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 ringgit Malaysia drop , how to I change my RM to USD

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TSCroner
post Jan 6 2015, 05:44 PM, updated 9y ago

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As you can see Ringgit Malaysia drop like mad in many ways aginst USD, SGD, RMB, Thai bath, New Taiwan dollar.


I want to change most of my savings RM to USD as.I believe it.might raised to one USD become 4 Ringgit malaysia.

Beside money changer is there a faster way to switch myr currency to USD??
akidos
post Jan 6 2015, 05:50 PM

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instead find a way to earn usd

zaqre
post Jan 6 2015, 05:51 PM

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invest in US stock
TSCroner
post Jan 6 2015, 05:57 PM

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How to invest US stock?????
AVFAN
post Jan 6 2015, 06:01 PM

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QUOTE(Croner @ Jan 6 2015, 05:44 PM)
As you can see Ringgit Malaysia drop like mad in many ways aginst USD, SGD, RMB, Thai bath, New Taiwan dollar.
I want to change most of my savings RM to USD as.I believe it.might raised to one USD become 4 Ringgit malaysia.

Beside money changer is there a faster way to switch myr currency to USD??
*
i share yr pain... n i bet almost everyone here is thinking about that. action or not, that's the question...

the trouble is not just declining oil n commodity prices but the foreign sell off, illicit capital outflows, imdb bomb about to explode, flood damages, mas-airasia disasters' negativism. all that takes sentiments n confidence to a low low.

but there is an argument that rm has improved over aud, yen... and hundreds of bil of reserves to the rescue later... so...??

money changer... the spread is big, no int/div = very costly.

no sure answer for u, but suggest u take a look at foreign funds/bourse, e.g. singapore reits which give dividends or us etfs.

check the section, the threads r there.

This post has been edited by AVFAN: Jan 6 2015, 06:02 PM
TSCroner
post Jan 6 2015, 06:26 PM

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QUOTE(AVFAN @ Jan 6 2015, 06:01 PM)
i share yr pain... n i bet almost everyone here is thinking about that. action or not, that's the question...

the trouble is not just declining oil n commodity prices but the foreign sell off, illicit capital outflows, imdb bomb about to explode, flood damages, mas-airasia disasters' negativism. all that takes sentiments n confidence to a low low.

but there is an argument that rm has improved over aud, yen... and hundreds of bil of reserves to the rescue later... so...??

money changer... the spread is big, no int/div =  very costly.

no sure answer for u, but suggest u take a look at foreign funds/bourse, e.g. singapore reits which give dividends or us etfs.

check the section, the threads r there.
*
??? I dun understamd dude. So is money changer the only way?
AVFAN
post Jan 6 2015, 06:42 PM

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QUOTE(Croner @ Jan 6 2015, 06:26 PM)
??? I dun understamd dude. So is money changer the only way?
*
if u din follow me, u do hv quite a bit to read up and act...

basically, i was saying:

... money changer, you buy sgd with rm at say 2.70, if u sell immediately after buying , u get only 2.60, u already lost 3-4%. this is called spread - money changers earn it, that's their biz.

... if u put money in stocks, sgreits, etc. the spread is much less, 0.5% thereabout. of course, there is risk in that: prices can go up or down.

... if doing this for very short term, money changer maybe ok. for longer term, better look at the other options as u will also lose out w/o interest or dividends.

... read:
https://forum.lowyat.net/topic/2504121/+820
https://forum.lowyat.net/topic/3397675/+400
https://forum.lowyat.net/topic/3396549/+60

This post has been edited by AVFAN: Jan 6 2015, 06:44 PM
Ryperer
post Jan 6 2015, 07:03 PM

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I have faith that MYR will recover to 1myr = 3.3usd , let's not lose hope xD
velocitycnr
post Jan 6 2015, 07:15 PM

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RM3.55 for 1 USD. This is ridiculous sad.gif
AVFAN
post Jan 6 2015, 07:25 PM

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QUOTE(velocitycnr @ Jan 6 2015, 07:15 PM)
RM3.55 for 1 USD. This is ridiculous  sad.gif
*
not at all.
where u were in 1997?
usd/rm = 3.80. fd rates >10%.


the big question to ask now is what will help strengthen rm and if these elements are there or will happen?

