Transferring Ringgit from MY to SG

[MrHighlander]

Hello, I have some ringgit with Maybank in Malaysia. Am looking to transfer the ringgit into Singapore (ok for it to be either in ringgit, or in SGD when it hits Singapore).

Any idea on what’s the cheapest way to do this ? I am ok with doing lump sum transfer, or small transfers each day. Most important is lowest transfer cost and ok forex rate.

TQ

 

[really_noob]

Might as well bring the cash back to SG and change with your family and friends who frequent Malaysia a lot. Give them a rate better than money changer, they sure bite. Whether that rate is acceptable to you, that's for you to decide.
There's higher demand for SGD to MYR for the normal consumer.

 

[flikmy]

Might as well bring the cash back to SG and change with your family and friends who frequent Malaysia a lot. Give them a rate better than money changer, they sure bite. Whether that rate is acceptable to you, that's for you to decide.
There's higher demand for SGD to MYR for the normal consumer.

It might be the cheapest way when you don't have much to change. However, if you want to change tens or hundreds of thousands, it's going to be a lot harder to do this.

I think CIMB has pretty good rates transferring from CIMB SG to CIMB MY. I guessing they have something similar for the other way. There's also other non-bank transfer services like TransferWise. You can probably google to see what you're comfortable with.

 

[MrHighlander]

You can transfer from SG to MY via Transferwise, but not the other way around.

MY is a difficult currency to move out

It might be the cheapest way when you don't have much to change. However, if you want to change tens or hundreds of thousands, it's going to be a lot harder to do this.

I think CIMB has pretty good rates transferring from CIMB SG to CIMB MY. I guessing they have something similar for the other way. There's also other non-bank transfer services like TransferWise. You can probably google to see what you're comfortable with.

 

[peppermint7]

what I'm doing now is via maybank foreign telegraph transfer. but there's a cap to 30000 rgd per transfer. https://www.maybank2u.com.my/mbb_in...sTransfers&chCatId=/mbb/Personal/ACC-Accounts

 

[Urbanchap]

what I'm doing now is via maybank foreign telegraph transfer. but there's a cap to 30000 rgd per transfer. https://www.maybank2u.com.my/mbb_in...sTransfers&chCatId=/mbb/Personal/ACC-Accounts

This transfer is FX into SGD in your SG account, right?

 

[funky05]

Hello, I have some ringgit with Maybank in Malaysia. Am looking to transfer the ringgit into Singapore (ok for it to be either in ringgit, or in SGD when it hits Singapore).

Any idea on what’s the cheapest way to do this ? I am ok with doing lump sum transfer, or small transfers each day. Most important is lowest transfer cost and ok forex rate.

TQ

How much ringgit are we talking about here ? Rm500k?

When I sold my property at Penang , I sold off the ringgit to my relatives in SG.. takes longer but will be sold out.

 

[peppermint7]

This transfer is FX into SGD in your SG account, right?

transfer wat i have in Ringit to my Singapore Maybank acc. receiving in Sing Dollar. the exchange rate can be seen here https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/rates/forex_rates.page

Maybank acc in Malaysia will b charged $10 ringgit. over at Singapore another S$10. usually if u transfer in the morning. able to receive by late afternoon

 

[peppermint7]

this is another possible way i yet to explore https://www.maybank2u.com.my/mayban...fer/overseas/foreign_telegrapic_transfer.page

stated no limit over the counter.

 

[cook123]

Use Maybank I think is best way

 

[MrHighlander]

The $10 over at Singapore is SGD10? And the $10 over at Malaysia is RM10?

transfer wat i have in Ringit to my Singapore Maybank acc. receiving in Sing Dollar. the exchange rate can be seen here https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/rates/forex_rates.page

Maybank acc in Malaysia will b charged $10 ringgit. over at Singapore another S$10. usually if u transfer in the morning. able to receive by late afternoon

 

[Battery Operator]

The $10 over at Singapore is SGD10? And the $10 over at Malaysia is RM10?

