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Exchange Rates for RM

snowbird

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Bank Negara's updated One Year Historical Chart for the RM Exchange Rate against major currencies for reference.
Seems like the direction is mostly one way for the whole year.
 

FHBH12

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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. :biggrin:

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.
 

RedsYNWA

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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.
 

FHBH12

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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.
 

RedsYNWA

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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.
 

RedsYNWA

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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......
 

FHBH12

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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 :smile:
 

RedsYNWA

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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......
 

FHBH12

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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) :smile:

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

Saving = MYR $21.87 per SGD $1k
 
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Grago

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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.
 

FHBH12

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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.
 
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