Exchange Rates for RM

[kengheng23]

Anyone has got today rate?

rm247.00 at Boon Lay

 

[Rocker]

Thanks! Is this for cash? I was given a rate quoted by RHB SG for TT at 2.4510 (From SG to MYR)

 

[malpaso]

Thanks! Is this for cash? I was given a rate quoted by RHB SG for TT at 2.4510 (From SG to MYR)

this afternoon was in BI moneychanger gave me 2.462RM to the dollar

 

[kengheng23]

Thanks! Is this for cash? I was given a rate quoted by RHB SG for TT at 2.4510 (From SG to MYR)

Yes cash rate 2.47 TT 2.475

 

[Rocker]

this afternoon was in BI moneychanger gave me 2.462RM to the dollar

BI money changer is that the one near claypot rice?

 

[Rocker]

Yes cash rate 2.47 TT 2.475

This is better.

 

[Rocker]

Arcade Lunch - cash rate 2.475, TT 2.485

 

[Chocolate]

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!

This is an update. My one week is up. I didnt stike, which is good. Cash is still in SGD and they have paid me my 6% interest pro rata. The current rate isnt good so am waiting a day or 2 to see if it imporves before I lock in another transaction. Current rate is below 2.51 if I want to get 6% fyi, but its still better than what moneychangers would give. My friend got her strike price a few days ago adn her SGD was converted to Ringgit at 2.505 with 8% interest. As for me, I don't need to convert urgently so would rather collect interest on SGD.

 

[gooddebt]

This is an update. My one week is up. I didnt stike, which is good. Cash is still in SGD and they have paid me my 6% interest pro rata. The current rate isnt good so am waiting a day or 2 to see if it imporves before I lock in another transaction. Current rate is below 2.51 if I want to get 6% fyi, but its still better than what moneychangers would give. My friend got her strike price a few days ago adn her SGD was converted to Ringgit at 2.505 with 8% interest. As for me, I don't need to convert urgently so would rather collect interest on SGD.

Good strategy

 

[winners]

Current rate is below 2.51 if I want to get 6% fyi, but its still better than what moneychangers would give. My friend got her strike price a few days ago adn her SGD was converted to Ringgit at 2.505 with 8% interest. As for me, I don't need to convert urgently so would rather collect interest on SGD.

I was wondering how does UOB JB pays 6% (or even 8% for your friend's case) interest on SGD deposits when its parent bank in Singapore is paying a pittance of only about 1% interest? Furthermore, currently the RM Fixed Deposits in JB can only yield a maximum interest rate of about 4% per annum.

Are there any pre-conditions attached? Like can you quit and fully withdraw in SGD again after 3 months if your strike price is still not achieved? And in so doing, will there be any hefty administration charges or penalty imposed by UOB JB?

 

[Chocolate]

I was wondering how does UOB JB pays 6% (or even 8% for your friend's case) interest on SGD deposits when its parent bank in Singapore is paying a pittance of only about 1% interest? Furthermore, currently the RM Fixed Deposits in JB can only yield a maximum interest rate of about 4% per annum.

Are there any pre-conditions attached? Like can you quit and fully withdraw in SGD again after 3 months if your strike price is still not achieved? And in so doing, will there be any hefty administration charges or penalty imposed by UOB JB?

I made a mistake, they paid me 6.5% not 6%. Highest rate is 8% but you're almost certain to strike at that rate. Different countries have different rates, in MY whether you borrow or deposit you will get higher rates. Similarly UOB here cant offer same rates for dual curency account. When my RM found out I was transferring out a substantial amount she tried to persuade me to put the rest of my cash in the bank in a dual currency account here, she said rates should be the same. I asked her to cehck adn confirm by the next day. She didnt call me back. When I called her 2 days later she said they cant offer such high rates and she also advises me to do it in MY

 

[Chocolate]

You can withdraw at the end of the week, if you do it weekly. Duration is set by you. You can do it weekly, fortnightly, monthly etc and you can withdraw your cash at anytime whether strike or not.
This is not a Fixed D. Its playing one currency against another but with good rates.

