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> Best way to send money from singapore to malaysia

paranoid
post Aug 5 2010, 09:30 AM


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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 sweat.gif )
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711726
post Aug 5 2010, 09:52 AM


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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.
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Christopher7
post Aug 5 2010, 09:55 AM


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go to money changer there
they can help you
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pinkantelope
post Aug 5 2010, 11:00 AM


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I thought there's a Maybank in Singapore. Maybe you can go and ask regarding this issue.
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paranoid
post Aug 5 2010, 12:00 PM


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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..

QUOTE(Christopher7 @ Aug 5 2010, 09:55 AM)
go to money changer there
they can help you
*
hmm really? what kind of services do they usually have?
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sfautotrading
post Aug 5 2010, 05:11 PM


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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.
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wu ming
post Aug 5 2010, 10:10 PM


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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!?
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paranoid
post Aug 10 2010, 09:35 AM


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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..

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Aaron Hiew
post Aug 22 2010, 09:41 AM


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How about Western Union? happy.gif
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Shazzac
post Aug 22 2010, 09:50 AM


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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.
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ijustsmokeyou
post Jul 2 2011, 10:22 AM


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QUOTE(wu ming @ Aug 5 2010, 10:10 PM)
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!?
*
What is wanna bring back 1 million ringgit?
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gark
post Jul 2 2011, 12:14 PM


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QUOTE(ijustsmokeyou @ Jul 2 2011, 10:22 AM)
What is wanna bring back 1 million ringgit?
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You can only legally carry US 10,000 equivalent at each crossing. If so large amount use bank service or carry multiple times. rclxms.gif
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W i l l
post Jul 14 2011, 01:08 PM


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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
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firee818
post Jul 14 2011, 02:02 PM


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QUOTE(711726 @ Aug 5 2010, 09:52 AM)
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.
*
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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deodorant
post Jul 14 2011, 02:17 PM


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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.
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denzuke76
post Jul 15 2011, 12:29 AM


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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.
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nasni
post Jul 15 2011, 06:23 PM


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QUOTE(denzuke76 @ Jul 15 2011, 12:29 AM)
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 smile.gif
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denzuke76
post Jul 15 2011, 11:37 PM


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QUOTE(nasni @ Jul 15 2011, 06:23 PM)
okay @Boon Lay MRT, whats the max allowed?

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

thanks in advance  smile.gif
*
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.


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L7Awesome
post Jul 18 2011, 05:28 PM


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QUOTE(denzuke76 @ Jul 15 2011, 11:37 PM)
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...
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denzuke76
post Jul 18 2011, 11:18 PM


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QUOTE(L7Awesome @ Jul 18 2011, 05:28 PM)
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.
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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?
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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?
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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.

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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
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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
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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....
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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
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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.
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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
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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
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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.

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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.


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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.
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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
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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?
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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
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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
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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?
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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.
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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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mchicken
post Apr 19 2013, 07:40 PM


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Use bit coin..
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yrh0413
post Apr 22 2013, 02:06 PM


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QUOTE(chokolato @ Apr 19 2013, 03:47 PM)
ohh.. which means u think go change RM in SG is better than all other options mentioned in this thread?
*
I live in KL, work in SG... to be honest JB has the lousiest exchange rate. KL is not much better.

In SG there are a few recommended places to exchange ringgit, The Arcade is one of them. There are almost 20 money changers in the building premise, you can compare each of them before you handover your SGD.
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chokolato
post Apr 22 2013, 02:41 PM


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QUOTE(yrh0413 @ Apr 22 2013, 02:06 PM)
I live in KL, work in SG... to be honest JB has the lousiest exchange rate. KL is not much better.

In SG there are a few recommended places to exchange ringgit, The Arcade is one of them. There are almost 20 money changers in the building premise, you can compare each of them before you handover your SGD.
*
thanks!!
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exprox
post Apr 26 2013, 02:34 AM


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u hire me la i pick it up from you in johor or woodlands and i drive back Kl give your parents i charge u only RM 200 FOR MY SERVICE haha
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pengjoo
post Aug 26 2013, 11:58 AM


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QUOTE(henrytanck @ Feb 8 2013, 11:00 AM)
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.
*
hi henrytanck,
i checked the maybank sg http://www.maybank2u.com.sg/html/ib_faq_xft.htm
max. transfer amount is sgd 3000 per day. may i know how you can make sgd 10k per transaction?


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Jas2davir
post Aug 26 2013, 01:16 PM


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QUOTE(pengjoo @ Aug 26 2013, 11:58 AM)
hi henrytanck,
i checked the maybank sg http://www.maybank2u.com.sg/html/ib_faq_xft.htm
max. transfer amount is sgd 3000 per day. may i know how you can make sgd 10k per transaction?
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Different customers with different spending limits can draw and transfer different amount? Just like max withdrawal from my bank account is only rm5k a day and my fathers is nearly 30k, but then again I could be extremely wrong.
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sgmati
post Dec 31 2013, 02:07 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?
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Normally my customer will bank in to my Posb bank account then i transfer to their maybank account.
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Jason_Tan
post Feb 18 2014, 04:40 PM


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Anybody try CIMB before? called to the service vounter, they provide free service charge. Only depent on exchange rate that day u transfer the money.
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jasmineh2y
post Feb 19 2014, 08:36 AM


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QUOTE(Jason_Tan @ Feb 18 2014, 04:40 PM)
Anybody try CIMB before? called to the service vounter, they provide free service charge. Only depent on exchange rate that day u transfer the money.
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but bank rate always lower compare to money changer... after charge the fee, seems not worth it.
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ShinG3e
post Feb 19 2014, 11:12 AM


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Hi guys,

quick question.

What is the best channel to withdraw my cash from Singapore banks back to Msia banks as well as vice-versa?

Scenario: Wanted to get the SGD dividends then after a few months want to add my SGD portfolio again with MYR cash.
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ZAARA2014
post Feb 19 2014, 11:16 AM


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QUOTE(pinkantelope @ Aug 5 2010, 11:00 AM)
I thought there's a Maybank in Singapore. Maybe you can go and ask regarding this issue.
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thinking d same
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teo_jio_lang
post Feb 21 2014, 08:15 PM


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QUOTE(henrytanck @ Feb 8 2013, 11:00 AM)
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.
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If you can withdraw money using Maybank Sg Acc with exchange rate, then u can just leave your Sg Acc ATM with your family, they withdraw it. Not need to do remittance with $15 charge. Just keep the amount u want to transfer in Maybank Sg, remaining money keep in other Sg bank acc
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cdspins
post Feb 24 2014, 04:00 PM


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Remittance is another way, and their rate is slightly higher than counter rater.
Money Changer
But they do collect a service fee of $10 per transaction, so it only becomes good deal when your exchange amount is larger.


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