Exchange Rates for RM

[DREAMorACTION]

I thought u only need to declare if u carry more than 10k USD or equivalent ?

10k leh. Declare for them to tax me?

 

[Investor]

10k leh. Declare for them to tax me?

That's the common misconception.
Declaration is just for the purpose of 'Anti Money Laundering', not to tax you.
Even bringing an amount of money which exceeds the limit out of Singapore, you'll have to declare. Again, they won't tax you.
If they find your undeclared money, they 'might' confiscate it (especially Malaysia).
A tourist didn't declare his winnings from Sg's casino when he brought it out of Sg with him, he was fined a few tens of thousand.
In Malaysia Customs declaration log book, there are people who declared RM1 million in cash.

 

[crystal_tiong]

That's the common misconception.
Declaration is just for the purpose of 'Anti Money Laundering', not to tax you.
Even bringing an amount of money which exceeds the limit out of Singapore, you'll have to declare. Again, they won't tax you.
If they find your undeclared money, they 'might' confiscate it (especially Malaysia).
A tourist didn't declare his winnings from Sg's casino when he brought it out of Sg with him, he was fined a few tens of thousand.
In Malaysia Customs declaration log book, there are people who declared RM1 million in cash.

Ok. Noted. Tks for e advise

 

[Investor]

I thought u only need to declare if u carry more than 10k USD or equivalent ?

For Malaysia it's USD10k equivalent.
For Singapore it's SGD30k equivalent.

 

[Investor]

Ok. Noted. Tks for e advise

Below is something I just copied from another website;

There's no limit as to how much cash (in any currency) that you can take into or out of Singapore.

However, the Singapore Police requires anyone taking more than S$30,000 - or the equivalent in foreign currency - to declare it. This is not a money-control policy; it's part of any international strategy to combat money-related crime.

 

[DREAMorACTION]

Bro, maybe I understood the word equivalent wrongly.

For Malaysia, if it's 10k USD, means its roughly about RM30k, based on conversion rate of 1usd = rm3

Or, does the equivalent means max RM10k since we are dealing in RM here? Why does crystal have to declare her RM10k leh?

For Malaysia it's USD10k equivalent.
For Singapore it's SGD30k equivalent.

 

[Investor]

You are right that it's roughly RM30k DOA.
I'm actually just asking her a general question and not specifically pointing out to this case alone.
Cos if she carries cash this time, she might carry an amount over the limit one day, so my intention is to let her know what she needs to do.

 

[whoami]

You are right that it's roughly RM30k DOA.
I'm actually just asking her a general question and not specifically pointing out to this case alone.
Cos if she carries cash this time, she might carry an amount over the limit one day, so my intention is to let her know what she needs to do.

So if she carry over the limit and at the same time declare it, what happen then?

Just wondering...

 

[Investor]

So if she carry over the limit and at the same time declare it, what happen then?

Just wondering...

Nothing, just a legal formality like in Singapore.
But if you don't declare, there'll be consequences of course(eg. heavy fine)

 

[DREAMorACTION]

Thanks bro investor for the clarification. I had to ask because I might need to do the same soon. So just double confirming thanks!

You are right that it's roughly RM30k DOA.
I'm actually just asking her a general question and not specifically pointing out to this case alone.
Cos if she carries cash this time, she might carry an amount over the limit one day, so my intention is to let her know what she needs to do.

 

[crystal_tiong]

Thanks bro investor for the clarification. I had to ask because I might need to do the same soon. So just double confirming thanks!

anyway , for singaporean acct also limit 10K cash deposit ma , no point u bring so much cash , just have to go a few trips like me ...
Do u have a prob to open a current acct ?

 

[whoami]

Nothing, just a legal formality like in Singapore.
But if you don't declare, there'll be consequences of course(eg. heavy fine)

Tks bro for the clarification. Have intention to put in some M$ tere cos rates in JB sucks!

 

[DREAMorACTION]

Ya Lo ... Gotta run few trips. The exchange rate this morning is dreadful. Haiz

I applied for flexi loan that comes with current account, cheque book, atm/debit card and also Pre-approved credit card, so its like all in one package and settle at one go. I also applied RHB but they don't give current account ...

anyway , for singaporean acct also limit 10K cash deposit ma , no point u bring so much cash , just have to go a few trips like me ...
Do u have a prob to open a current acct ?

 

[crystal_tiong]

Ya Lo ... Gotta run few trips. The exchange rate this morning is dreadful. Haiz

I applied for flexi loan that comes with current account, cheque book, atm/debit card and also Pre-approved credit card, so its like all in one package and settle at one go. I also applied RHB but they don't give current account ...

wow , simi bank so gd , share loan the rates n T&C leh

Whats today rate ?

 

[Investor]

Tks bro for the clarification. Have intention to put in some M$ tere cos rates in JB sucks!

Actually you don't have to bring in the Ringgit in cash physically by yourself. Just get the money changer, provided that it provides remittance service, to remit the money to your bank. You get better exchange rate for remittance than buying Ringgit in cash form.

 

[DREAMorACTION]

Ya bro. I thot of raffles that is recommended by crystal. But they have suspended until further notice. I don't like to go to arcade either haha. Will play it by ear

Actually you don't have to bring in the Ringgit in cash physically by yourself. Just get the money changer, provided that it provides remittance service, to remit the money to your bank. You get better exchange rate for remittance than buying Ringgit in cash form.

 

[DREAMorACTION]

HSBC and hong Leong. Both -2.45. HSBC has no lock in, HLB 3 years from completion. Hsbc waived setup fee but have maintenance fee of RM10 per month. HLB got setup 200, on top of monthly fee. I have asked them to seek waiver, don't will be successful or not :p and yes, I can choose a credit card of my choice ... And because it's flexi, current account is necessary to link to the loan account, so they provide cheque book also ...

wow , simi bank so gd , share loan the rates n T&C leh

Whats today rate ?

 

[Investor]

Ya bro. I thot of raffles that is recommended by crystal. But they have suspended until further notice. I don't like to go to arcade either haha. Will play it by ear

What about other recommended money changers like those in Jurong and Parkway?

 

[crystal_tiong]

What about other recommended money changers like those in Jurong and Parkway?

Parkway one , the lady very rude , i asked can waive the admin fees for RM10K since we cant remit more than that per day , she replied RM10K is only how much in SGD!!!!
So conclusion she dun deserve my business or recommendation to other ppl .
Raffles can give u the remit rate if u change $5k above

 

[crystal_tiong]

HSBC and hong Leong. Both -2.45. HSBC has no lock in, HLB 3 years from completion. Hsbc waived setup fee but have maintenance fee of RM10 per month. HLB got setup 200, on top of monthly fee. I have asked them to seek waiver, don't will be successful or not :p and yes, I can choose a credit card of my choice ... And because it's flexi, current account is necessary to link to the loan account, so they provide cheque book also ...

so gd , that tine hsbc asked a lot of documents from me , i bo chap them ....
whats yr RM rate today ?
Raffles is 2.392