This post has been edited by AVFAN: Jan 6 2015, 07:26 PM
anudora
post Jan 6 2015, 07:55 PM

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QUOTE(velocitycnr @ Jan 6 2015, 07:15 PM)
RM3.55 for 1 USD. This is ridiculous  sad.gif
*
I am eager to see your reaction when reach RM4 for 1USD
anudora
post Jan 6 2015, 07:56 PM

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QUOTE(AVFAN @ Jan 6 2015, 07:25 PM)
not at all.
where u were in 1997?
usd/rm = 3.80. fd rates >10%.
the big question to ask now is what will help strengthen rm and if these elements are there or will happen?
*
I see a lot of elements that weaken the RM only
tohtiengchiah
post Jan 6 2015, 07:57 PM

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I am think it will go down to RM 4 to 1 USD by end of the year.
Bonescythe
post Jan 6 2015, 08:24 PM

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If u are dam kaw rich.. u can open a priority banking services which offer DCI (dual currency investment)

Then u bank in your RM, and u can ask your Relationship manager to buy into all USD without a question ask like money changer does. No cap.

second option is.

open a foreign future account with cimb. Bank jn the ringgit malaysia, and ask dealer or future broker to permanently changed it to USD.. also no question ask no matter how big is it.


nexona88
post Jan 6 2015, 08:36 PM

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QUOTE(Bonescythe @ Jan 6 2015, 08:24 PM)
If u are dam kaw rich.. u can open a priority banking services which offer DCI (dual currency investment)

Then u bank in your RM, and u can ask your Relationship manager to buy into all USD without a question ask like money changer does. No cap.

second option is.

open a foreign future account with cimb. Bank jn the ringgit malaysia, and ask dealer or future broker to permanently changed it to USD.. also no question ask no matter how big is it.
*
good idea rclxms.gif

u have done it before brows.gif
howszat
post Jan 6 2015, 09:34 PM

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The current RM drop is due to oil price.

It will be volatile for the next 2 to 12 months (my guess).

I thought DCI is open to everyone?

But let's say it's available to you, and you make use of it.

Unless you have a reasonable idea of what's happening to currency exchange, you are doing nothing more than placing your bets at the casino.
Bonescythe
post Jan 6 2015, 10:02 PM

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QUOTE(nexona88 @ Jan 6 2015, 08:36 PM)
good idea  rclxms.gif

u have done it before  brows.gif
*
brows.gif

I done it before or not.. i dun wanna let you know... let u speculate smile.gif

brows.gif

This post has been edited by Bonescythe: Jan 6 2015, 10:03 PM
[Ancient]-XinG-
post Jan 6 2015, 10:52 PM

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QUOTE(AVFAN @ Jan 6 2015, 07:25 PM)
not at all.
where u were in 1997?
usd/rm = 3.80. fd rates >10%.
the big question to ask now is what will help strengthen rm and if these elements are there or will happen?
*
Dun understand why they put fd rate more than 10that time.. can explain?
SUSxeda
post Jan 6 2015, 10:56 PM

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People panic when they see MYR is weakening, but in reality, have you guys actually analyse and look at how it will affect you? Most of the people won't be affected unless MYR goes down the drain to a level that is so low, like MYR 5/USD or something.

That will never happen, as soon as the MYR goes down so low, the government will just peg it at a point, they've done it before previously.

And if you're trying to make a quick buck from the decline, let's do some simple calculation eh.

Now it's MYR 3.55/USD. So let's say you buy MYR 20k worth of USD now. You'll get USD 5,633.80.

So we assume MYR will go down to MYR 3.8/USD - this was the rate back in 2005/2004 - around 10 years ago. How much would you gain?

It's interesting to note that back when MYR was around 3.8/USD, the average Malaysian was still living normally, nobody died of hunger or couldn't survive or anything like that.

USD 5,633.80 x 3.8 = MYR 21,408.

So with MYR 20k, you get around 1.4k profit, around 7%. That is the best case scenario. What if you missed the selling window, and the MYR goes back up? Forex is a highly fluctuating and speculating investment.

So before jumping up and buying USD and all, you better be prepared. Does the profit outweigh the risk? Up to your personal appetite.
AVFAN
post Jan 6 2015, 11:23 PM

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QUOTE(Ancient-XinG- @ Jan 6 2015, 10:52 PM)
Dun understand why they put fd rate more than 10that time.. can explain?
*
it's not that the banks want it, but market forces demand it. until u put capital controls.

the rm was freely traded overseas before. when the currency attack got underway, the rm was heavily sold overseas.
overseas banks were offering 15-20% int for rm becos they know the result will be the rm will lose 30% value or so when it is done.
thai baht, indon rupiah same result.
i can tell u at that time, some people were carrying bags of rm on the plane to deposit offshore.

actually even now, weak economy countries have int rates >10% like brazil, argentina, nigeria, russia.

u can read more here as to how it happend - credit bubbles, hot money, etc...
http://en.wikipedia.org/wiki/1997_Asian_financial_crisis

This post has been edited by AVFAN: Jan 6 2015, 11:25 PM

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