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.

??? I dun understamd dude. So is money changer the only way?

RM3.55 for 1 USD. This is ridiculous 

RM3.55 for 1 USD. This is ridiculous 

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?

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 

u have done it before 

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?

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?

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.

In 1998, USD/MYR was at its lowest of 4.40.

Last time it falls to RM4.40 but the government have enough reserved to circulate the money .. till now RM ever got to 3.0 = 1usd. Last time it was like 2.7 = 1usd. How many years now and we still can't recover below 3.0 = 1usd.
And now with all the shits that happen .. I doubt we can recover to 3.0 or yet we might go 5.0 = 1usd and stay there for a couple of years.

In 1998, USD/MYR was at its lowest of 4.40.

Read somewhere that the reserve then was only USD30 billion but now is USD110 billion.

Last time it falls to RM4.40 but the government have enough reserved to circulate the money .. till now RM ever got to 3.0 = 1usd. Last time it was like 2.7 = 1usd. How many years now and we still can't recover below 3.0 = 1usd.
And now with all the shits that happen .. I doubt we can recover to 3.0 or yet we might go 5.0 = 1usd and stay there for a couple of years.

yes, it was. i just don't remember how low except it was pegged at 3.80 eventually.

usd125bil.
http://www.tradingeconomics.com/malaysia/f...change-reserves
before 1997, it was 2.50 for a long time, when sgd/rm = 1. now, sgd = rm2.67.

seems our gomen doesnt want the rm to appr but rather happy to see it depreciate in a controlled manner. if not,why wud bnm not intervene now with so much reserves... unless they want it that way - help exports which are hurting now. now, that in turn hurt the consumers having to pay higher prices in rm. even food and basic stuff, how much is produced locally, how much imported? my feeling is over the decades, we hv been producing less n less, importing more n more...? add base inflation, gst, etc = more pain!!

peg... if it is that easy, everyone will peg 1:1 to usd, everybody eat McD or huge steak for same price!! an economy like many around the world, that consumes, use debt easily n quickly, waste resources, does not produce/export much, low productivity popn = eventually get a weak currency, people poor. compare usa/germany/south korea/singapore vs india/russia/turkey/argentina.
so... i see few reasons for rm to strengthen anytime soon. crude price recover... ya, maybe 1-2 yrs? meanwhile, i wud expect rm to decline further. 3.80 is not unreal, imo. and gomen may just be happy with it...?

That's why BNM doesn't make a move until now.

Dun understand why they put fd rate more than 10that time.. can explain?

I honestly think that many people here are panic over for nothing. The government is obviously monitoring the situation and I do not think that government would allow USD 1 = MYR4 to happen.

Instead of worrying this and that, why not just move to SG and work then? SGD is rising up now.

Panic is one thing..
but i think it is not about panic.. it is about punter/trader/hedgers taking opportunity to profit from this situation.

bystander see and comment comment only lor..

yes, it was. i just don't remember how low except it was pegged at 3.80 eventually.

usd125bil.
http://www.tradingeconomics.com/malaysia/f...change-reserves
before 1997, it was 2.50 for a long time, when sgd/rm = 1. now, sgd = rm2.67.

seems our gomen doesnt want the rm to appr but rather happy to see it depreciate in a controlled manner. if not,why wud bnm not intervene now with so much reserves... unless they want it that way - help exports which are hurting now. now, that in turn hurt the consumers having to pay higher prices in rm. even food and basic stuff, how much is produced locally, how much imported? my feeling is over the decades, we hv been producing less n less, importing more n more...? add base inflation, gst, etc = more pain!!

peg... if it is that easy, everyone will peg 1:1 to usd, everybody eat McD or huge steak for same price!! an economy like many around the world, that consumes, use debt easily n quickly, waste resources, does not produce/export much, low productivity popn = eventually get a weak currency, people poor. compare usa/germany/south korea/singapore vs india/russia/turkey/argentina.
so... i see few reasons for rm to strengthen anytime soon. crude price recover... ya, maybe 1-2 yrs? meanwhile, i wud expect rm to decline further. 3.80 is not unreal, imo. and gomen may just be happy with it...?

damn man i just wanna know how to switch my MYR to USD beside money changer...why suddenly so many discussion..

