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 Best way to send money from singapore to malaysia

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Ken.B
post Jul 20 2011, 06:12 PM

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Why not try using paypal as you can link it with malaysian bank like public bank?
DomeTec
post Sep 13 2011, 02:00 PM

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QUOTE(Ken.B @ Jul 20 2011, 06:12 PM)
Why not try using paypal as you can link it with malaysian bank like public bank?
*
Point 1:

In Singapore, if you can find the right licence money changes/ licence remittance agent authorise by MAS, the rate will be better for TT.

Remember, if you bring more then 30K out from SG, you need to declare due to anti-money laundering law, they will not investigate but you must declare.

Point 2:

You will get a better rate in Singapore from money changer than JB money changer. KL, Penang offer similar or better rate sometimes. Suggest to call them up before going down, you will get better rate in this way.

here are the link for money changer :
http://search.insing.com/ts/banking-financ...CFQd66wodsnWrhQ

Some places like : Boon lay, Chinatown, PP, Raffles place Arcade offer good rate.

Hope this information help.

ascend
post Jan 9 2012, 12:06 PM

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DBS charges around sgd20 for TT, which is reasonable.
But the problem is DBS cannot remit in MYR. It can only remit USD or SDG to Malaysia.

So on the malaysian end, the banks here will convert, at the current rate of about 2.40x, versus the cash conversion rate of around 2.43. This difference is big if you want to remit a large sum.

Question is, will money changers here in Malaysia take inward remittance from Singapore and convert the SGD to MYR at a better rate? cause banks here in MY certainly don't give good rates.

This post has been edited by ascend: Jan 9 2012, 12:07 PM
Sky_Q
post Jan 9 2012, 01:20 PM

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hi...i've done aome research on my partband bliv that money remittance is the best choice at a very minimal risk...

went to check the rate at raffles place and got 2.422..quote for rate nearby my living place at balestier and got 2.425 at a charge of sgd10 only...no limit....

so conclusion,money remittance with MAS licensed is the best choice....of course engage with one that r convenient to your place..they will usually requires ur basic detail that are neded in the TT form with a photocopy of ur work pass...tats all...


Added on January 9, 2012, 1:21 pmand for ur info...money remittance rate is usually highet than money exchanger or bank rate...bliv that they might use the spot rate as they already earn a sgd 10 commission..

This post has been edited by Sky_Q: Jan 9 2012, 01:21 PM
x363
post Feb 2 2012, 06:06 PM

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Money changer can do the transfer.. legally... SGD 10 for admin charge and rate is slightly (0.05) higher then exchange as cash....
crac
post Feb 5 2012, 08:33 PM

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I think will face this problem whether use money changer or bank. Also interested to know.


QUOTE(firee818 @ Jul 14 2011, 02:02 PM)
If go to money changer, will there have any income tax issues, if later on I used this money to buy car or properties?
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francisbacon7
post Apr 16 2012, 11:16 AM

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Is Western Union good?in term of charges n currency rate?

Is there any money changer got TT service in East area? Tampines, Eunos in non working hour..


Added on April 16, 2012, 11:31 amUsing POSB online, charge me $25 or more...went bank counter charge $40 in total!

Any good way to transfer money bck to malaysia?

This post has been edited by francisbacon7: Apr 16 2012, 11:31 AM
nicole_4ever
post Nov 16 2012, 02:40 PM

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First time dealing,

Hi may i know the transaction from Singapore to KL how long it would take?

thanks.
chanti-sama
post Nov 16 2012, 08:27 PM

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Lucky plaza lvl2 BTI money transfer.
Service charge - sgd8 per transaction. Money clear within 2 working days. So far for me within 24hrs
jtdc
post Jan 17 2013, 05:13 PM

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So far, the most convenient I've seen is using www.pay2home.com. It can be done online after the 1st time where you must physically transact at their nearest branch to you to have your online feature activated.

You can deposit the money you will send online to their Singapore local bank (thru your local singapore online banking account). Those information you will supply to their site and also the recipient Malaysia bank account.

They have competitive rates, however the remittance charge cost SGD9. The one mentioned above cost SGD8 but then you need to go to Lucky Plaza, and may be not worth your time from where you came from and to queue.

Now if anybody else have better way to do this, please share, as in the future I would need to fund back my Maybank (and I don't have Maybank SG account).


Funny, sending to Philippines costs only SGD5 where its a country 4 hours away, whereas border country Malaysia, charge is SGD9.

This post has been edited by jtdc: Jan 17 2013, 05:16 PM
henrytanck
post Feb 8 2013, 11:00 AM

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For me I think Maybank Singapore is the best for me to remmitance fund from Singapore to Malaysia, but you must have Maybank Malaysia account first.

