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Exchange Rates for RM

one kanchiong spider predicted max @ 2.48. View attachment 10734

haiz , when i say tat day cash rate is 2.475 , TT rate cant be more than 2.48 unless tt more than certain amount.
So now if cash rate is better , of coz tt rate will be more than 2.48 la .
so simple logic u GUYS dun understand.
If compare apples compare the SAME DAY type not after a few days !
 
XE.com's historical high for mid-market rate is 2.5355. Looks like this level can be breached soon if the trend continues :-)
 
Last edited:
haiz , when i say tat day cash rate is 2.475 , TT rate cant be more than 2.48 unless tt more than certain amount.
So now if cash rate is better , of coz tt rate will be more than 2.48 la .
so simple logic u GUYS dun understand.
If compare apples compare the SAME DAY type not after a few days !

Yes, Teacher. titter.gif
 
Newbie here. I heard from my friend opening a dual currency account (RM/SGD pair) in JB will get a better rate. I checked with HSBC and StandardChartered in JB which provide such a service. Any brothers/sisters here had experience before? Is it really the best way to change money to RM? It requires u be a priority banking customer though.
 
Newbie here. I heard from my friend opening a dual currency account (RM/SGD pair) in JB will get a better rate. I checked with HSBC and StandardChartered in JB which provide such a service. Any brothers/sisters here had experience before? Is it really the best way to change money to RM? It requires u be a priority banking customer though.

I mentioned this some days back but got no responses to this. I am in the process of doing this. UOB also has this service. I have Priority /Privilege banking with all 3- HSBC, Stanchart, UOB so am exploring who gives best rate, service. The best thing is that our money earns interest while waiting to be converted at a rate that we pick. Interest can be as high as 8%. YOu need to go down to a branch in JB to open an account. It cant be an Islamic bank ( e.g Stanchart Saadiq) as they dont provide this service. I will post more info once I get mine done.
 
I was advised by a friend that a good way to convert SGD into Ringgit is by using a Derivative account. We will be paid interest ( as much as 5% ) on our SGD deposit till it reaches its strike price, then converted. Has anyone done this? Am wondering what other costs are there? I understand we have to TT the money over. Am thinking of doing it from UOB here to UOB in JB. I need to convert a big amount now, a few hundred K so thought this may be a good time.

This is my earlier post on this topic. I have set up the account with UOB in JB. Am going to TT the money in SGD from here today. There are charges but it can be reduced with the help of Relationship Manager. Will update you guys/gals later on this.
 
I mentioned this some days back but got no responses to this. I am in the process of doing this. UOB also has this service. I have Priority /Privilege banking with all 3- HSBC, Stanchart, UOB so am exploring who gives best rate, service. The best thing is that our money earns interest while waiting to be converted at a rate that we pick. Interest can be as high as 8%. YOu need to go down to a branch in JB to open an account. It cant be an Islamic bank ( e.g Stanchart Saadiq) as they dont provide this service. I will post more info once I get mine done.

Thanks for sharing.
 
Thanks for sharing.

To followup, I have TT the money over in SGD. UOB charged me $70 in total as I am a Privilege banking customer, this is a 50% discounted rate. Please note that if I send to a different bank other than UOB then carges will be higher. So if you're planning to do this , open an account in a similar bank. For Stanchart you have to go to JB ( Taman Molek or Century Gdn) as the Saadiq doesnt provide this, all Islamic banks dont have this facility.
It takes about a day or 2 to clear on the other side. So early next week my banker there will call and offer me the pairing rates and interests offered which can be as high as 8%. Contract can be renewed weekly ro fortnightly or even monthly. With this method I have a better chance of converting at a higher rate, my friend just got hers converetd at 2.503, and if it fails to convert you earn the interest.For larger sums, this is a good way.I dont know if there are any restrictiosn for foreigners on amount but maybe not as you are sending in SGD not RM. When I speak to my banker I will try to find out abt that. being Malaysian I am not affected.
 
To followup, I have TT the money over in SGD. UOB charged me $70 in total as I am a Privilege banking customer, this is a 50% discounted rate. Please note that if I send to a different bank other than UOB then carges will be higher. So if you're planning to do this , open an account in a similar bank. For Stanchart you have to go to JB ( Taman Molek or Century Gdn) as the Saadiq doesnt provide this, all Islamic banks dont have this facility.
It takes about a day or 2 to clear on the other side. So early next week my banker there will call and offer me the pairing rates and interests offered which can be as high as 8%. Contract can be renewed weekly ro fortnightly or even monthly. With this method I have a better chance of converting at a higher rate, my friend just got hers converetd at 2.503, and if it fails to convert you earn the interest.For larger sums, this is a good way.I dont know if there are any restrictiosn for foreigners on amount but maybe not as you are sending in SGD not RM. When I speak to my banker I will try to find out abt that. being Malaysian I am not affected.

