im currently working in singapore and i'm trying to find a way to send money back to malaysia.
tried to find remittance services but can't really find a good one, some of them requires a us bank account.

is there anyway, from anyone who'd been sending money back to m'sia here? mind to share?

(p.s: heard of this somewhere but i dont want to travel to jb and transfer the money manually every month )

bank transfer etc the exchange rate is lower.if u do it manually the rate is higher.but u have to go to money changer then only go to the bank to bank in the money.
international money transfer is not recommended.don't forget the charges involved and low exchange rates.

go to money changer there
they can help you

I thought there's a Maybank in Singapore. Maybe you can go and ask regarding this issue.

i dont prefer to use maybank because my family doesn't have maybank accounts.

we went to create ocbc accounts but that day i went to asked about the money transfer charges from the bank.. it is very expensive.
they charge 1/8 of the amount i transfer. add some other charges applicable.

now im seeking other ways like remittance services or something..

hmm really? what kind of services do they usually have?

Yes money changers do it but it is money laundering methods. If you want a legal method please open account in Maybank or travel down one morning to JB and go after couple of hours. I think that is the simplest and cheapest method. Maybe you and your friends can take turns so you can relax for 3-4 months when your turn comes up.

Go to money exchanger.

Exchange dollar to ringgit.

Keep in secluded place.

Cross the causeway from Singaporak to JB.

Cash deposit in JB to preferred Malaysian account.

Is it that hard!?

i don't really prefer to travel that much yet due to i'm still new to here, dont' really know the way yet.

and plus, the crime rates over there and all, and knowing that people usually carry a lot of money across just to bank in... etc

i will try someday, but not alone. just that meantime, i just wanna know if there is any other alternatives i can pick around here..

How about Western Union?

It's not necessary to transfer from Bank A (SG) to Bank A (MY). You could always to TT frrom Bank A (SG) to Bank B (MY). You should really look into using Maybank SG to transfer to any bank in Malaysia. I believe MBB is offering the cheapest service charge around.

Else, just sign up to log into your a/c online and do it yourself. I believe the charges shouldn't be that high for online transactions.

What is wanna bring back 1 million ringgit?

You can only legally carry US 10,000 equivalent at each crossing. If so large amount use bank service or carry multiple times.

Hi,

You can exchange with me if you think I can be trusted.
I normally refer to oanda.com exchange rate, and get the in between for past 30 days so that it is fair for both ends.

If you keen, please PM me to discuss further.
I am using MBB acct, will transfer to your parents acct.

Thanks, Will

If go to money changer, will there have any income tax issues, if later on I used this money to buy car or properties?

i tried using my bank online TT, rate was Ok but charges ... sgd50 wah ... for that price i'll gladly take a $2.40 bus to JB and deposit it in the money machine there.

At Boon Lay MRT, there are several approved remittance service that gives rates as good as cash. And the transfer fee is fixed (perhaps $5 to $10) for any amount.

okay @Boon Lay MRT, whats the max allowed?

other MRT station in CBD area that offer the same service? orchard?

thanks in advance

There's no maximum limit - Singapore financial is free-trade, meaning any person can bring in and out any amount of money without need for declaration.

They even bank in up to the sen. As I can remember. Basically, when you make the remittance, the cashier accepts payment and doesn't physically transfer any cash from her side. She communicates with her affiliate in Malaysia. And they will bank the exact converted amount to your Malaysia bank account.

CBD area - are banks or financial institutions, cos the rental is high - those remittance operators are priced out.

You could use another method. It's called Online Money Remittance and certified/regulated by UK FSA so very safe to use compared to Paypal.
https://www.moneybookers.com/app/?rid=135395
Fees are also relatively much lower.

Denzuke76,
I believe anything more than SGD5k, the money changer would need to show your IC/Passport/Work Permit. So it may not be as free...

That's a good procedure. The moneychanger thus has a verified proof of identity of sender, in case there is any requirements by the authorities for checking. Even a regular Swiss bank inside Switzerland requires IC/PP/WP for verfication, identification, non-repudiation, tranaction record and authenticity purposes.