Exchange Rates for RM

[jerrycoaching]

I am surprised that Wealthgate could offer 2.50.

I used to call them for rate in the past but their rate was not attractive.

Yes. The only downside is the $10/transaction no matter how much money u TT.. But for the bros and sis who lives in North and central area, it's more worth it to visit them than to travel all the way down to Jurong Point to save on this amount...

Also, their service not bad. Once the $ reaches the account, they gave me a call to inform me about it. =)

 

[CameraMan]

I treat the $10 as insurance against losing the money if I were to change it in Malaysia.

You can try Global Remittance at Hougang Plaza (Tel: 64470200). Their rate was good when I first tried them out a few months ago. However, not as good now. But it is a convenience choice for people living in the area.

Yes. The only downside is the $10/transaction no matter how much money u TT.. But for the bros and sis who lives in North and central area, it's more worth it to visit them than to travel all the way down to Jurong Point to save on this amount...

Also, their service not bad. Once the $ reaches the account, they gave me a call to inform me about it. =)

 

[CameraMan]

You are very welcome.

The remittance slips from Dollar Exchange and Raffles look very similar. I suspect both belong to the same boss.

Thanks bro.

http://www.dollarex.com.sg/contactus.php

 

[jerrycoaching]

Xe.com today rate is 100.00 SGD = 251.414 MYR

 

[Investor]

Just to share,

Is the daily RM10k deposit limit into your Malaysia bank account(under foreigner's name) a hassle for you guys so far?
I just realised that the limit only applies to cash deposit. There's no limit if you deposit with cheque.

Local money changers in Sg who do TT for you has this daily limit too because their method of deposit into your account is also by cash(good exchange rate).
Some other reputable agencies who do TT for you has no limit because they are not crediting your account with cash(exchange rate not as good as most money changers).

 

[crystal_tiong]

I can't find my bank statements and e online statements has been override .
But I dun think seeing its cash deposit to my acct when I did my remittance last dec ....

 

[ftan42]

Just to share,

Is the daily RM10k deposit limit into your Malaysia bank account(under foreigner's name) a hassle for you guys so far?
I just realised that the limit only applies to cash deposit. There's no limit if you deposit with cheque.

Local money changers in Sg who do TT for you has this daily limit too because their method of deposit into your account is also by cash(good exchange rate).
Some other reputable agencies who do TT for you has no limit because they are not crediting your account with cash(exchange rate not as good as most money changers).

the 10K limit is imposed by the malaysian bank for foreign account holder, not because of cash or cheque deposit. I would think it is still possible if you TT 30K, the local changer will remit in each day of 10K for 3 day.

 

[Investor]

I can't find my bank statements and e online statements has been override .
But I dun think seeing its cash deposit to my acct when I did my remittance last dec ....

the 10K limit is imposed by the malaysian bank for foreign account holder, not because of cash or cheque deposit. I would think it is still possible if you TT 30K, the local changer will remit in each day of 10K for 3 day.

Recently, I opened a new Maybank account in Johor and the counter staff told me that the limit is RM10k per day if you deposit by 'cash' into a foreigner's account.
If you deposit by cheque, any amount will be accepted. To verify his words, I've called their hotline and the telephone operator confirmed that this is true.

Maybe you guys can call your banks too and share their replies with everyone here.

 

[Investor]

Recently, I opened a new Maybank account in Johor and the counter staff told me that the limit is RM10k per day if you deposit by 'cash' into a foreigner's account.
If you deposit by cheque, any amount will be accepted. To verify his words, I've called their hotline and the telephone operator confirmed that this is true.

Maybe you guys can call your banks too and share their replies with everyone here.

Let's say if your property developer pays you a compensation of RM20k in cheque payable to 'your name'. Can you deposit this cheque into your account in malaysia? Does the deposit limit of RM10k per day applies to this cheque deposit?

 

[Funds Transfer]

My understanding is the RM 10K limit is an anti-money laundering tool.

Just like in Singapore, if we exchange $5k of currency at the money changers, registration of one's IC will be required.

In SG banks, big sums of deposits and transfers are also closely monitored by MAS but they do not typically restrain the passage of such funds.

 

[Funds Transfer]

I can't find my bank statements and e online statements has been override .
But I dun think seeing its cash deposit to my acct when I did my remittance last dec ....

You can always pay RM 5-10 to the bank and ask for the archived statement to be sent to you.

 

[abugumgum]

In this case, one can deposit the chq and not limited by Rm 10k.

Let's say if your property developer pays you a compensation of RM20k in cheque payable to 'your name'. Can you deposit this cheque into your account in malaysia? Does the deposit limit of RM10k per day applies to this cheque deposit?

 

[Investor]

In this case, one can deposit the chq and not limited by Rm 10k.

So it means that what I was told is true?
Which is there's no limit for deposit by 'cheque' into a foreigner's account.
Anyone else can confirm this?

 

[Funds Transfer]

So it means that what I was told is true?
Which is there's no limit for deposit by 'cheque' into a foreigner's account.
Anyone else can confirm this?

The RM 10K is a money laundering control. If deposit is through a cheque, the source of funds can be verified and thus not an issue.

 

[Investor]

The RM 10K is a money laundering control. If deposit is through a cheque, the source of funds can be verified and thus not an issue.

Thanks for the 'double confirm', FT

 

[Funds Transfer]

Thanks for the 'double confirm', FT

Well, I have deposited cheques and cash above that amount.

For cash, when I was lucky, they did not pose any questions.
But if they do, I will just provide an invoice relating to my property purchase and they will take a copy and permit that; regardless of amount.

 

[Investor]

Well, I have deposited cheques and cash above that amount.

For cash, when I was lucky, they did not pose any questions.
But if they do, I will just provide an invoice relating to my property purchase and they will take a copy and permit that; regardless of amount.

Those cheques which you've deposited are Malaysia or Sg cheques?

 

[Funds Transfer]

Those cheques which you've deposited are Malaysia or Sg cheques?

Malaysian cheques.

 

[Investor]

Malaysian cheques.

Thank you.

 

[abugumgum]

JP Dollar Ex
Cash 2.497
TT 2.502 (comm $10)