I was wondering how does UOB JB pays 6% (or even 8% for your friend's case) interest on SGD deposits when its parent bank in Singapore is paying a pittance of only about 1% interest? Furthermore, currently the RM Fixed Deposits in JB can only yield a maximum interest rate of about 4% per annum.

Are there any pre-conditions attached? Like can you quit and fully withdraw in SGD again after 3 months if your strike price is still not achieved? And in so doing, will there be any hefty administration charges or penalty imposed by UOB JB?

 

[Walker]

To add on to the questions...
What if you just ask for a very high strike price e.g. 2.80?
The intention is not to get the rate but to enjoy the 6% since it is better than FD there is no long tiedown period

 

[winners]

I made a mistake, they paid me 6.5% not 6%. Highest rate is 8% but you're almost certain to strike at that rate. Different countries have different rates, in MY whether you borrow or deposit you will get higher rates. Similarly UOB here cant offer same rates for dual curency account. When my RM found out I was transferring out a substantial amount she tried to persuade me to put the rest of my cash in the bank in a dual currency account here, she said rates should be the same. I asked her to cehck adn confirm by the next day. She didnt call me back. When I called her 2 days later she said they cant offer such high rates and she also advises me to do it in MY

So, it seems that the interest rate in Singapore is indeed being artificially controlled and depressed by the MAS. The PAPies are doing this so that they have every good reason to implement all those cooling measures in the property market whilst at the same time to earn more directly for themselves via those additional stamp duties and taxes. In addition, they are also saving a lot more for themselves by not having to pay more interest in the citizens' CPF, which is in accordance to the 3-month average interests of the 3 major banks in Singapore, capped to a minimum of 2.5% and sounded very generous and convincing indeed. The Singapore government is thus doing all Singaporeans a very big disfavor. The Singapore government is indeed evil and treacherous.

 

[winners]

To add on to the questions...
What if you just ask for a very high strike price e.g. 2.80?
The intention is not to get the rate but to enjoy the 6% since it is better than FD there is no long tiedown period

I think it's about time for me to go and inquire about this loophole in JB soon.

 

[Chocolate]

You cant. They have a range that matches various strike rates and the highest interest rate of 8% usually would give you a rate that is very likely to strike. Even the lowest of 1% would not be as high as 2.80.

To add on to the questions...
What if you just ask for a very high strike price e.g. 2.80?
The intention is not to get the rate but to enjoy the 6% since it is better than FD there is no long tiedown period

 

[hippoheyhey]

You cant. They have a range that matches various strike rates and the highest interest rate of 8% usually would give you a rate that is very likely to strike. Even the lowest of 1% would not be as high as 2.80.

do you incur additional admin/ misc fees for every weekly rollover?

 

[Chocolate]

do you incur additional admin/ misc fees for every weekly rollover?

No but am not sure if there are charges when we move teh cash out, like TT to another account in MY. TT back to SG sure to have charges. She did tell me but I have forgotten, if there are charges, its negligible as my interest amount will add up to quite a bit. I will check more details and post when I have them. Please bear with me, am new to this too.I posted rather hastily because i knwo many of you Bros &Sis are not getting good exchange rates.So do explore this lobang.

 

[arsenal]

Thank you for sharing!

No but am not sure if there are charges when we move teh cash out, like TT to another account in MY. TT back to SG sure to have charges. She did tell me but I have forgotten, if there are charges, its negligible as my interest amount will add up to quite a bit. I will check more details and post when I have them. Please bear with me, am new to this too.I posted rather hastily because i knwo many of you Bros &Sis are not getting good exchange rates.So do explore this lobang.

 

[ginfreely]

So, it seems that the interest rate in Singapore is indeed being artificially controlled and depressed by the MAS. The PAPies are doing this so that they have every good reason to implement all those cooling measures in the property market whilst at the same time to earn more directly for themselves via those additional stamp duties and taxes. In addition, they are also saving a lot more for themselves by not having to pay more interest in the citizens' CPF, which is in accordance to the 3-month average interests of the 3 major banks in Singapore, capped to a minimum of 2.5% and sounded very generous and convincing indeed. The Singapore government is thus doing all Singaporeans a very big disfavor. The Singapore government is indeed evil and treacherous.

2.5% is not generous lah, it is less than half of inflation rate..