Exchange Rates for RM

[Chocolate]

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

Since its UOB to UOB and i am a Privilege banking customer I paid total $70 for everything including cable charge. But Stanchart will do it for free if you're a Priority banking customer transferring to Stanchart MY. That's what I hear from my friend who's a Stanchart Priority banking customer too.We initially planned to go with Stanchart. Had walked in to Ponderosa branch and spoken to an officer we were comfotable with( just making enquiries) . But she left the bank to join UOB. So since we're comfortable with her we decided to go with her rather than start all over agian as it would mean a delay.We also herad many staff left the bank recently to join UOB for whatever reason.HSBC also offers this service , I do have Premier banking with them but havent explored.I dont use them much, its more like a loan account for my condo.Perhaps others who have experience with these other banks can share, or if any of you find out, do share. YOu can do it at any of the banks I mentioned in JB town also. I suggest you use a bank that gives you Priority/ Privilege service as that would cut down on charges.

 

[Chocolate]

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

Yes via TT from UOB here to UOB JB.

 

[Chocolate]

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

You're very welcome, it certainly is and a lesser known way. I suggets you make enquiries at any JB branch ratehr than believe what the jokers tell you here. Let em just share that UOB SG tried to stop me from senidng the TT by telling me they can also do Dual currency account and sell me other investment products etc which can give me good returns, why invets in MY etc. Frankly, they have not given me good service as a Privilege banking customer, I feel UOB MY is better and gives more competitive rates. They claimed their products are as competitive but when I asked the officer who spoke to me to call me today if can give me rates as attractive as this she said she'd check and call me today. No call so far.I am not saying disbelieve them. Just check in MY first then check with them so you arent fooled. Banks are sharks and I feel sad reading abt how so many Bros & Sis transferring cash are now being played by Money Changers as well who arent giving us the right rates even when the Exchange is in our favour. So this is one way to remedy that. I am not sure of what is the minimum amount required. I will check and post that when I next speak to my banker.

 

[abugumgum]

This morning at JP.
Cash 2.482
Transfer 2.488

 

[homeinjb]

Yes via TT from UOB here to UOB JB.

Will try to explore with different banks in JB this week
Thanks a lot for all the valuable info

 

[crystal_tiong]

today rate in Acrade cash is 2.486 .

 

[ginfreely]

Raffles 2.488

 

[Nicholas]

Chocolate,
The info you are providing are very useful to me. Thanks.

Quick clarification question.. Where do you open your dual-currencies account?
I gathered it is UOB MY, but I just want to be sure.

It does sounds like both UOB Sing and UOB MY offers such account facilities, except maybe UOB Sing was trying to divert your intended funds to some other investment packages they were trying to sell you.

Did I interpret you correctly?

Thanks loads.

You're very welcome, it certainly is and a lesser known way. I suggets you make enquiries at any JB branch ratehr than believe what the jokers tell you here. Let em just share that UOB SG tried to stop me from senidng the TT by telling me they can also do Dual currency account and sell me other investment products etc which can give me good returns, why invets in MY etc. Frankly, they have not given me good service as a Privilege banking customer, I feel UOB MY is better and gives more competitive rates. They claimed their products are as competitive but when I asked the officer who spoke to me to call me today if can give me rates as attractive as this she said she'd check and call me today. No call so far.I am not saying disbelieve them. Just check in MY first then check with them so you arent fooled. Banks are sharks and I feel sad reading abt how so many Bros & Sis transferring cash are now being played by Money Changers as well who arent giving us the right rates even when the Exchange is in our favour. So this is one way to remedy that. I am not sure of what is the minimum amount required. I will check and post that when I next speak to my banker.

 

[Chocolate]

Chocolate,
The info you are providing are very useful to me. Thanks.

Quick clarification question.. Where do you open your dual-currencies account?
I gathered it is UOB MY, but I just want to be sure.

