Exchange Rates for RM

[whoami]

If you sell now; all profit will be in ringgit.
I will leave all money in Malaysia and spend in Malaysia.

Wi$e move tere.

But if need to $ell, then have to mark up the selling price leow. And i am sure matter of time foodstuffs and other items in Msian will be raised in tandem...

Rem to tune in CNA tonite at 2030 - ISKANDAR - A liveable metropolis in the making?

 

[RedsYNWA]

That's one mth pay for local...

Depends on which locals you have been talking to....haha.... A few of my frens (property companies) earn more than RM 6k basic pay, without degree somemore.. There's quite a no. of rich working class locals leh, without considering the even richer working class PRs.

 

[1nottiboy]

I lazy to shop around for rates because my amounts are not in the millions. I deal with OCBC cos my funds are mainly there. Most banks should have dual currency arrangements. suggest you do it at the most convenient bank to you. cos shifting funds from one bank to another is a bloody hassle. and the interest divided by 12 months is quite insignificant unless its mega amounts.

Which bank is the best to do this?

 

[1nottiboy]

that's one night of KTV in China... looks like you will hafta use your hands for the next few weeks.

I just lugi RM 1.4K, becos I TT last week.......sian.....

 

[1nottiboy]

Any experts here wanna forecast a bottom for MYR/SGD in 3 months, 6 months, 1 year format?

Personally, I am still holding onto my SGD. Dun think the MYR has bottomed.

 

[potter]

Any experts here wanna forecast a bottom for MYR/SGD in 3 months, 6 months, 1 year format?

Personally, I am still holding onto my SGD. Dun think the MYR has bottomed.

tao kae shctaw, lai tip si buai chun.. dun need to take too much time to study much.

 

[Chocolate]

Wi$e move tere.

But if need to $ell, then have to mark up the selling price leow. And i am sure matter of time foodstuffs and other items in Msian will be raised in tandem...

Rem to tune in CNA tonite at 2030 - ISKANDAR - A liveable metropolis in the making?

Food stuff at coffee shops already gone up. I made 2 trips in the past week and was surprised some of the usual places we go to have raised prices or reduced portions. When asked they mentioned the Exchange rate. Petrol prices likely to go up if the Syrian situation continues, so MY may be hit by double whammy inflation.

 

[Chocolate]

Depends on which locals you have been talking to....haha.... A few of my frens (property companies) earn more than RM 6k basic pay, without degree somemore.. There's quite a no. of rich working class locals leh, without considering the even richer working class PRs.

Minimum wage is $900 so those earning 1.4K are still seen as the 'poorer Malaysians'. But becaos basics liek Rice, Sugar , Petrol are subsidised and there are a lot of locally produced goods that are inexpensive , they can get by especially in small towns where cost of living isnt high.

 

[Sweeve]

came across this article in yahoo..

"Singapore dollar: the next currency to fall?"

http://sg.finance.yahoo.com/news/singapore-dollar-next-currency-fall-230723418.html

 

[wolverine23]

Rates seems to be dropping. Just remit through cimb at 2.5718 before they adjust...

 

[IRONMAN123]

Rates seems to be dropping. Just remit through cimb at 2.5718 before they adjust...

Damn, adjusted to 2.5584.

 

[RedsYNWA]

Damn, adjusted to 2.5584.

Britain Parliament voted against Syria air strike... Stocks should rise a bit, while the safe haven USD loses a bit against regional currencies

 

[shctaw]

Any experts here wanna forecast a bottom for MYR/SGD in 3 months, 6 months, 1 year format?

Personally, I am still holding onto my SGD. Dun think the MYR has bottomed.

Don't play with the rate too much if "TIME" is a factor.

If you need the Ringgit within 1 years; you should find a good level and change at least 50%.
SGD/MYR current level is "Historical High", even though I feel it can hit 2.75; but I will not discount a joint intervention by Singapore and Malaysia central banks to bring it below 2.5 quickly.

As long you are comfortable; just change some.

Additional note: watch the interest rate more closely if you are holding a mortgage.

 

[wolverine23]

If I don't need it urgently? Continue to wait till 2.8?

Don't play with the rate too much if "TIME" is a factor.

If you need the Ringgit within 1 years; you should find a good level and change at least 50%.
SGD/MYR current level is "Historical High", even though I feel it can hit 2.75; but I will not discount a joint intervention by Singapore and Malaysia central banks to bring it below 2.5 quickly.

As long you are comfortable; just change some.

Additional note: watch the interest rate more closely if you are holding a mortgage.

 

[Sweeve]

Some money changer rates have caught up with CIMB rates. The gap is narrowing.

And my CIMB token just arrived... wat the fish..

 

[1nottiboy]

The Master has spoken!!!

I like it when you write. its like a breath of fresh air.

"time" is the killer here. just spoke to a hedge fund guy over beer. he too talked abt "time".

will take note of your advice.

p/s spoke to some quasi govt ppl... there is a limit as to how much ths SG govt will allow the RM to fall. lets just say that if it falls to 2.9, you should start changing.

Don't play with the rate too much if "TIME" is a factor.

If you need the Ringgit within 1 years; you should find a good level and change at least 50%.
SGD/MYR current level is "Historical High", even though I feel it can hit 2.75; but I will not discount a joint intervention by Singapore and Malaysia central banks to bring it below 2.5 quickly.

As long you are comfortable; just change some.

Additional note: watch the interest rate more closely if you are holding a mortgage.

 

[shctaw]

Time is the only thing everyone lack. Let say for example if you are a vampire which live for 1000 years.

You place $1 FD and bank give you 5% average.

You will have $1,546,318,920,731,992,260,608 or your 1000 birthday.

Time is truly more important than money. if you can trade money to buy more time, just do it. (Eg taking taxi rather than bus)

The Master has spoken!!!

I like it when you write. its like a breath of fresh air.

"time" is the killer here. just spoke to a hedge fund guy over beer. he too talked abt "time".

will take note of your advice.

p/s spoke to some quasi govt ppl... there is a limit as to how much ths SG govt will allow the RM to fall. lets just say that if it falls to 2.9, you should start changing.

 

[shctaw]

http://www.davemanuel.com/compound-interest-calculator.php

Please learn compounding interest. Very fun way to learn about money.

At 7.2% with compounding interest , you will double your money every 10 years. (Rule of 72)

Play with it, you will find out the way to make more money is to understand "interest rate".

Case study:

If you owe bank a mortgage of $1m buying a condo with 0% downpayment, at interest of 7.2%. And if you service your loan by paying interest only...

By the 10th year, when you sell your condo at $2m, your profit is $0.

 

[wolverine23]

Try keying in $500,000 at 1% interest for 10 years.

That's why people buy properties.

http://www.davemanuel.com/compound-interest-calculator.php

Please learn compounding interest. Very fun way to learn about money.

At 7.2% with compounding interest , you will double your money every 10 years. (Rule of 72)

Play with it, you will find out the way to make more money is to understand "interest rate".

Case study:

If you owe bank a mortgage of $1m buying a condo with 0% downpayment, at interest of 7.2%. And if you service your loan by paying interest only...

By the 10th year, when you sell your condo at $2m, your profit is $0.

 

[shctaw]

Try keying in $500,000 at 1% interest for 10 years.

That's why people buy properties.

Not if you leverage up. Bank Negara interest is around 6%.

The 7% return is on investment; not bank interest alone.

Eg; Buyer of SKY88 now sitting on 50% price increase. Since the buyer has not pay a single cent; the return is infinity.

And you are right; property is a good form of hedging against inflation. But you must choose wisely.