Exchange Rates for RM

[jade apple]

JA, yesterday i remitted RM10K to my msian a/c. I am a sporean.

Rate was 2.4968. In total I paid S$4015/- (including S$10 comm).

Hi myrsing, thanks . I can remit to my Malaysia account with Dollar Exchange but not Raffles .

 

[crystal_tiong]

myrsing

so other money changers still can remit more than 10k each week right ? so just dun go raffles anymore ....

 

[Mingchye]

Thanks, jadeapple and vincentck for those pointers.

Given the more favourable rates compared to banks, I suppose there's some higher risk associated with using these remittance companies, but does any one know what's the risk level like, if indeed considered riskier?

Remittance companies are regulated and licensed by MAS. Yes, they may be "risker" compared to a bank but again find that acceptable given MAS regulations and licensing. There is a list of licensed remittance companies from MAS website. After you remitted a few times you would wonder why you never remit earlier. First time anxieties.
Besides favourable exchange rates and low fees, some remittance companies accept crossed cheques. Very useful when u need to transferor remit big sums of monies e.g pay developer.

Some other forummer had concerns about money laundering, i say no worries as these remitance companies are licensed and regulated by MAS.

 

[Narmi]

Today TT rate at 2.493

tks bro vincent

 

[DCputeri]

I am also a singaporean. Care to share the procedure to set up an account in jb and how to TT the money across. You PM me. Thanks.

Hi myrsing, thanks . I can remit to my Malaysia account with Dollar Exchange but not Raffles .

 

[jade apple]

I am also a singaporean. Care to share the procedure to set up an account in jb and how to TT the money across. You PM me. Thanks.

Hi DCputeri,

For the benefit of others, i will reply your question here since it is a useful
question .

I took a housing loan with a bank in Malaysia and the bank automatically gave me the bank account . My brother went to the same bank to open the saving account but the same bank would not allow him to open withount any housing loan approval. However , he went to Hong Leong Malaysia bank in Bukit Indah to request for the saving account without any housing loan and Hong Leong Bank opened the saving account for him . I guess it depends on the malaysia bank whether Singaporean can open the saving account without getting the housing loan from them .

Once the Malaysia saving account is opened , you can go to money changer for the Remittance . I go to Dollar Exchange in jurong Point 2 level 1. Just give them your bank information and show them your identification card . Pay the money , and the malaysia currency will transfer by the next 1 or 2 working day. Maximum allowed is rm rm9990 for dollar exchange for Singaporean. With s$10 commission .

 

[DCputeri]

Thank u so much.

Hi DCputeri,

For the benefit of others, i will reply your question here since it is a useful
question .

I took a housing loan with a bank in Malaysia and the bank automatically gave me the bank account . My brother went to the same bank to open the saving account but the same bank would not allow him to open withount any housing loan approval. However , he went to Hong Leong Malaysia bank in Bukit Indah to request for the saving account without any housing loan and Hong Leong Bank opened the saving account for him . I guess it depends on the malaysia bank whether Singaporean can open the saving account without getting the housing loan from them .

Once the Malaysia saving account is opened , you can go to money changer for the Remittance . I go to Dollar Exchange in jurong Point 2 level 1. Just give them your bank information and show them your identification card . Pay the money , and the malaysia currency will transfer by the next 1 or 2 working day. Maximum allowed is rm rm9990 for dollar exchange for Singaporean. With s$10 commission .

 

[myrsing]

Hi myrsing, thanks . I can remit to my Malaysia account with Dollar Exchange but not Raffles .

How come I can? But they can only remit once a week though. Max RM10K only. And i am quite comfortable with their TT rates. Quite competitive.

 

[jade apple]

How come I can? But they can only remit once a week though. Max RM10K only. And i am quite comfortable with their TT rates. Quite competitive.

I checked with them last few months and they said they don't do TT for Singaporean . In Jurong point, there are three money changers and I found that their rate are all the same . So it is really not important to me whether Raffles want my business or not . I prefer Dollar Exchange as it is on level 1, moreover, they allow me to do TT more than 1 time per week. My best record was 5 times of TT a week .

 

[Sleeplesserf]

Besides favourable exchange rates and low fees, some remittance companies accept crossed cheques. Very useful when u need to transferor remit big sums of monies e.g pay developer.

May I ask which specific remittance companies accepted crossed cheques? Any maximum amount per cheque? And what is the charged commission rate?

Your advice would be most appreciated. Thanks.

 

[Mingchye]

May I ask which specific remittance companies accepted crossed cheques? Any maximum amount per cheque? And what is the charged commission rate?

Your advice would be most appreciated. Thanks.

I use Raffles money change at jurong point and clifford ctr as they accept crossed cheques. Same charges as using cash, no max amount. Crown Exchange in Arcade accept cheques but must leave the "or bearer" portion uncrossed, which I think is very silly so I never used them.

 

[RedsYNWA]

Guys, based on your experiences, do the rates drop as the Chinese New Year approaches?

Many of my colleagues are changing money today, as they feel rates will trend lower as CNY approaches. Thanks.

 

[Grago]

SINO MOney Changer at Parkway Parade TT is 2.497.

 

[whoami]

Ran out of ringgits!

28 Dec 2012
Banyak pengurup wang kehabisan ringgit
Oleh
NUR'ADILAH MAHBOB

BEBERAPA pengurup wang kehabisan ringgit Malaysia kelmarin dan semalam apabila nilai dolar Singapura meningkat berbanding mata wang Malaysia itu.

