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Best way to move $ from SGD to MYR?

Gymrat76

New Member
Hi all

Buying M'sia property need to convert SGD to RM (~SGD$25 d'payment).

1. Maybank's bank transfer to M'sian Maybank account (admin fee + 0.125% commission), but how are the rates?
2. Use remittance agent, cash in SG to MY account - what kind of rates will they give and any service fees on either side?


Since lots of you guys buy property in JB/Malaysia, hope can share the ways you moved your SGD to RM that incurred the lowest losses in Fx and admin charges? Thanks!
 

Mingchye

Alfrescian
Loyal
Hi all

Buying M'sia property need to convert SGD to RM (~SGD$25 d'payment).

1. Maybank's bank transfer to M'sian Maybank account (admin fee + 0.125% commission), but how are the rates?
2. Use remittance agent, cash in SG to MY account - what kind of rates will they give and any service fees on either side?


Since lots of you guys buy property in JB/Malaysia, hope can share the ways you moved your SGD to RM that incurred the lowest losses in Fx and admin charges? Thanks!



Use money changer remittance for better rates and safer transfers. No limit for malaysians and rm10k daily/weekly limit for non Msians. Service fee is abt sgd10 only. Remittance exchange rates are usually better than cash rates.
Some of these companies like Raffles Money change allow u to use crossed non-bearer sgd cheques to pay them making it hassle free. I for one dont like the idea of carrying big amounts of sgd to loney changer and then carry MYR to jb.
 

Gymrat76

New Member
Thank you. However when using money changer remittance agent would the exchange rate not be determined by the receiving (Malaysian) bank? Also does the receiving bank charge a service fee?
 

Mingchye

Alfrescian
Loyal
Thank you. However when using money changer remittance agent would the exchange rate not be determined by the receiving (Malaysian) bank? Also does the receiving bank charge a service fee?

No to both qns. Exchange rate determined by money changer at point of remittance. They dont use the usual TT method used by banks hence their better rate and cheaper cost.
 

Lizzert

Alfrescian
Loyal
1. Go open an account in a Malaysian bank in JB..some banks will require you to show S/P agreement.
2.Use local Money Changers remittance to send Ringgit to your own account
 

shctaw

Alfrescian (Inf)
Asset
First thing first.

1. Open an current account. (I open mine with UOB bank. Just bring RM5,000 , IC and Passport)
Advantages:
A: You can park the fund in the account before it is needed.
B: Use cheque to pay in ringgit in Malaysia. (Levy, Tax etc)
C: Use for booking more properties.

Way to transfer fund.

1. Carry cash. Go over to JB and use cash machine to bank in. Limit RM10,000.
(Pro: Good rate. cons: robbery; trouble travelling.0

2. Use money changer in Singapore to transfer. Limit RM10,000

3. Use Western Union or Travelex. No Limit. Lousy rate.

4. Bank TT. board rate. No limit as you are wiring Singapore dollar. It will be converted to MYR on Malaysia side.
 

Gymrat76

New Member
Thanks everyone. I will visit Raffles and look for good rates. The exchange rate for SGD/MYR is currently terrible, wonder got any chance it will go up in 1-2 weeks time (when my 10% deposit is due) :biggrin:
 
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