Exchange Rates for RM

[Lyc396]

But for non malaysian, it does not make too much differences if u TT or cash exchange. We need to pay commission fee of $10 if TT with cap of Rm9990 and workout the sum is the about the same to cash exchange. However, TT is safer as in no need to bring a huge amount of cash into Msia but troublesome to do so for many times. Can,t have best of both world lol.

Remittance rate is better than cash rate ...somehow.

 

[vincentck]

Hi Jade Apple, you're referring to ordinary money changer service (cash change), and not remittance service (money transfer service) into M'sia, right? Coz' if it's remittance/transfer service, i must say WOW - I also want that rate!

Hi Jetstream, you might want to read the whole thread or at least do a search for remittance. Both Dollar Exchange and Raffles Money Changer has been mentioned a few times. It's SGD cash direct transfer into a Msian bank account, after 1 working day.

 

[nameno]

today cash rates pls

 

[Narmi]

today cash rates pls

At 11am its 2.49..any better cash rates? Cos i need to change

 

[cupcakes]

I use the below service by TT a lump sum of $30,000 or more.

Their rate is not fantastic. Example; if you can get 2.50 from money changer; you probably get only 2.477 from WU Biz solutions.

I may sound dumb using them and losing some money on the spread. But the main reason I am using them is to avoid money laundry charges if amount are hugh.

Western Union Business Solutions
77 Robinson Road #35-01 Robinson 77 Singapore 068896.
Phone +65 6494 8289
Fax +65 6494 8295

Thank you so much for the info

 

[cupcakes]

Their minimum TT is SGD30,000 without limit on maximum. (no RM10,000 limit per day)
TT will take 2 days to credit.
You can issue them a cheque. (Monday issue cheque; Tuesday cleared; Thursday credited)
Please bring along a copy of S&P for their filing.
You only need to go there once personally. Second time onward you can credit their bank account.

Hi shctaw,my s&p is not ready. will they accept other proof of purchase ie OTP ??Thanks

 

[vincentck]

TT rate at Raffles JP today is 2.493

 

[Inception]

Their minimum TT is SGD30,000 without limit on maximum. (no RM10,000 limit per day)
TT will take 2 days to credit.
You can issue them a cheque. (Monday issue cheque; Tuesday cleared; Thursday credited)
Please bring along a copy of S&P for their filing.
You only need to go there once personally. Second time onward you can credit their bank account.

Hi shctaw,

TTing from a money changer to a Malaysian's bank account (e.g. Malaysian developer's account) has no RM10,000 limit. I have TTed in excess of RM300,000 in one shot with no problem.

TTing from a money changer to a Singaporean's bank account has a limit of RM10,000 per week.

In this particular case, a money changer offers 2.5 and Western Union offers 2.47. You will save 1.2% of your TT amount if you use a money changer instead of your recommended remittance company. You can also issue the money changer a cheque or do a funds transfer to the money changer's bank account. The money changer does not need to see your S&P, they just need to copy your NRIC/passport to comply with MAS regulations. Accordingly, I see no advantage with using the remittance company which you recommended.

If you are not concerned about saving money on spread/commissions, then I suggest you perform the TT through UOB, OCBC or DBS internet banking. I have tried it before and you don't even need to get out of your seat.

Sorry to disagree with you - but just wish to clarify for the benefit of first timers!

 

[crystal_tiong]

for singaporean tt its not more than rm10k each day not each week ....

 

[cupcakes]

Hi shctaw,

TTing from a money changer to a Malaysian's bank account (e.g. Malaysian developer's account) has no RM10,000 limit. I have TTed in excess of RM300,000 in one shot with no problem.

TTing from a money changer to a Singaporean's bank account has a limit of RM10,000 per week.

In this particular case, a money changer offers 2.5 and Western Union offers 2.47. You will save 1.2% of your TT amount if you use a money changer instead of your recommended remittance company. You can also issue the money changer a cheque or do a funds transfer to the money changer's bank account. The money changer does not need to see your S&P, they just need to copy your NRIC/passport to comply with MAS regulations. Accordingly, I see no advantage with using the remittance company which you recommended.

If you are not concerned about saving money on spread/commissions, then I suggest you perform the TT through UOB, OCBC or DBS internet banking. I have tried it before and you don't even need to get out of your seat.

Sorry to disagree with you - but just wish to clarify for the benefit of first timers!

Thanks Everyone is so helpful here

 

[jade apple]

Remittance rate is 2.493 , jurong point dollar exchange .

 

[Jetstream]

Hi Jetstream,

I went to money changer in Jurong Point, Dollar Exchange and remitted money to my Malaysia bank account . But since I am Singaporean , maximum amount allowed is rm 9990 and with S$10 commission .

For Malaysians, they can remit more that rm 10k and once is more than 10k, no commission charged .

Hi Jetstream, you might want to read the whole thread or at least do a search for remittance. Both Dollar Exchange and Raffles Money Changer has been mentioned a few times. It's SGD cash direct transfer into a Msian bank account, after 1 working day.

Thanks, jadeapple and vincentck for those pointers.

Given the more favourable rates compared to banks, I suppose there's some higher risk associated with using these remittance companies, but does any one know what's the risk level like, if indeed considered riskier?

 

[vincentck]

Thanks, jadeapple and vincentck for those pointers.

Given the more favourable rates compared to banks, I suppose there's some higher risk associated with using these remittance companies, but does any one know what's the risk level like, if indeed considered riskier?

I find it risk-free. I go to JP and withdraw from the ATM; then walk to Raffles MC to TT the money. The converted amount is deposited into my bank account in the next 1-2 working days. Raffles MC is established, making them more trusted than other MCs.

 

[Narmi]

Wats rate for today anyone?

 

[jade apple]

I find it risk-free. I go to JP and withdraw from the ATM; then walk to Raffles MC to TT the money. The converted amount is deposited into my bank account in the next 1-2 working days. Raffles MC is established, making them more trusted than other MCs.

I went to check with Raffles for the TT last few months. They do not do for Singaporean even when I have Malaysian bank account . Don't know why?

 

[vincentck]

Wats rate for today anyone?

Today TT rate at 2.493

 

[Inception]

for singaporean tt its not more than rm10k each day not each week ....

Situation has changed now. Call Raffles and check.

 

[jade apple]

Situation has changed now. Call Raffles and check.

Not sure about Raffles since they do not allow me to TT . But for Dollar Exchange, I had been doing many times of TT per week without any problems.

 

[myrsing]

I went to check with Raffles for the TT last few months. They do not do for Singaporean even when I have Malaysian bank account . Don't know why?

JA, yesterday i remitted RM10K to my msian a/c. I am a sporean.

Rate was 2.4968. In total I paid S$4015/- (including S$10 comm).

 

[myrsing]

for singaporean tt its not more than rm10k each day not each week ....

Sis, nowadays at Raffles CC, max only RM10K in a week for Sporean to trsf to their Msian a/c.