Remmitance fund by using Maybank Singapore Online Banking, per day transfer limit is S$3000, but you can amend the limit up to S$20000 per day, the bank will charge one off service charges S$15 per transaction (to Maybank Malaysia account) and you will get the RM in your Maybank Malaysia account on the same transaction day if you done the transfer completely before 4pm of the working days.

Another good thing to have Maybank Singapore account is ou can withdraw the money at ATM Maybank Malaysia with free of service charges, the exchange rate is base on the current foreign exchange rate.

Real Example:
XE showed S$ 1 = RM 2.50
Maybank current exchange rate: S$1 = Rm 2.471

Today I do online remmitance S$10000 and done completely on 3:45pm, so I will get the RM within another 2 more hours which is RM24710, but total charge only S$15. (Just like during CNY period, the money changer rate is low althought the real exchange rate is high, so Maybank Singapore will be the good choice for those who need to convert the S$ to RM within this period.)
Total cost: S$10000 + 15 = RM24710

And if I withdraw RM 20 on the same day at the Maybank Malaysia ATM, they will only deduct S$8.09 from my Maybank Singapore account. Withdraw limit is equivalent S$3000 only per day.

yiivei
post Feb 8 2013, 11:10 AM

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For sharing purpose:

I normally remit money from SG to MY through the money changer at Jurong Point.

Remittance rate is usually higher by 0.5 to 1 as compare to exchange rate.

Most importantly, if you remit >RM10k, the money changer wont impose any charges at all. Those <RM10k, there will charge $10 for each transaction.


saab900
post Feb 8 2013, 04:12 PM

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how about the other way round. transfer money from malaysia to singapore? i plan to buy share and investment in singapore.
lwk523
post Feb 10 2013, 02:42 AM

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hey guys,
Why not we just withdraw with ATM card ? FOC .. Get 2 atm card lolx. hehex
whatsayyou
post Apr 10 2013, 03:05 PM

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Is there a consolidated list showing the places to remit and their charges?
My friend said there's a place in raffles which can transfer to your Malaysia bank account. Charge S$10 per transaction. He didnt give me the name or direction of the place.
Anyone knows?
kurty
post Apr 10 2013, 11:14 PM

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actually i been thinking about this, since i staying in singapore, got singapore and malaysia bank account.

I could actually provide this service of TT,
I'm actually thinking:
currency exchange based on daily conversation, usually less by $1.50 as per most money change vendors.
Remit fee $5 per transaction.

What do you think? workable?

yeah, i know i'm not licensed and it's purely based on trust.
i can provide you my singapore contact, malaysia bank info and even singapore bank info.

smile.gif doable?

This post has been edited by kurty: Apr 10 2013, 11:14 PM
IlikePanadol
post Apr 10 2013, 11:18 PM

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QUOTE(whatsayyou @ Apr 10 2013, 03:05 PM)
Is there a consolidated list showing the places to remit and their charges?
My friend said there's a place in raffles which can transfer to your Malaysia bank account. Charge S$10 per transaction. He didnt give me the name or direction of the place.
Anyone knows?
*
http://www.raffles1.net/
This one kah
chokolato
post Apr 19 2013, 02:05 PM

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ok guys, i need help. i need to transfer SGD50k from my SG OCBC account to malaysia. i actually plan to physically drive to SG, withdraw the sgd50k (my bro & gf will tag along) so 1 person maybe carry sgd15k+
then i will bring the SGD to KL and change at local money changer (current rate i see in subang is 2.43)

but looking at you guys post, seems that TT or those remittance can give good rate too. maybe i shoulkd postpone my trip to SG?
yrh0413
post Apr 19 2013, 03:42 PM

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QUOTE(chokolato @ Apr 19 2013, 02:05 PM)
ok guys, i need help. i need to transfer SGD50k from my SG OCBC account to malaysia. i actually plan to physically drive to SG, withdraw the sgd50k (my bro & gf will tag along) so 1 person maybe carry sgd15k+
then i will bring the SGD to KL and change at local money changer (current rate i see in subang is 2.43)

but looking at you guys post, seems that TT or those remittance can give good rate too. maybe i shoulkd postpone my trip to SG?
*
Today's rate at Arcade Raffles Place was 2.46 (around 9:30am). I always exchange RM in SG and bring it to MY myself... it is quite safe if you travel with your friends. City Square JB is just 1 minute walk from CIQ, and there is UOB and Maybank in the shopping mall thus I am less worried about being robbed.
chokolato
post Apr 19 2013, 03:47 PM

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QUOTE(yrh0413 @ Apr 19 2013, 03:42 PM)
Today's rate at Arcade Raffles Place was 2.46 (around 9:30am). I always exchange RM in SG and bring it to MY myself... it is quite safe if you travel with your friends. City Square JB is just 1 minute walk from CIQ, and there is UOB and Maybank in the shopping mall thus I am less worried about being robbed.
*
ohh.. which means u think go change RM in SG is better than all other options mentioned in this thread?


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