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Exchange Rates for RM
- Thread starter crystal_tiong
- Start date
Then I am quite generous. I have more than 10k ringgit and I changed to with a good pal for SGD giving him 252 for very $100.
i think you get wrong info for this sentence ----"The maximum amount for remittance is RM9,990. Commision is S$10 per TT"
there is no commission for the remittance of total value equal or more than RM10,000 per TT.
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For this remittance company . They based on per day transfer to our Malaysia account . Since I am non Malaysian , per transaction that they accept is RM9,990 , so they charged me commission of s$10. Did this before .
I heard from a brother here that he did the same as me in hougang and they did not charge him any commission . But hougang is too far for me .
(28/2) Raffles@JP (Lunch Time)
Rate: 2.478
TT: 2.482
Rate: 2.478
TT: 2.482
not sure about difference between malaysian & non-malaysian....
i did it at raffles @ jurong point
Do you mean no limit for Singaporean? Do you have the contact address or no?
Western Union (Travelex)
6494 8289
Look for Jonus. This guy very professional.
Special note : Big amount should only TT to your own Malaysia bank account or your developer account.
6494 8289
Look for Jonus. This guy very professional.
Special note : Big amount should only TT to your own Malaysia bank account or your developer account.
Thanks. I did not know that we can TT more than MYR10,000 to our saving account in Malaysia as a Singaporean. I suppose it is converted from SGD to MYR in Singapore and TT across. Is it correct?
TT using cheque gives u more paper trail for security. Def can TY more than $10k limit using cheque, for my case. I will TT more over e next few days. Reno is quite expensive as house is v big even though individual items n labour r cheaper. Things do add up for big house.
May I ask where do u do this?
Shd b Hougang Plaza. There is only one remittance shop, at ground level.
Our SGD/MYR rates are manipulated, according to Malaysia sources.
M'sia tightens rules on fixing of ringgit rate
Move marks shift away from process that was subject to bid at manipulation
PUBLISHED MARCH 01, 2013
[KUALA LUMPUR] Malaysia's central bank moved yesterday to tighten rules on the fixing of onshore reference rates for the ringgit currency and "enhance the quality and integrity" of the process.
The central bank said from March 1, the calculation to fix the ringgit rate against the US dollar will have to be based on quotes with a bid and ask spread of not more than 10 pips or percentage in point.
A pip is the smallest price change that a given exchange rate can make.
"The revised methodology for the fixing will ensure that the rates used in the fixing calculation are tradable rates and the derived fixing rate appropriately reflects the market rates," the central bank said in a statement.
"This is a collaborative effort between Bank Negara Malaysia and Financial Markets Association Malaysia which aims at enhancing the quality and integrity of the USD/MYR fixing process."
Bank Negara's new rules are part of a wider move in the region to overhaul the process of setting key currency rates after evidence emerged of traders from banks in Singapore colluding to manipulate the market.
The move by Malaysia comes after its central bank held talks with other South-east Asian regulators this month to discuss ways to overhaul the reference rates for offshore non-deliverable currency forwards (NDFs), which are said to undermine foreign exchange controls.
This marks a shift away from a set of rates now overseen by a local banking association in Singapore that was found to have been subject to attempts at manipulation.
The set includes spot currency and interest rates for the ringgit, Singapore dollar, Thai baht and Indonesian rupiah.
The plans are unlikely to have impact on currency market flows, traders said.
Malaysia's central bank has already directed banks in January to use the domestic reference rate tied produced by the country's foreign exchange association for ringgit foreign exchange contracts.
The ringgit was the second most traded currency in South-east Asia after the Singapore dollar in 2010 although it accounted for just 0.3 per cent of total global foreign exchange market turnover daily, according to the Bank for International Settlements (BIS). - Reuters
http://www.businesstimes.com.sg/premium/malaysia/msia-tightens-rules-fixing-ringgit-rate-20130301
M'sia tightens rules on fixing of ringgit rate
Move marks shift away from process that was subject to bid at manipulation
PUBLISHED MARCH 01, 2013
[KUALA LUMPUR] Malaysia's central bank moved yesterday to tighten rules on the fixing of onshore reference rates for the ringgit currency and "enhance the quality and integrity" of the process.
The central bank said from March 1, the calculation to fix the ringgit rate against the US dollar will have to be based on quotes with a bid and ask spread of not more than 10 pips or percentage in point.
A pip is the smallest price change that a given exchange rate can make.
"The revised methodology for the fixing will ensure that the rates used in the fixing calculation are tradable rates and the derived fixing rate appropriately reflects the market rates," the central bank said in a statement.
"This is a collaborative effort between Bank Negara Malaysia and Financial Markets Association Malaysia which aims at enhancing the quality and integrity of the USD/MYR fixing process."
Bank Negara's new rules are part of a wider move in the region to overhaul the process of setting key currency rates after evidence emerged of traders from banks in Singapore colluding to manipulate the market.
The move by Malaysia comes after its central bank held talks with other South-east Asian regulators this month to discuss ways to overhaul the reference rates for offshore non-deliverable currency forwards (NDFs), which are said to undermine foreign exchange controls.
This marks a shift away from a set of rates now overseen by a local banking association in Singapore that was found to have been subject to attempts at manipulation.
The set includes spot currency and interest rates for the ringgit, Singapore dollar, Thai baht and Indonesian rupiah.
The plans are unlikely to have impact on currency market flows, traders said.
Malaysia's central bank has already directed banks in January to use the domestic reference rate tied produced by the country's foreign exchange association for ringgit foreign exchange contracts.
The ringgit was the second most traded currency in South-east Asia after the Singapore dollar in 2010 although it accounted for just 0.3 per cent of total global foreign exchange market turnover daily, according to the Bank for International Settlements (BIS). - Reuters
http://www.businesstimes.com.sg/premium/malaysia/msia-tightens-rules-fixing-ringgit-rate-20130301
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Hi
MAy I know whats the exchange rate at Hougang Plaza?
Or any better rates in town area or Woodlands?
Thank you if anyone can share too.
MAy I know whats the exchange rate at Hougang Plaza?
Or any better rates in town area or Woodlands?
Thank you if anyone can share too.
Usually on par with the Jurong East Raffles Exchange. Need to negotiate though w e lady though. No $10 charge if amount is large. The Arcade one is slightly better rate but I never tried there.
Travelex will give you a rate when you are at their office. You can issue them a local SGD $ bank cheque. (Eg, UOB , DBS)
Better to go before 1:30pm as they can let your cheque cleared earlier.
It take 2 days for the amount to reach your Malaysia bank account.
Remember to bring your S&P and IC. This is needed as they follow MAS regulation.
Better to go before 1:30pm as they can let your cheque cleared earlier.
It take 2 days for the amount to reach your Malaysia bank account.
Remember to bring your S&P and IC. This is needed as they follow MAS regulation.
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