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Thread: Exchange Rates for RM

  1. #4121
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by chuckyworld View Post
    What is the current rate for MYR, where is the best place to get better rate in SG, Thanks in advance for your kind advise.
    Last Thursday 13 April - 3.16 about

  2. #4122
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    Default Re: Exchange Rates for RM

    Whats the latest MC rate?

  3. #4123
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    Default Re: Exchange Rates for RM

    https://cashchanger.co/singapore/sgd-to-myr

    Bros and sisters may want to try Instarem. Found this online remit service which offers competitive rates -- way better than DBS remit and slightly better than MC rates! Remits within 2 days, which is awesome for me.

    https://www.instarem.com/

  4. #4124
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by transient View Post
    https://cashchanger.co/singapore/sgd-to-myr

    Bros and sisters may want to try Instarem. Found this online remit service which offers competitive rates -- way better than DBS remit and slightly better than MC rates! Remits within 2 days, which is awesome for me.

    https://www.instarem.com/
    The exchange rate is better than DBS indeed. It is registered with MAS (https://masnetsvc.mas.gov.sg/FID.html), hence for $1-2k SGD for home instalment or other expenditure it should be fine. However I would still caution against remitting big amount using such online companies without a proven track record in Singapore.

  5. #4125
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by FHBH12 View Post
    The exchange rate is better than DBS indeed. It is registered with MAS (https://masnetsvc.mas.gov.sg/FID.html), hence for $1-2k SGD for home instalment or other expenditure it should be fine. However I would still caution against remitting big amount using such online companies without a proven track record in Singapore.
    Not sure how long it takes to remit money from SG bank to MY bank. Registration procedures also seem rather tedious. My account is pending approval for now.

  6. #4126
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by RedsYNWA View Post
    Not sure how long it takes to remit money from SG bank to MY bank. Registration procedures also seem rather tedious. My account is pending approval for now.
    It is usually about 1 working day for processing for me using DBS. The money appears in MY bank in another working day. If you are using DBS online banking, there is no need to register.

  7. #4127
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by FHBH12 View Post
    It is usually about 1 working day for processing for me using DBS. The money appears in MY bank in another working day. If you are using DBS online banking, there is no need to register.
    I mean with InstaReM, not DBS whose rate is only so-so. Seems that InstaReM is quite fast, with favourable rates. But the registration process is a bit more cumbersome.

  8. #4128
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    Default Re: Exchange Rates for RM

    Just completed my first remittance with Instarem. So far, it's quite good, and the rates kill the moneychangers in situations where the ringgit is falling.

    I will be careful though not to remit the big amounts......

  9. #4129
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by RedsYNWA View Post
    Just completed my first remittance with Instarem. So far, it's quite good, and the rates kill the moneychangers in situations where the ringgit is falling.

    I will be careful though not to remit the big amounts......
    Hi, care to share the rate you gotten? Thanks.

  10. #4130
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by RedsYNWA View Post
    Just completed my first remittance with Instarem. So far, it's quite good, and the rates kill the moneychangers in situations where the ringgit is falling.

    I will be careful though not to remit the big amounts......
    Rates are indeed slightly better than DBS. I might switch over from DBS. My application is pending approval. Thanks for sharing this good deal

  11. #4131
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by AHGS14 View Post
    Hi, care to share the rate you gotten? Thanks.
    The rates are live and on their website. Just dont transmit money over weekend, as they dont work during weekends.......

    http://economictimes.indiatimes.com/...w/59436922.cms
    Last edited by RedsYNWA; 17-07-2017 at 02:16 AM.

  12. #4132
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by RedsYNWA View Post
    The rates are live and on their website. Just dont transmit money over weekend, as they dont work during weekends.......

    http://economictimes.indiatimes.com/...w/59436922.cms
    Thank you very much.

  13. #4133
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by AHGS14 View Post
    Thank you very much.
    Just compared Instarem's rates with a few other online remittance companies eg WorldRemit, Transferwise, and Instarem's rates are still the best. There's also first transfer bonus ($6 or $10 depending on promo codes) and referral bonus ($20).

    With its thin spread, I have no idea how it intends to make money though (huge volumes needed), but like uber/grab, I will just enjoy the rates while they last. Haha......

  14. #4134
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by RedsYNWA View Post
    Just compared Instarem's rates with a few other online remittance companies eg WorldRemit, Transferwise, and Instarem's rates are still the best. There's also first transfer bonus ($6 or $10 depending on promo codes) and referral bonus ($20).

    With its thin spread, I have no idea how it intends to make money though (huge volumes needed), but like uber/grab, I will just enjoy the rates while they last. Haha......
    My trial transfer using Instarem is successful. It took about 1 working day from DBS bank account to Instarem and another 2 working days from Instarem to my Malaysia bank account. The saving can be estimated using today's rates below, which is good for a day's meal (assuming SGD $2k TT)

    SGD $1k = MYR $3,124.57 (Instarem)
    SGD $1k = MYR $3,102.7 (DBS)

    Saving = MYR $21.87 per SGD $1k
    Last edited by FHBH12; 20-07-2017 at 07:25 AM.

  15. #4135
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    Default Re: Exchange Rates for RM

    TQ for sharing. Rate is very attractive. But 3days from funds out (SG bank) to receiving (MYR bank) is uncomfortable especially if TT amount is substantial.

  16. #4136
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    Default Re: Exchange Rates for RM

    Very interesting, but 3 days to receive funds is not so good.
    Did a quick compare with Cashchanger on the rates quoted by FHBH12 today..... MYR 3.124 against MYR 3.117, would make MYR70 difference for Sgd 10K, but would be instantly receive MYR for the SGD sum changed.

  17. #4137
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    Default Re: Exchange Rates for RM

    Just to answer PMs on the discount code at the Instarem website, I neither have the discount code nor applied it for my trial TT.

    I believe the saving will be more significant if you track the exchange rate more closely, and my benchmark is any TT rate that is more than 3.10 is an excellent rate.

    To capture better rates, it will be useful if you keep at least 3 months of loan instalment value in your Malaysia bank account to ride out wild swings in forex e.g. due to festive seasons, Jun and Dec holiday periods.

    If you have patience, time is money.

  18. #4138
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    Default Re: Exchange Rates for RM

    I did a transfer at INSTAREM 2 days back. I transferred the money using CIMB to their CIMB account. However, website still showing AWAITING PAYMENT. Their support number always goes to voice mail immediately. Online chat also only have auto reply message. Email them and took 1.5 days to reply. They told me they saw a banking transaction with account xxxx and asked to provide banking transaction details. Reply with proof now but the website showing transaction is cancelled due to no payment. No reply until now... this is really bad.

  19. #4139
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    Default Re: Exchange Rates for RM

    How will these news affect the RM$?

    Hundreds of thousands could be arrested in crackdown on Malaysia's undocumented migrants
    Malaysian authorities have arrested over 3,300 undocumented workers and 84 employers in the country's latest crackdown
    Activists are concerned about possible abuses of workers' rights, while labor shortages continue to plague business owners
    Stacey Yuen
    6 Hours Ago
    CNBC.com

  20. #4140
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    Default Re: Exchange Rates for RM

    Quote Originally Posted by enjoylife77 View Post
    How will these news affect the RM$?

    Hundreds of thousands could be arrested in crackdown on Malaysia's undocumented migrants
    Malaysian authorities have arrested over 3,300 undocumented workers and 84 employers in the country's latest crackdown
    Activists are concerned about possible abuses of workers' rights, while labor shortages continue to plague business owners
    Stacey Yuen
    6 Hours Ago
    CNBC.com
    it is all the better for crime prevention

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