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What is the best or most cost-efficient way to transfer MYR to SGD?

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typrozen
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What is the best or most cost-efficient way to transfer MYR to SGD?

Postby typrozen » Fri, 01 May 2015 2:04 pm

I would like to find out what is the best or most cost-efficient way to transfer MYR to SGD? I'm talking about converting >RM100k to SGD so I'm afraid that the idea of bringing in so much cash from MY to SG is not feasible in this case.
Anyone who has useful information or similar experience, please shed some light here.

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ecureilx
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Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby ecureilx » Sat, 02 May 2015 12:40 pm

typrozen wrote:I would like to find out what is the best or most cost-efficient way to transfer MYR to SGD? I'm talking about converting >RM100k to SGD so I'm afraid that the idea of bringing in so much cash from MY to SG is not feasible in this case.
Anyone who has useful information or similar experience, please shed some light here.


have you thought of approaching May Bank or UOB, through their Malaysian operations and seek advice ?

That may be the best, I can think of

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Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby typrozen » Sun, 03 May 2015 11:22 pm

Nope, not yet but I prefer not to go through banks because based on my previous experience and what I've heard from others, Forex rates offered by banks are usually unfavourable and on top of that, they also charge handling fee and admin fee. Who else has better suggestions/ideas? Please share. =)

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JR8
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Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby JR8 » Mon, 04 May 2015 9:51 am

typrozen wrote:I would like to find out what is the best or most cost-efficient way to transfer MYR to SGD? I'm talking about converting >RM100k to SGD so I'm afraid that the idea of bringing in so much cash from MY to SG is not feasible in this case.
Anyone who has useful information or similar experience, please shed some light here.


So about S$38k.
The most cost-efficient way is bringing it from MY here in cash and converting it to S$ somewhere like The Arcade (Raffles Place), or perhaps Mustaffa.
It's unclear what 'not feasible' means; you're uncomfortable carrying such a sum, or customs 'limits'? Note the latter are usually, [I haven't specifically checked re: MY/SG] reporting limits, not absolute limits. So you can carry more than you might imagine, it just requires you to go through the red customs channel and declare it. If the funds are 'clean', then you have 'nothing to hide, nothing to fear'. If you can cope with carrying that kind of sum on your person.

If you can't then you're at the mercy of the banks. There are other options like having a brokerage account, or specialist FX account (quite common in Europe, for example when people wish to buy a home in another country, that uses a different currency). But opening such an account takes time, and would be a heck of a fiddle if this is a one-off transaction.


edit: confusing typo
Last edited by JR8 on Mon, 04 May 2015 1:12 pm, edited 1 time in total.
'Do it or do not do it: You will regret both' - Kierkegaard

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ecureilx
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Re: RE: Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby ecureilx » Mon, 04 May 2015 1:06 pm

typrozen wrote:Nope, not yet but I prefer not to go through banks because based on my previous experience and what I've heard from others, Forex rates offered by banks are usually unfavourable and on top of that, they also charge handling fee and admin fee. Who else has better suggestions/ideas? Please share. =)

Ask the money changers ? They do have their remittance network all over the world ..

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JR8
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Re: RE: Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby JR8 » Mon, 04 May 2015 1:24 pm

ecureilx wrote:Ask the money changers ? They do have their remittance network all over the world ..


That's a very good suggestion; and I'd be interested to hear any reply. If it happened to be a licensed money changer that had a presence in both locations, then that might be your answer... :-k Hmmm...
'Do it or do not do it: You will regret both' - Kierkegaard

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ecureilx
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Re: RE: Re: RE: Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby ecureilx » Mon, 04 May 2015 1:30 pm

JR8 wrote:[quote="ecureilx"]Ask the money changers ? They do have their remittance network all over the world ..


That's a very good suggestion; and I'd be interested to hear any reply. If it happened to be a licensed money changer that had a presence in both locations, then that might be your answer... :-k Hmmm...[/quote]
The money changer network is efficient and they all have counter parts all over world ...

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the lynx
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Re: What is the best or most cost-efficient way to transfer MYR to SGD?

Postby the lynx » Mon, 04 May 2015 1:58 pm

Try CIMB bank, so far they have the best rates and without admin fee. I would have used RHB but CIMB topped it off. Forgot the figures so you should check with the bank itself.


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