It does sounds like both UOB Sing and UOB MY offers such account facilities, except maybe UOB Sing was trying to divert your intended funds to some other investment packages they were trying to sell you.

Did I interpret you correctly?

Thanks loads.


You're right Nicholas on both counts. I opened the account in UOB MY in JB and TT'ed from UOB SG. My Relationship manager from UOB SG tried to divert my intended funds by suggesting I stick to investing here or doing the dual currency here, then send to MY if its converted to MYR. But when I asked her if they can match this interest rate she said not as high, but would check and get back.I told her to let me know if they can cos then like she says it makes more sense to do it here. But she hasnt called me back. You guys may wanna double confirm but I do know generally MY offers better rates than SG.
Anywya, I got some extra info from my UOB MY banker abt this dual currency deal. She says no retrictions on foreigenrs sending more than 10K as its not in MYR. As long you TT SGD its not a problem. Also a minimum amountapplies and that MYR 250K or equivalent, which at Interbank rate currently is a little below 100K SGD. So this method works best for bigger amounts of cash. Its also a good way of earning higher interest for amounts abv 100K and if you dont want to convert then just fix a higher strike price but you will then get less interest.
But I think its worth checking with other banks what their minimum amounts are. HSBC, Stanchart....Maybank?
Finally , you're welcome.

 

[arsenal]

I am checking on hsbc. If I open a dual currency account in Malaysia, I can just use any tt method to transfer $S in I suppose right?

 

[gooddebt]

I spoke with an UOB(M) manager and was told we can send a S$ cheque by mail to UOB (M) and the manager will bank in the cheque to our S$ acct there. The S$ will then be converted to RM when the strike price is reached.

 

[Chocolate]

I spoke with an UOB(M) manager and was told we can send a S$ cheque by mail to UOB (M) and the manager will bank in the cheque to our S$ acct there. The S$ will then be converted to RM when the strike price is reached.

Just check if there are clearing charges for the cheque and if so how much. I would like to know as well, so please share. If its cheaper than TT then that's a good option. Its more convenient for sure.

 

[gooddebt]

Just check if there are clearing charges for the cheque and if so how much. I would like to know as well, so please share. If its cheaper than TT then that's a good option. Its more convenient for sure.

there is an admin fee of RM25 plus transfer fee of 0.1% on the amt subject to max of RM100. so all in max charge of RM125 or abt S$50...

 

[Chocolate]

there is an admin fee of RM25 plus transfer fee of 0.1% on the amt subject to max of RM100. so all in max charge of RM125 or abt S$50...

That's good as your interest can more than offset the amount.I think TT is faster though, but if in no rush then this is an option too.
Am hoping to hear about other banks as well so we can compare.

 

[Organic]

there is an admin fee of RM25 plus transfer fee of 0.1% on the amt subject to max of RM100. so all in max charge of RM125 or abt S$50...

It is best to check how long it takes to clear SIN check in MYSIA. Some can take as long as 2 weeks for check clearance, and there goes your half month bank interest in MYSIA.

 

[Twinnigal]

Good debt - can u share the email address of the UOB(M) Relationship Mgr that u spoke with ?

I spoke with an UOB(M) manager and was told we can send a S$ cheque by mail to UOB (M) and the manager will bank in the cheque to our S$ acct there. The S$ will then be converted to RM when the strike price is reached.

 

[westcoastbay]

This morning at JP.
Cash 2.482
Transfer 2.488

Slightly lower today. TT 2.482. Very hard to breach 2.50.

I only got once last year in August.

 

[Chocolate]

It is best to check how long it takes to clear SIN check in MYSIA. Some can take as long as 2 weeks for check clearance, and there goes your half month bank interest in MYSIA.

Yes, I sent by TT as its the fastest. Also you need to check which bank is imposing the charges as if its here it would be in SGD.

 

[Rocker]

Anyone has got today rate?

 

[Kopisoh]

Anyone has got today rate?

Arcade lunch time cash 2.473, tt 2.48