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.

Money changer spread is actually very low....definitely less than 1%

SGD  SINGAPORE DOLLAR  2.645  2.660        2.66/2.645 = only 0.57%

SD  US DOLLAR  3.535  3.565              3.565/3.535 = only 0.85%

I went for overseas hol last mth and if I were to exchange back the USD$ to RM which I still have leftover, I would have made over 8% profit

thanks for info, haven't been to money changer in a long time!

that is probably among the better ones.

better buy imported from USA goods now before they increase price

there must be so many ways available now.

go to bank and ask for multi currency account.

go to investment bank and ask for foreign trading.

not sure how much is required before they will accept your application though. for example,

http://www.rhb.com.my/deposits/multi-currency/mc_main.html

you want to open foreign trading account?
can pm me for details.

WA.. u apa pun ada punya oo

Dun understand why they put fd rate more than 10that time.. can explain?

damn man i just wanna know how to switch my MYR to USD beside money changer...why suddenly so many discussion..

anyone frequent to money charger? is it money charger don't like to publish their rate on a board for public viewing in their business premise but inside their own office instead? i know bank publish their rate for public viewing.

That's why BNM doesn't make a move until now.

Malaysia’s Foreign Reserves Fall 14 Percent to Lowest Since 2011
By Liau Y-Sing  Jan 8, 2015 6:42 PM GMT+0800  0 Comments  Email  Print

Malaysia’s foreign-exchange reserves dropped to the lowest level since March 2011, a sign the central bank may have intervened to stem a slide in Southeast Asia’s worst-performing currency.

The holdings fell 14 percent to $116 billion as of end-December from a year earlier, Bank Negara Malaysia data showed today. They declined 4 percent from the previous fortnight. The ringgit has weakened 10 percent since June and dropped to a five-year low of 3.5862 a dollar yesterday. It closed 0.4 percent higher at 3.5665 in Kuala Lumpur today.

A slide in global crude prices has put pressure on the ringgit, posing a revenue risk for oil-exporting Malaysia, which is seeking to lower the fiscal deficit to 3 percent of gross domestic product in 2015 from 3.5 percent. The central bank may have intervened in the first two weeks of December to stem the currency’s slide, UBS AG strategists including Gareth Berry wrote in a research note earlier today.

Malaysia’s foreign reserves were supported by a bigger current-account surplus and foreign direct investment inflows in 2014, Bank Negara said in a statement. The holdings can finance 8.4 months of retained imports and are 1.1 times the short-term external debt, it said.

“The reserves are expected to remain ample in 2015, supported by trade and investment inflows,” Bank Negara said.

Debt Holdings

The central bank told local lenders last month to guard against speculation in its currency. All short-dated transactions requiring the exchange of ringgit for a foreign currency must be backed by documentation, Bank Negara Malaysia said in a Dec. 4 statement.

Concern about the nation’s finances is already starting to show in the local-currency debt market, where global funds reduced holdings of Malaysian government and corporate debt in November by 5.8 percent, the most since September 2011, to 236.5 billion ringgit ($66.2 billion), official data showed Dec. 31.

The impact on the ringgit from the drop in oil is “amplified by the heavy foreign presence” in bonds and equities, the UBS report said. Valuation effects will distort today’s reserves numbers, magnifying any drop, as the dollar rally into year-end lowered the U.S. currency value held in other currencies, it said.
http://www.bloomberg.com/news/2015-01-08/m...since-2011.html

here we go:
let's hope there is enough to intervene n not let it go beyond 3.60!

If you just want to change, money changers are the easiest.

If you are afraid of RM losing its value against USD, hedge it by investing in US denominated treasuries or other equities like stocks.  But note the risks involved.

One can hedge against RM through investing in stock market as well on those company that potential benefited from the lower RM exchange, typically company doing export and received payment in USD.