Menurut beberapa pengurup wang ini disebabkan permintaan yang melonjak pada musim cuti dan kadar pertukaran yang mencapai RM2.50 bagi setiap dolar Singapura, kelmarin.

Ini hampir mencecah RM2.51 pada Julai lalu - kadar tertinggi dalam 14 tahun.

Ketika dihubungi Berita Harian tengah hari semalam, pengurup berdekatan Mustafa Centre di Syed Alwi Road, Taqwa Foreign Exchange, melaporkan ia kehabisan ringgit.

Satu lagi pengurup di Causeway Point dekat Woodlands, Alkaf Foreign Exchange, berkata ringgitnya laris dan hampir habis.

Lapan lagi pengurup wang berdekatan kawasan Chinatown, Woodlands dan Little India yang dihubungi BH semalam melaporkan mereka masih memunyai ringgit.

Daripada 10 pengurup wang yang dihubungi akhbar ini semalam, kadar tertinggi yang ditawarkan ialah RM2.49 di Parkway Parade.

Keadaan dikatakan lebih 'gamat' kelmarin apabila kadar pertukarannya mencapai RM2.50.

MGM Foreign Exchange di pusat membeli-belah Paragon dekat Orchard merupakan antara pengurup wang yang kehabisan ringgit tengah hari kelmarin.

Julai lalu, dolar Singapura mencapai kadar tertinggi berbanding ringgit sejak Julai 1998 sewaktu krisis kewangan Asia.

Pakar ekonomi menjangka dolar Singapura terus meningkat berbanding mata wang lain di rantau ini disebabkan taraf kredit Singapura yang antara tertinggi di dunia.

 

[Mingchye]

Re: Ran out of ringgits!

28 Dec 2012
Banyak pengurup wang kehabisan ringgit
Oleh
NUR'ADILAH MAHBOB

BEBERAPA pengurup wang kehabisan ringgit Malaysia kelmarin dan semalam apabila nilai dolar Singapura meningkat berbanding mata wang Malaysia itu.

Menurut beberapa pengurup wang ini disebabkan permintaan yang melonjak pada musim cuti dan kadar pertukaran yang mencapai RM2.50 bagi setiap dolar Singapura, kelmarin.

Ini hampir mencecah RM2.51 pada Julai lalu - kadar tertinggi dalam 14 tahun.

Ketika dihubungi Berita Harian tengah hari semalam, pengurup berdekatan Mustafa Centre di Syed Alwi Road, Taqwa Foreign Exchange, melaporkan ia kehabisan ringgit.

Satu lagi pengurup di Causeway Point dekat Woodlands, Alkaf Foreign Exchange, berkata ringgitnya laris dan hampir habis.

Lapan lagi pengurup wang berdekatan kawasan Chinatown, Woodlands dan Little India yang dihubungi BH semalam melaporkan mereka masih memunyai ringgit.

Daripada 10 pengurup wang yang dihubungi akhbar ini semalam, kadar tertinggi yang ditawarkan ialah RM2.49 di Parkway Parade.

Keadaan dikatakan lebih 'gamat' kelmarin apabila kadar pertukarannya mencapai RM2.50.

MGM Foreign Exchange di pusat membeli-belah Paragon dekat Orchard merupakan antara pengurup wang yang kehabisan ringgit tengah hari kelmarin.

Julai lalu, dolar Singapura mencapai kadar tertinggi berbanding ringgit sejak Julai 1998 sewaktu krisis kewangan Asia.

Pakar ekonomi menjangka dolar Singapura terus meningkat berbanding mata wang lain di rantau ini disebabkan taraf kredit Singapura yang antara tertinggi di dunia.

The ironic thing is that while the rate hit 2.51, i dont see that being reflected in the cash rates unlike a couple of months back when the rate also hit 2.51, the cash rates were abt 2.50.

Some money changers at Arcade also ran out of MYR on Wed (26 Dec).

 

[whoami]

Re: Ran out of ringgits!

The ironic thing is that while the rate hit 2.51, i dont see that being reflected in the cash rates unlike a couple of months back when the rate also hit 2.51, the cash rates were abt 2.50.

Some money changers at Arcade also ran out of MYR on Wed (26 Dec).

Yup! I noticed tat too over at red dot. Most quoted 2.49 at my estate.

 

[summervale]

Re: Ran out of ringgits!

Whoami,

Happy holidays!

The rate in CCK Lot one is 2.475 only.

Yup! I noticed tat too over at red dot. Most quoted 2.49 at my estate.

 

[whoami]

Re: Ran out of ringgits!

Whoami,

Happy holidays!

The rate in CCK Lot one is 2.475 only.

Chialat ya. Only 2.475.

Happy holidays to u too, dude.

 

[teanotcoffee09]

I use Raffles money change at jurong point and clifford ctr as they accept crossed cheques. Same charges as using cash, no max amount. Crown Exchange in Arcade accept cheques but must leave the "or bearer" portion uncrossed, which I think is very silly so I never used them.

Can I know how long does Raffles Money Change take to transfer money into Malaysian bank account? Thanks.

 

[Mingchye]

Can I know how long does Raffles Money Change take to transfer money into Malaysian bank account? Thanks.

Once they clear the cheque and gotten the sgd, same day they will deposit the funds into your msian bank account.