Thanks for sharing that. I previously used HSBC premier banking to TT to an SGD account opened in HSBC JB - there is no TT charge. I then transferred a minimum of RM150k from the SGD a/c to a MYR a/c also opened with HSBC JB for a preferential rate which seemed ok to me at that time (about 6mths ago). However, I am open to exploring alternative options if they can offer better terms/rates.

Chocolate, what is the type of a/c that you opened with UOB? Did you find out whether HSBC offers this pairing a/c too, and if so, what made u decide on UOB instead? Also, do let us know the rate of interest that UOB offered pending the conversion. Also, do share the bank's recommended pairing rate. Do you know if citi offers this too? Thanks.
 
Thanks for sharing that. I previously used HSBC premier banking to TT to an SGD account opened in HSBC JB - there is no TT charge. I then transferred a minimum of RM150k from the SGD a/c to a MYR a/c also opened with HSBC JB for a preferential rate which seemed ok to me at that time (about 6mths ago). However, I am open to exploring alternative options if they can offer better terms/rates.

Chocolate, what is the type of a/c that you opened with UOB? Did you find out whether HSBC offers this pairing a/c too, and if so, what made u decide on UOB instead? Also, do let us know the rate of interest that UOB offered pending the conversion. Also, do share the bank's recommended pairing rate. Do you know if citi offers this too? Thanks.

Hi, I have yet to do the transaction as we just TT-ed last Friday so I will update the rate when I do. The reason we went with UOB is because my husband didnt want to waste time, we'd already opened the account with UOB in JB earlier and met the banker concerned twice. Stanchart I hear waives the charges completely for Priority banking customers but we havent done the leg work on the other side, same with HSBC. UOB is our main bank so instead of wasting time we thought we'd go with UOB first. The amount of interest on the amount we're transferring is likely over 2K a month, so my husband felt we should just not waste time rather than try to save a bit of cash , less than $100 as eventually the opportunity cost fo delaying would eb more. We transferred 400K.
 
Hi, I have yet to do the transaction as we just TT-ed last Friday so I will update the rate when I do.

Hi Bros& Sis, I have done the transaction for my dual currency SGD/ MYR, one week. Strike rate is 2.52. This means that anytime within a week if the exchange rate hits 2.52 bank will convert our SGD to MYR at this rate. If it doesnt, then our money remains in SGD and we can renew after a week at the prevailing rates ( Strike rate and how much interest is offered will depend on Spot rate for that day at that time). Whatever happens we will be paid 6.5% interest for this rate we have agreed on. If I am willing to convert at lower rate they will pay me higher interest up to 8%. If I want to convert at higher rate then interest will be lower. We are ok with it as we eventually need to convert but not urgent. With this deal , if it gets converted, 2.52 is a good rate and if it doesnt , 6.5% interest is till good.And we keep renewing till we convert, meanwhile the interest is higher than my bank loan. For the amount of 400K SGD they are paying me more than 2.1K interest per mth, pro rated weekly. The banker is also willing to travel to SG to meet me to sign any paper work cos of amount.
Hope this is clear. Stan Chart , HSBC and UOB offer this. Other banks may as well, you can find out. Best to find a bank that has a counterpart here, less charges.
I am sharing as i think this is great way to convert and also earn interest, hope you guys benefit as well!
 
Hi Chocolate,

Thanks for the information.
Would like to know, how did you bank in 400K SGD into Malaysia a/c. The process is, only the a/c in Malaysia facilitates this dual currency conversion.
Step 1 is to open dual currency a/c in Malaysia
Step 2 is to Transfer money from SG to MY (in SGD) to dual currency a/c
Step 3 Choose the option, Strike rate/Flash rate
Step 4 Once the deal is made and agreed, SGD will be converted to MYR

Correct me if I have missed out any steps
My Question here is, how to transfer money from SG to Dual Currency a/c in MY (JB)
If the answer is TT, then in that case why use Dual Currency we can directly TT the SGD to MYR loan a/c

Please help to enlighten me



Hi, I have yet to do the transaction as we just TT-ed last Friday so I will update the rate when I do.

Hi Bros& Sis, I have done the transaction for my dual currency SGD/ MYR, one week. Strike rate is 2.52. This means that anytime within a week if the exchange rate hits 2.52 bank will convert our SGD to MYR at this rate. If it doesnt, then our money remains in SGD and we can renew after a week at the prevailing rates ( Strike rate and how much interest is offered will depend on Spot rate for that day at that time). Whatever happens we will be paid 6.5% interest for this rate we have agreed on. If I am willing to convert at lower rate they will pay me higher interest up to 8%. If I want to convert at higher rate then interest will be lower. We are ok with it as we eventually need to convert but not urgent. With this deal , if it gets converted, 2.52 is a good rate and if it doesnt , 6.5% interest is till good.And we keep renewing till we convert, meanwhile the interest is higher than my bank loan. For the amount of 400K SGD they are paying me more than 2.1K interest per mth, pro rated weekly. The banker is also willing to travel to SG to meet me to sign any paper work cos of amount.
Hope this is clear. Stan Chart , HSBC and UOB offer this. Other banks may as well, you can find out. Best to find a bank that has a counterpart here, less charges.
I am sharing as i think this is great way to convert and also earn interest, hope you guys benefit as well!
 
