Most Efficient Currency Conversion - MYR to SGD

Discuss about life in Singapore. Ask about cost of living, housing, travel, etiquette & lifestyle. Share experience & advice with Singaporeans & expat staying in Singapore.
Post Reply
User avatar
Strong Eagle
Moderator
Moderator
Posts: 11650
Joined: Sat, 10 Jul 2004 12:13 am
Location: Off The Red Dot
Contact:

Post by Strong Eagle » Fri, 20 May 2011 4:30 pm

BillyB wrote:BTW WTF were you doing with 900K stashed in a briefcase or down your pants?!!
I was doing an exchange at UOB one day when a guy walked in with S$259,000 in a couple of paper lunch sacks. I couldn't leave until I watched it all go through the counter to see how much it was.

User avatar
Mad Scientist
Director
Director
Posts: 3506
Joined: Thu, 03 Dec 2009 6:31 am
Answers: 1
Location: TIMBUKTU

Post by Mad Scientist » Fri, 20 May 2011 4:45 pm

During the 1997 meltdown. the SG rate to MYR was something like $1 to 2.4 or 2.5. Maybank Malaysia started to offer TD for 9 or 10% rate. I cannot remember the exact rate that time, then DBS and the local banks counter offer the rate to I think 10 or 12 % ( I really forgot the exact rate but it was huge diff. This was to counter react the flow of SG dollar out of SG to Malaysian Bank. It was something like $ 200 million(approx) was transferred from SG account to Malaysian account within one week by consumers. Money was going out of SG to Malaysia and Indonesia with huge interest rate on TD.offered overseas. Indonesian local banks were offering 60% pa and even Citibank Indonesia offered 40% pa. I had $100 K placed in BCA Indonesia. After 5 years on 60% pa. Go figure !!
Anyway we were doing the same thing but trying to avoid the capital control law enacted by Malaysia Government. The only diff is we were carrying substantial amount once every two weeks. The saving is phenomenal so it is worth the risk . I cannot remember his exact shop name as it has been awhile but he still operates as I am told.
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

User avatar
JR8
Immortal
Immortal
Posts: 16516
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Post by JR8 » Fri, 20 May 2011 5:08 pm

BillyB wrote: BTW WTF were you doing with 900K stashed in a briefcase or down your pants?!!

MS is Loadsamoney :lol:
http://www.youtube.com/watch?v=PeDmKvzZkok

User avatar
Mad Scientist
Director
Director
Posts: 3506
Joined: Thu, 03 Dec 2009 6:31 am
Answers: 1
Location: TIMBUKTU

Post by Mad Scientist » Fri, 20 May 2011 5:13 pm

JR8 wrote:
BillyB wrote: BTW WTF were you doing with 900K stashed in a briefcase or down your pants?!!

MS is Loadsamoney :lol:
http://www.youtube.com/watch?v=PeDmKvzZkok
=; =; [-X [-X :tongue: :tongue: :tongue:
The positive thinker sees the invisible, feels the intangible, and achieves the impossible.Yahoo !!!

User avatar
BillyB
Manager
Manager
Posts: 1807
Joined: Fri, 23 Jul 2010 11:01 pm
Location: My laptop

Post by BillyB » Fri, 20 May 2011 5:13 pm

Sounds like something out of goodfella's. I only wanted to convert it to SGD so I could buy a new set of saucepans!! :wink:

User avatar
JR8
Immortal
Immortal
Posts: 16516
Joined: Wed, 24 Mar 2010 12:43 pm
Location: K. Puki Manis

Post by JR8 » Fri, 20 May 2011 6:06 pm

Mad Scientist wrote: MS is Loadsamoney :lol:
http://www.youtube.com/watch?v=PeDmKvzZkok
=; =; [-X [-X :tongue: :tongue: :tongue:[/quote]


Relax lah, that was entirely affectionate! :?

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Staying, Living in Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests