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Exchange Rates for RM

Discussion in 'A Singaporean's guide to Living In JB' started by crystal_tiong, Jan 11, 2012.

  1. snowbird

    snowbird Alfrescian Old Timer

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    index.png

    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.
     
  2. EDTBA

    EDTBA Alfrescian Old Timer

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  3. chuckyworld

    chuckyworld Alfrescian (Inf)

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    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.:)
     
  4. soccernet

    soccernet Alfrescian Old Timer

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    Last Thursday 13 April - 3.16 about
     
  5. enjoylife77

    enjoylife77 Alfrescian Old Timer

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    Whats the latest MC rate?
     
  6. transient

    transient Alfrescian Old Timer

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  7. FHBH12

    FHBH12 Alfrescian Old Timer

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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.
     
  8. RedsYNWA

    RedsYNWA Alfrescian Old Timer

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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.
     
  9. FHBH12

    FHBH12 Alfrescian Old Timer

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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.
     
  10. RedsYNWA

    RedsYNWA Alfrescian Old Timer

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    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.
     
  11. RedsYNWA

    RedsYNWA Alfrescian Old Timer

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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......
     
  12. AHGS14

    AHGS14 Alfrescian Old Timer

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    Hi, care to share the rate you gotten? Thanks.
     
  13. FHBH12

    FHBH12 Alfrescian Old Timer

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    Rates are indeed slightly better than DBS. I might switch over from DBS. My application is pending approval. Thanks for sharing this good deal :)
     
  14. RedsYNWA

    RedsYNWA Alfrescian Old Timer

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    Last edited: Jul 17, 2017
  15. AHGS14

    AHGS14 Alfrescian Old Timer

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  16. RedsYNWA

    RedsYNWA Alfrescian Old Timer

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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......
     
  17. FHBH12

    FHBH12 Alfrescian Old Timer

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    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: Jul 20, 2017
  18. eric3417

    eric3417 Alfrescian Old Timer

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    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.
     
  19. Grago

    Grago Alfrescian Old Timer

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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.
     
  20. FHBH12

    FHBH12 Alfrescian Old Timer

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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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