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Travel Currency exchange

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yoonseong
post Apr 30 2009, 01:39 AM

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just curious know more about currency...
sorry for noob question ya..
1) how often the exchange rate update on the money changer board?
(how do most of you compare the rate, as the rate can be differ in the next minutes?)
2) what is buy and sell? if we change rm to usd, which to we use as a conversion rate?
3) is exchanging currency same like investing forex? What make the diff btwin the 2? can we still have the same expected earning as forex by just exchanging the currency with money changer...

really appreciate your reply..
stimix
post Apr 30 2009, 09:01 AM

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1) Most of us refer to this one...It's one of the cheapest (probabaly the cheapest) Money changer in Malaysia & rates much better than Banks.:
http://www.wawasanmoneychanger.com.my/exchangeRates.asp

& yes the rate changes everyday! but not realy by minutes, that's are for forex traders

2) Buy meaning they buy from you & sell meaning there are selling to you. So if u are changing RM1000 to USD at buy=3.595 & sell=3.615, u will be expecting to get 1000/3.615 =US$276.60.

SO if u decided to change you mind & change back to RM, they willo buy back at RM3.595 =RM994.40 ..Meaning the diff of RM5.623 is their commission/margin...pretty small indeed...

So if u see the spread between buy/sell is huge, the money changer is reaping huge profit!!

3) Based on my limited knowledge (Correct me if I'm wrong), Forex trading is only in selected licensed houses (Normally banks) & sanction by Bank Negara (Not usre SC involve). So you buy/sell via them..The best we as public is buy/sell at money changers...haha..or some form of bank deposit in foreign currency...I bet those saving in Aussie/New Zealand $$ will be crying out now..
yoonseong
post Apr 30 2009, 11:57 AM

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QUOTE(stimix @ Apr 30 2009, 09:01 AM)
1) Most of us refer to this one...It's one of the cheapest (probabaly the cheapest) Money changer in Malaysia & rates much better than Banks.:
http://www.wawasanmoneychanger.com.my/exchangeRates.asp

& yes the rate changes everyday! but not realy by minutes, that's are for forex traders

2) Buy meaning they buy from you & sell meaning there are selling to you. So if u are changing RM1000 to USD at buy=3.595 & sell=3.615, u will be expecting to get 1000/3.615 =US$276.60. 

SO if u decided to change you mind & change back to RM, they willo buy back at RM3.595 =RM994.40 ..Meaning the diff of RM5.623 is their commission/margin...pretty small indeed...

So if u see the spread between buy/sell is huge, the money changer is reaping huge profit!!

3) Based on my limited knowledge (Correct me if I'm wrong), Forex trading is only in selected licensed houses (Normally banks) & sanction by Bank Negara (Not usre SC involve). So you buy/sell via them..The best we as public is buy/sell at money changers...haha..or some form of bank deposit in foreign currency...I bet those saving in Aussie/New Zealand $$ will be crying out now..
*
ic, i understand now.
thanks alot
jack2
post May 6 2009, 10:47 AM

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USD depreciated.. I have USD in my bank. sad.gif((
eugenefong
post May 6 2009, 11:38 AM

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i want to change quite a sum of AUD from MYR at MYR2.60 to AUD1.

anyone who has extra AUD and willing to change with me, kindly PM me. Thanks....
reef_d
post May 7 2009, 10:21 PM

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Hi.. i might be travelling to the US East Coast soon so i'll need to change some RMs to USDs.. the current rate is around RM3.50.. there's 2 money changer nearby my home in equine park, my question is:

how do i determine if its good to change money there? based on the current rate of rm3.50 for 1usd, if the money changer charges me rm3.70 per 1 usd.. is that considered reasonable? or very bad exhange rate for us? then what exchange rate values are considered good for us?

thanks!
kaiying
post May 8 2009, 02:43 PM

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QUOTE(reef_d @ May 7 2009, 10:21 PM)
Hi.. i might be travelling to the US East Coast soon so i'll need to change some RMs to USDs.. the current rate is around RM3.50.. there's 2 money changer nearby my home in equine park, my question is:

how do i determine if its good to change money there? based on the current rate of rm3.50 for 1usd, if the money changer charges me rm3.70 per 1 usd.. is that considered reasonable? or very bad exhange rate for us? then what exchange rate values are considered good for us?