Why do you guys think Najib met with Obama recently?? and why it was more important for him to do so than to attend to the Floods?
OPEC controlled by the Saudis is causing a proxy attack on Russia and Iran by dropping oil to below $50/barrel. USA are placing huge pressure on the economies of those rogue countries. Unfortunately, Msia is an innocent bystander. Do not panic, once this attack on their economy sinks in, Msia and its starving population will be the first to receive food aid from USA...

USD to MYR stuck in 3.57 many days. oh gosh

One thing for sure, the coming year of goat will be more costly one as imported stuff price is higher now. Even for IT stuff. The price keep on increasing when it always gone down before. Now is trying to think what will benefit when RM is down beside changing to US$. Will Malaysian government borrowing rate will go up?

My hobby already hit since December when the pre-order kit price raise by RM10-15 each kit and shipment switch to surface to save cost due to rising US$. Daiso shop - if you buy from aboard one will notice it cost 6% higher after exchange to RM when it suppose to be RM5/= all over the world. Hopefully,it can be even out by dropping petrol price. I switch to RON 97 to clean my old engine! I hear many immigrants is heading this way due to starvation and rising rice price along the border of bangla-myanmar border. No way one can stop starving people. I think we can deposit into US dollar account at our local bank like UOB etc. They also have Aus and NZ dollar too. If have extra $$$ then can open one as it similar to fd but it have higher risk too due to exchange rate. I once put 5K into Am currency II and after maturity - it lost money but it capital protected so I still get RM19/= for my two year.

my concern is food and medicine prices.

we grow little food, import mostly.
and there are >5mil foreign workers eating everyday and needing medicines too.
add gst in april, it will not be pretty.

how to hedge/benefit from low rm...?
some have suggested getting stock of usd exports cos. like glove n condoms but i dun see their stock prices escalating with such poor sentiments now.
ok, one idea- buy pc, ipad, iphone, imported goodies quick!

Usd 1 to rm3.67 now In all Forex Malaysia.
they are selling myr hard to buy USD.

u started this thrread in jan, 3.57

u must be one happy person.

not 3.67, should be 3.70.

try tmrw. maybe 3.73!

Dollar at 12-year peak vs euro, emerging markets spooked

The prospect of rising U.S. yields threatened to draw funds away from emerging markets, causing strains from Brazil to Turkey. The Brazilian real led the rout, having fallen for the sixth straight session.

The pressure then spread through Asia and Africa with the South Korean won hitting its lowest since late August 2013, the Singapore dollar since 2010 and South Africa's rand in 13 years.

Eastern Europe was also heavily in the red. Selling accelerated for Poland's zloty, the Czech crown, Romania's leu and Hungary's forint while MSCI's main emerging market stock index fell for its eighth day running.

"At times like these it is really the currency moves, nobody really cares about the carry anymore," said Jeffries emerging markets strategist Richard Segal.
http://www.theedgemarkets.com/my/article/d...markets-spooked

not only rm. many other currencies too.

not sure what to think... maybe another global currency-oil crisis looming?

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.

so its a good time to hold some aud/yen at this point? I spend a lot of US dollars and this exchange rate is killing me

this is always the question - is it too early or too late to do it now?

nobody knows... but we do know:

.. just about all currencies have declined against usd incl aud n yen.
.. aud has not fared better than rm; worse, in fact.
.. aud recovery will have to come from strong demand in commodities incl iron ore which looks unlikely for now.
.. there has been scanty reports of some usd profit taking of late
.. us int rate hike now expected in june but is not a sure thing, may be later
.. "buy on the rumur, sell on the news"?!

if u spend usd regularly, why bother with aud or yen? why not just buy n hold usd?

10 Mar 2015 06:50 UTC - 11 Mar 2015 06:55 UTC
USD/MYR close:3.70295 low:3.68850 high:3.72175

That will not happened. Ringgit will be pegged.

so sad to see ringgit keep devalued. I believe those msian who earn sgd are laughing to the bank as always.