That's right.

Today's exchange rate is at 3.0450 (Money changer's rate around 3.0050, buy SGD)

 

[Aion99]

Don't need to use Transferwise.
Maybank, OCBC, UOB Malaysia ATM Cards can be used directly in respective SG ATM to withdraw SGD. CIMB also can but only got a few ATM machine in SG.
Example, you can insert OCBC Malaysia ATM card to local OCBC ATM to withdraw SGD from your MYR account.

Advantage: Instant withdraw SGD from your MYR account free of charge
Cons: Daily limit of RM5000, not sure if you can increase the ATM withdrawal limit?
Exchange rate: Sometimes even better than TT rate.

Assume you have ringgit on ALL of the four banks mentioned, you can withdraw RM20K per day.

 

[peppermint7]

Don't need to use Transferwise.
Maybank, OCBC, UOB Malaysia ATM Cards can be used directly in respective SG ATM to withdraw SGD. CIMB also can but only got a few ATM machine in SG.
Example, you can insert OCBC Malaysia ATM card to local OCBC ATM to withdraw SGD from your MYR account.

Advantage: Instant withdraw SGD from your MYR account free of charge
Cons: Daily limit of RM5000, not sure if you can increase the ATM withdrawal limit?
Exchange rate: Sometimes even better than TT rate.

Assume you have ringgit on ALL of the four banks mentioned, you can withdraw RM20K per day.

Are you referring to this
https://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=ACC-Accounts&cntTypeId=0&programId=ACC08.02-RegionalServices&cntKey=ACC08.02.04&chCatId=/mbb/Personal/ACC-Accounts

This one state got $12 fee for every successful transaction

 

[peppermint7]

The $10 over at Singapore is SGD10? And the $10 over at Malaysia is RM10?

Correct. The fee will be charged straight away upon transfer. For e.g. u transfer over S$3000. U will only receive S$2990

Over at maybank Malaysia acc. A RM$10 is deducted instantly too

 

[Aion99]

Are you referring to this
https://www.maybank2u.com.my/mbb_in...CC08.02.04&chCatId=/mbb/Personal/ACC-Accounts

This one state got $12 fee for every successful transaction

Not related with NETS at all

https://www.maybank2u.com.my/mbb_in...alServices&chCatId=/mbb/Personal/ACC-Accounts

 

[peppermint7]

Not related with NETS at all

https://www.maybank2u.com.my/mbb_in...alServices&chCatId=/mbb/Personal/ACC-Accounts

so meaning daily one can withdraw about S$1600 without paying any fee? that is a really good recommendation thank you so much for the input

 

[Aion99]

so meaning daily one can withdraw about S$1600 without paying any fee? that is a really good recommendation thank you so much for the input

You need enable overseas atm withdrawal. By default, it is disabled. You can test withdraw SGD20 first to see got any fees? and also can estimate the exchange rate by refer to the RM deducted for this SGD20.

Maybank I never withdraw before but UOB and OCBC is really no extra fees. Also must withdraw from the same bank. Cannot use Maybank Malaysia ATM card and go DBS to withdraw.

 

[MrHighlander]

Anyone tried this route of Maybank withdrawal before to see if there’s any fees ?

You need enable overseas atm withdrawal. By default, it is disabled. You can test withdraw SGD20 first to see got any fees? and also can estimate the exchange rate by refer to the RM deducted for this SGD20.

Maybank I never withdraw before but UOB and OCBC is really no extra fees. Also must withdraw from the same bank. Cannot use Maybank Malaysia ATM card and go DBS to withdraw.

 

[peppermint7]

You need enable overseas atm withdrawal. By default, it is disabled. You can test withdraw SGD20 first to see got any fees? and also can estimate the exchange rate by refer to the RM deducted for this SGD20.

Maybank I never withdraw before but UOB and OCBC is really no extra fees. Also must withdraw from the same bank. Cannot use Maybank Malaysia ATM card and go DBS to withdraw.

Thanks for the info indeed