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