometime back, where it was 2.66, 2.67. Now it's only 2.61, 2.62,” he said. “The difference does not cover the extra toll hike so people still would not come in unless they have something to do here.”

- CNA/xq

http://www.channelnewsasia.com/news/singapore/singaporeans-head-to/1513616.html
 
RedsYNWA said:
Actually I think its because money changers need to clear their existing stock. They probably have hedging policies in place for the old stocks. In 2 weeks time, money changers rates will surpass the banks again.
Click to expand...

This sure have i cos i have witnessed (at Bedok near d foodcentre previously. boss name was Jaafar) myself as they asked me go inside fr the back door to do the change due to high amt and the safe was filled with stacks and stacks of RM notes.
 
ComingToJB said:
Happened today go in JB.. So brought $$ along to superlink Bt. Indah to check the rate.. It is 2.595.. So changed lol
Click to expand...

Incidentally i was at SCB, opp Pelangi Plaza. Change some ringgit at one of the MC along SCB and HL bank. Quoted me 2.60.
 
After singapore moneychanger get rid of present stock of my currency to cut loss, rate likely be rm2.63 upwards.
 
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