Question about Money Exchange

• Agenda

  23 Sep 08, 22:04

  Supposedly the current rates between SGD and Ringgit is SGD1 = RM2.40

  If I bring $100 to the money exchange, I should be able to get back RM240 right? But what are the charges I have to pay then?

  Would it better for me to change that money or put inside bank and go Malaysia withdraw?

  I using UOB so only $2 surcharge, but the exchange rates is precise and no other charges?

• ^tamago^

  23 Sep 08, 22:13

  If the money changer will sell to you at 240 then u will get 240. The charges are hidden in the "spread", or the difference in buying ringgit and selling them back to the money changer later in exchange for SGD. Banks may charge a different rate so you will have to contact them. If the rates are precise and assuming your only cost is S$2 (RM4.80) per withdrawal, Mustafa offers a spread of only RM2.20 or S$0.90 per S$100 changed, so definitely UOB is charging more for the convenience of withdrawal at a foreign country. Or withdraw at least S$250 worth to beat Mustafa's offer.
• deathmaster

  23 Sep 08, 22:16

  the exchange rates you get over at bank or money changer are already adjusted for the charges. you only get 100% conversion if you are an investor on the currency market.

  so there's not much difference between changing ur money in singapore or withdrawing in malaysia.

  however, if you want to bring large amount of cash into malaysia, you cannot bring too much into the border. so i suppose you have to withdraw money in malaysia if you are intending to carry large sum of money.

• Agenda

  23 Sep 08, 22:18

  Originally posted by deathmaster:

  the exchange rates you get over at bank or money changer are already adjusted for the charges. you only get 100% conversion if you are an investor on the currency market.

  so there's not much difference between changing ur money in singapore or withdrawing in malaysia.

  however, if you want to bring large amount of cash into malaysia, you cannot bring too much into the border. so i suppose you have to withdraw money in malaysia if you are intending to carry large sum of money.

  What's the cap?

  and thanks alot tammy for the heads up