Moving to BRICS while dedollarize 🤦‍♀️ you can tell because now because when trading partners settlement now will be in different currency rather than USD

Back to 3.492 hehe

https://www.investing.com/currencies/sgd-myr

https://finance.yahoo.com/quote/SGDMYR=X/

MAS is defending the SGD now with dollar weaknesses and expect higher SGD this few weeks till the next Fed meeting

Hi Xander,... how would you know that MAS is defending the SGD now ?

You can tell based on their trade basket balance monthly

MAS policy is that their currency with major trade partners should not have too much movement and volatility as they are a trading nation through the Singapore dollar nominal effective exchange rate (S$NEER).

The upslope, downslope and mid band is closely guarded secret as they are protected to similar laws like ISA as closely guarded national secrets in Singapore

This post has been edited by xander2k8: Nov 25 2023, 12:04 AM

Thank you...

Break 3.50 today!

Short spike will go down again to 3.49 range but you can see USDSGD as SGD is testing 1.335 resistance now

Expect good SGD for this month 👏

I have about MYR50k+ sitting around, should I do 1 of the followings and what would be the implications? what would be a wiser choice?

1. Open FCA account in 1 of the banks and deposit it for appreciation

2. Go to Currency Exchange shop and exchange it to SGD

3. Go and apply a SG linked bank account and deposit

anyone can share their experience and thoughts about this?

depends on what u want to do.

1. if you just want to put for FD only, do item 1
2. item 2 is hard bcos once u get cold hard cash, hard to do anything in malaysia except sorok bawah bantal
3. item 3 u have more freedom to use that money in SG

1. Avoid
2. Avoid unless you want to travel down to SG to deposit your money.
3. No need go there. Can be done online. Suggest you do that, then open tiger brokerage seeing that moomoo is off limit to Malaysian for now. Then put into Fullerton SGD cash account. It will earn you 3.8%p.a

If I were new, I would :-

Chg into SGD at the currency exchange and bring the cash down to SG. Visit SG, see the malls, see Orchard Road. Open brokerage accounts at UOBKH, Phillips Securities and DBS Vickers. Then try to open a bank acct at one of the three local banks if you don't already have one. Open CDP acct...

Now no need to travel down. Can even open ocbc via online 👍🏻

• using remittance agent more convenient although you'll pay 2 sen premium per dollar. e.g., MV sells you S$1 @ RM3.30 but money match sells you S$1 = RM3.31-RM3.32
• if bring in S$20k physical cash (easier than you think, u just need 20 S$1k note, or 2 S$10k note) need to declare or not?
  
  
  https://www.ica.gov.sg/enter-transit-depart...travellers/CBNI

btw, it's more worth it to sell S$ and buy back RM via CIMB SG->CIMB MY. confirmed Midvalley cannot beat already

This post has been edited by Medufsaid: Dec 6 2023, 03:50 PM

No more SGD1k or 1k note. Highest denomination note is now SGD100 only.

nope... still legal tender. but very very inconvenient i feel. you have to declare your details to those MV money changer since it's more than the RM3k limit for MV changers



very inconvenient bcos by the time you finished your business bringing down $$$ physically, i already invested stocks in IBKR and earned back the 2 sen per S$1 that i lost to remittance

This post has been edited by Medufsaid: Dec 6 2023, 03:58 PM

Still legal tender but no distributed
https://www.businesstimes.com.sg/companies-...year-curb-money

This post has been edited by Ramjade: Dec 6 2023, 04:19 PM

Just wondering.. with current SGD/MYR conversion rate, is it still worthwhile to convert MYR to SGD and keep in SG FD promo?

what is cheap can go cheaper... during pandemic $topglov was RM6, then citibank predict it'll drop to RM3.50. u find out how much it's worth today.

you have to predict yourself if MYR will strengthen or get even weaker

I have been converting since 1mdb days. You decide yourself if you want to continue converting. For me, no brainer since last time what is expensive then was cheap now.

Kindly do yourself and your money a favour. If you want to convert, please don't park into FD unless your aim is wealth preservation. Waste if money to put into FD.

This post has been edited by Ramjade: Dec 7 2023, 04:48 PM