thanks!
*
this is how i see it whenever i change money. you look at the selling rate cuz they will be selling you other country notes. if those eg, 1 USD to RM 3.50.. then another one is to RM 3.70, i wil take the smaller ones. cuz after u divided up, u get more if the diff is small.

correct me if im wrong. or if got easier ways please let me knoe. cuz i always noob in ffront of money changer for a long time before i change cash. hehe
??!!
post May 19 2009, 03:50 PM

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QUOTE(kaiying @ May 8 2009, 02:43 PM)
this is how i see it whenever i change money. you look at the selling rate cuz they will be selling you other country notes. if those eg, 1 USD to RM 3.50.. then another one is to RM 3.70, i wil take the smaller ones. cuz after u divided up, u get more if the diff is small.

correct me if im wrong. or if got easier ways please let me knoe. cuz i always noob in ffront of money changer for a long time before i change cash. hehe
*
Imagine this scene:

Money Changer A ...gives you US 1. You need to pay him RM3.50
Money Changer B ...gives you US 1. You need to pay him RM3.70

Which one u choose???
reef_d
post May 19 2009, 04:00 PM

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if both side by side ofcourse we choose A..

but what if..

Money Changer A ...gives you US 1. You need to pay him RM3.50
But his place is a 25km drive..

Money Changer B ...gives you US 1. You need to pay him RM3.70
B is located just 2km from your house..

so how?

This post has been edited by reef_d: May 19 2009, 04:00 PM
stimix
post May 19 2009, 06:55 PM

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In this case, it's all depending on the amount you're going to change..anyway the diff between RM3.50 & another RM3.70 cannot be so great!! Normally differences only about RM0.05 to RM0.10 among money changers. & those quoted higher than Wawasan Money changers, u can actually bargain wth them by showing them Wawasan rate for that date.

For me the distance does matter & thus, normally i used Wawasan rate & telling those Money changers in Puchong (Within 5km from my hse) that I wanted the closest to that rate..and suprisingly they willing to match...probably RM0.02 higher than wawasan...win-win no need go so far to Wawasan or Sg Wang Plaza



SUSbuntutman
post May 21 2009, 12:52 AM

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unless your capacity is huge, u shudnt be worrying about the diff in rates that others are offering.

u change by the thousands what can your marginal difference be wor ? u change by tens of thousands then ok la, can see a bit of diff. kenot understand some ppl. pennywise pound foolish.
teckjin
post May 24 2009, 06:29 PM

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Petaling Jaya any hornest money changer recommand? 3/6 will go bangkok for shopping hope get better rate
joeylny
post Jun 8 2009, 10:21 AM

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wawasan is still the best place to change..
n whats best midvalley its 5minutes from my house...or 15min if add finding a car park space.. lol

so here is todays rates for ur convenience

Wawasan Sentosa Holdings (M) Sdn Bhd
Pengurup Wang Berlesen / Licensed Money Changer

DATE : 8 / 6 / 2009
Unit
Currency We Buy We Sell
1 US DOLLAR 3.500000 3.510000
1 GREAT BRITAIN POUND 5.600000 5.670000
1 SINGAPORE DOLLAR 2.410000 2.420000
1000 JAPANESE YEN 35.60000 35.90000
100 HONG KONG DOLLAR 45.10000 45.50000
1 AUSTRALIAN DOLLAR 2.800000 2.830000
100 THAI BHAT 10.30000 10.40000
1 Juta INDONESIAN RUPIAH 351.0000 357.0000
100 INDIAN RUPEES 7.400000 7.500000
100 PHILIPPINE PESO 7.500000 7.700000
1 NEW ZEALAND DOLLAR 2.200000 2.250000
100 CHINESE RMB 51.50000 51.90000
100 NEW TAIWAN DOLLAR 10.85000 10.95000
1 SWISS FRANC 3.230000 3.245000
100 SAUDI ARABIA RIYAL 93.00000 96.00000
1 EURO 4.900000 4.920000
1 CANADIAN DOLLAR 3.13 3.190000
1000 KOREAN WON 2.750000 2.850000

reef_d
post Jun 8 2009, 10:44 AM

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i did mine at Jusco Equine.. The rate for usd that i got was 3.55 and i think it was quite ok as i dont wanna drive a long way to other places.. I checked out maybank and they were selling 1usd for 3.62.. Abit pricey.. Well i'm in the states now.. I'm using my credit card and the rate is reasonable too.. It's still RM3.55 for 1USD..
Lis000
post Jun 8 2009, 07:29 PM

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I'm also interested in money changers who offers good rate in PJ area .