Hi Chocolate,

Thanks for the information.
Would like to know, how did you bank in 400K SGD into Malaysia a/c. The process is, only the a/c in Malaysia facilitates this dual currency conversion.
Step 1 is to open dual currency a/c in Malaysia
Step 2 is to Transfer money from SG to MY (in SGD) to dual currency a/c
Step 3 Choose the option, Strike rate/Flash rate
Step 4 Once the deal is made and agreed, SGD will be converted to MYR

Correct me if I have missed out any steps
My Question here is, how to transfer money from SG to Dual Currency a/c in MY (JB)
If the answer is TT, then in that case why use Dual Currency we can directly TT the SGD to MYR loan a/c

Please help to enlighten me




Between step 3 and 4 there is a pause and and IF, it isnt converted unless we strike the rate. Also it ISNT a MYR account , its a dual currency account. My money is still in SGD and will remain unless it hits the 2.52 rate anytime during the agreed period which in my case is 1 week. Yes I can direct TT to MYR loan account but I wont earn any interest and I will just have to go with the prevailing rate which may not be as high as 2.52. Today's spot rate is certianly below that.If you urgently need to convert then just go for today's spot rate and it will convert immediately. In our case we need to convert but no urgency. I dont need to for a few months. So I can do it this way, earn interest and also try to maximise the rate to my advantage. On the flip side, I am also taking a risk as if Ringgit strengthens then i may have to convert later at a higher rate. But anyway as I dont need this cash now, I would likely use a wait and see approach anyway. Better for my cash to 'wait' in MY as they pay higher rates . This rate of 6.5% offsets the interest I am paying on my loan.I have a flexi loan account but this is better.
It all depends on what your intention is. How urgently you need to convert.Hope this helps.
 
thanks again for the explanation
400K SGD that you moved from SG to Dual Currency a/c in Malaysia, was it done using TT?
If yes, how much it cost you?
Just trying to explore on the different possibilities

Between step 3 and 4 there is a pause and and IF, it isnt converted unless we strike the rate. Also it ISNT a MYR account , its a dual currency account. My money is still in SGD and will remain unless it hits the 2.52 rate anytime during the agreed period which in my case is 1 week. Yes I can direct TT to MYR loan account but I wont earn any interest and I will just have to go with the prevailing rate which may not be as high as 2.52. Today's spot rate is certianly below that.If you urgently need to convert then just go for today's spot rate and it will convert immediately. In our case we need to convert but no urgency. I dont need to for a few months. So I can do it this way, earn interest and also try to maximise the rate to my advantage. On the flip side, I am also taking a risk as if Ringgit strengthens then i may have to convert later at a higher rate. But anyway as I dont need this cash now, I would likely use a wait and see approach anyway. Better for my cash to 'wait' in MY as they pay higher rates . This rate of 6.5% offsets the interest I am paying on my loan.I have a flexi loan account but this is better.
It all depends on what your intention is. How urgently you need to convert.Hope this helps.
 
Hi, I have yet to do the transaction as we just TT-ed last Friday so I will update the rate when I do.

Hi Bros& Sis, I have done the transaction for my dual currency SGD/ MYR, one week. Strike rate is 2.52. This means that anytime within a week if the exchange rate hits 2.52 bank will convert our SGD to MYR at this rate. If it doesnt, then our money remains in SGD and we can renew after a week at the prevailing rates ( Strike rate and how much interest is offered will depend on Spot rate for that day at that time). Whatever happens we will be paid 6.5% interest for this rate we have agreed on. If I am willing to convert at lower rate they will pay me higher interest up to 8%. If I want to convert at higher rate then interest will be lower. We are ok with it as we eventually need to convert but not urgent. With this deal , if it gets converted, 2.52 is a good rate and if it doesnt , 6.5% interest is till good.And we keep renewing till we convert, meanwhile the interest is higher than my bank loan. For the amount of 400K SGD they are paying me more than 2.1K interest per mth, pro rated weekly. The banker is also willing to travel to SG to meet me to sign any paper work cos of amount.
Hope this is clear. Stan Chart , HSBC and UOB offer this. Other banks may as well, you can find out. Best to find a bank that has a counterpart here, less charges.
I am sharing as i think this is great way to convert and also earn interest, hope you guys benefit as well!

Thanks! Chocolate, this is a great way to transfer!
 
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