Transferring Ringgit from MY to SG

[peppermint7]

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

i have to go Malaysia to activate my card 1st then can try

 

[Battery Operator]

ATM cash withdrawal

Today I went to Maybank Singapore branch at Tampines to do a test run, to withdraw S$100 cash using my Maybank (M) debit card.

Confirm no service fee. My account in Malaysia was debited for RM 304.80
Exchange rate of the day from this link:

https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/rates/forex_rates.page

Can safely assumed that it works the same with ATM cash withdrawal in Malaysia using Maybank (S) ATM Card, ie no Service Charge.

 

[peppermint7]

Today I went to Maybank Singapore branch at Tampines to do a test run, to withdraw S$100 cash using my Maybank (M) debit card.

Confirm no service fee. My account in Malaysia was debited for RM 304.80
Exchange rate of the day from this link:

https://www.maybank2u.com.my/maybank2u/malaysia/en/personal/rates/forex_rates.page

Can safely assumed that it works the same with ATM cash withdrawal in Malaysia using Maybank (S) ATM Card, ie no Service Charge.

Wow! thanks for the info

 

[MrHighlander]

Guys, not that great a deal.

I just checked -xe rate now is 3.016. The Maybank rate for notes is 3.061. That’s a steep 1.5% of the xe rate. Pretty ridiculous

So if you withdraw SGD1600, you are paying Maybank a fee of SGD24.

 

[alamakazim]

I believe some Malaysian constantly bring money back... Can find some JB colleagues bah

 

[peppermint7]

Guys, not that great a deal.

I just checked -xe rate now is 3.016. The Maybank rate for notes is 3.061. That’s a steep 1.5% of the xe rate. Pretty ridiculous

So if you withdraw SGD1600, you are paying Maybank a fee of SGD24.

as compared to the trouble of going all the way to Malaysia to withdraw and bring back to exchange at money changer, it saves a lot of time and travel expenses. unless u have trusted ppl around you to exchange with. or unless other banks can offer better rates. else I think withdrawal via ATM is still a good offer

 

[romeo88]

Open a bank account in MY

Hi, related topic...

What bank in Malaysia I can open an account with, for non-Malaysian and no business whatsoever in MY ?

 

[TradeHippo]

Sorry to bump up this thread.... I am still looking for a good deal... still find that withdraw Ringgit in Malaysia physically gives me the best rate... going through banks just charges me 1% more than physically bringing it back

 

[winthestone]

Did you go to Raffles?

 

[cscs3]

Guys, not that great a deal.

I just checked -xe rate now is 3.016. The Maybank rate for notes is 3.061. That’s a steep 1.5% of the xe rate. Pretty ridiculous

So if you withdraw SGD1600, you are paying Maybank a fee of SGD24.

This is their admin fee plus profit. If you go withdraw personally, you probably spent more on transportations.

 

[TradeHippo]

Sorry to bump up this thread.... I am still looking for a good deal... still find that withdraw Ringgit in Malaysia physically gives me the best rate... going through banks just charges me 1% more than physically bringing it back

Only know that transferwise is cheaper than bank but you have to be Malaysian citizen to use this service

 

[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.

Just to update. My relative went to check with Maybank Malaysia branch. They say maximum withdrawal is 10k Ringgit aka S$3k+ per day

 

[MrHighlander]

That’s great

Can Singaporean working and residing in Singapore open bank account in MY banks (Maybank, CIMB, UOB MY, OCBC MY)?

 

[Sy@rip@h]

yes its true... probably bring the ringgit here and find best rate to change cashchanger.co/singapore/myr-to-sgd?val=10000&valtype=have