Currently, I change at the money changer in 1 Utama basement cos near my workplace. But not sure how the rate is compared to others.

I know Mid Valley rate is much better but too far for me to drive all the way there.


joeylny
post Jun 9 2009, 01:19 AM

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QUOTE(Lis000 @ Jun 8 2009, 07:29 PM)
I'm also interested in money changers who offers good rate in PJ area .

Currently, I change at the money changer in 1 Utama basement cos near my workplace. But not sure how the rate is compared to others.

I know Mid Valley rate is much better but too far for me to drive all the way there.
*
perhaps u can do it like stimix
tell them the rates from wawasan is X.XX then ask them give u a best rate

Lis000
post Jun 9 2009, 02:00 PM

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QUOTE(joeylny @ Jun 9 2009, 01:19 AM)
perhaps u can do it like stimix
tell them the rates from wawasan is X.XX then ask them give u a best rate
*
Hahah yeah, sounds like a plan. Though I doubt they'll "layan" me much since I usually change small amount only.
joeylny
post Jun 12 2009, 08:15 AM

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QUOTE(Lis000 @ Jun 9 2009, 02:00 PM)
Hahah yeah, sounds like a plan. Though I doubt they'll "layan" me much since I usually change small amount only.
*
lol.. well can try if not just change at their rate..they need to earn also mar..let them earn a bit lor

WAWASAN SENTOSA RATE

DATE : 11 / 6 / 2009
Unit
Currency We Buy We Sell
1 US DOLLAR 3.490000 3.505000
1 GREAT BRITAIN POUND 5.730000 5.770000
1 SINGAPORE DOLLAR 2.410000 2.420000
1000 JAPANESE YEN 35.70000 36.20000
100 HONG KONG DOLLAR 45.00000 45.40000
1 AUSTRALIAN DOLLAR 2.820000 2.835000
100 THAI BHAT 10.30000 10.40000
1 Juta INDONESIAN RUPIAH 350.0000 353.0000
100 INDIAN RUPEES 7.400000 7.650000
100 PHILIPPINE PESO 7.400000 7.650000
1 NEW ZEALAND DOLLAR 2.220000 2.260000
100 CHINESE RMB 51.50000 51.90000
100 NEW TAIWAN DOLLAR 10.85000 11.00000
1 SWISS FRANC 3.235000 3.250000
100 SAUDI ARABIA RIYAL 92.00000 94.00000
1 EURO 4.900000 4.925000
1 CANADIAN DOLLAR 3.15 3.190000
1000 KOREAN WON 2.750000 2.850000

ShaneNg
post Jun 15 2009, 10:13 AM

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Anyone wanna Exchange from Rm to AUD?

I currently have extra AUD 100.

Thanks
joeylny
post Jun 16 2009, 08:50 AM

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QUOTE(ShaneNg @ Jun 15 2009, 10:13 AM)
Anyone wanna Exchange from Rm to AUD?

I currently have extra AUD 100.

Thanks
*
whats ur rate n location?

Wawasan Sentosa Holdings (M) Sdn Bhd
Pengurup Wang Berlesen / Licensed Money Changer

DATE : 15 / 6 / 2009
Unit
Currency We Buy We Sell
1 US DOLLAR 3.515000 3.525000
1 GREAT BRITAIN POUND 5.750000 5.820000
1 SINGAPORE DOLLAR 2.415000 2.425000
1000 JAPANESE YEN 35.70000 36.00000
100 HONG KONG DOLLAR 45.20000 45.60000
1 AUSTRALIAN DOLLAR 2.830000 2.850000
100 THAI BHAT 10.30000 10.40000
1 Juta INDONESIAN RUPIAH 348.0000 352.0000
100 INDIAN RUPEES 7.350000 7.550000
100 PHILIPPINE PESO 7.400000 7.650000
1 NEW ZEALAND DOLLAR 2.230000 2.280000
100 CHINESE RMB 51.60000 51.90000
100 NEW TAIWAN DOLLAR 10.90000 11.00000
1 SWISS FRANC 3.240000 3.260000
100 SAUDI ARABIA RIYAL 93.00000 94.00000
1 EURO 4.870000 4.925000
1 CANADIAN DOLLAR 3.13 3.190000
1000 KOREAN WON 2.750000 2.850000


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