Currency Exchange

[samsungXP7]

Today manage to get 2.595 at nusa bestari money changer

[S|B3HSI@N]

Managed to get 2.605 at the money changer near the Petron Station and Indian Muslim restaurant in JB last night.

[samsungXP7]

Today can get 2.61 at bukit indah

[36SCE]

Singapore still cannot get 2.60, at least not in East area

[Goatslooter]

Singapore china town point only can get 258 max :mad:

[*FiReWoRkS*]

I generally find the rates in jb better than sg most of the times.

[sunhuan-con]

Lucky plaza quoted 2.575......very bad

[upmountain]

I am no expert in the business of forex exchange but could it be that due to the high demand for RM in S'pore at the moment, the S'pore money changers are lowering their selling rates in response to the higher demand? Like that they can earn more.

Now you can only get 2.57 - 2.58+ at the S'pore money changers when the real rates are like 2.63 - 2.64.

Whereas in M'sia, the M'sia money changers can offer better rates like 2.60 - 2.61 Perhaps this is because they want to buy and stock as much SG dollar as they anticipate the RM to continue to fall further? So their profit will not be based on selling the RM at a low exchange rate (like their S'pore counterparts) but they will earn from buying as much SG dollar they can and sell it when the SG dollar further appreciates.

Just a thought. Maybe bros who have experience in the forex industry can share with us if this is the case.

[36SCE]

One of the money changers interviewed on TV a few days ago claimed they have "old stocks" of Ringgit bought at higher cost so can't offer current rates as otherwise lose money.

Another interviewed on papers today claim they have to replenish their stocks more than once daily due to overwhelming demand.

Personally, I think its a sort of "cartel" and all of them have some agreement not to increase until someone breaks rank.

[Goatslooter]

JB- most of the money changer is selling at range from 260-261.:D

[Ecuader]

One of the money changers interviewed on TV a few days ago claimed they have "old stocks" of Ringgit bought at higher cost so can't offer current rates as otherwise lose money.

Another interviewed on papers today claim they have to replenish their stocks more than once daily due to overwhelming demand.

Personally, I think its a sort of "cartel" and all of them have some agreement not to increase until someone breaks rank.

Return +11

[36SCE]

Managed to get 262 at Nusa Bestari yesterday.

[coolbeng]

I managed to change 263 at the petron station in the JB old town that the building that is next to the petrol station need to go up a fleet of stair on the 1st floor run by Chinese. I chnGe 800. V gd rates.

You can up me and leave your nick. I will up u back to return the favors.

[Graven]

2 nights ago I got 2.593 at BKK exchange at Golden Mile. If u gotta change in Sg, I think they have consistently good rates for currencies not only Baht.

[Punder]

Parkway near the cupcake, 2.62. I changed 1k SGD

[coolbeng]

Latest! ppl now got 263.50rm for 100 sgD. Go to Maju ever shine SDn bhd, 19, jalan NB2 2/2 taman Nusa bestari2. 81300 sky dai JB, johor. Tel:07-554-2895. Please up my point if u can. The old town is the one old custom come out. The famous fish head curry? There got 1 caltex, 1 petron n1 shell petrol station all close by. Hope this thread help those brother who wan to change. CNY coming can change more.

[123easy]

The outlook is that the expected exchange rate will hit around 270... maybe not overnight, but that is the expected exchange rate

[OrlengJude]

Any idea what's the rate at City Square or KSL?

[123easy]

Got 263.50 at Permas Jays yesterday

[S_i_lent]

Price will increase further to 2.65. This should be a good time to change and keep it.

[throne]

Price will increase further to 2.65. This should be a good time to change and keep it.

I agree...

[36SCE]

I didn't know that if one were to change RM3,000 and above, you need to provide Personal Details to be recorded by Shop. Previously always change below RM3K each time but with improved rates, tried changing more and came across this requirement.

For bros that want to avoid leaving tracks, change up to max below 3K at one shop or go different shops to change if need more.

[123easy]

I didn't know that if one were to change RM3,000 and above, you need to provide Personal Details to be recorded by Shop. Previously always change below RM3K each time but with improved rates, tried changing more and came across this requirement.

For bros that want to avoid leaving tracks, change up to max below 3K at one shop or go different shops to change if need more.

Is this in SG or MY? Never had this in SG when I used to change S$5k each time...

[36SCE]

Is this in SG or MY? Never had this in SG when I used to change S$5k each time...

Its for exchange in Malaysia. Not Singapore

[6600]

I got 2.642 today.....

[FujiSan]

today rate at central


2.65

[laukk]

I changed yesterday at permas jaya 263 only.:(

[36SCE]

I didn't know that if one were to change RM3,000 and above, you need to provide Personal Details to be recorded by Shop. Previously always change below RM3K each time but with improved rates, tried changing more and came across this requirement.

For bros that want to avoid leaving tracks, change up to max below 3K at one shop or go different shops to change if need more.

The reason for this is Anti Money Laundering and Anti Terrorism. Applies if change in Malaysia. Believe S;pore should have similar act but not sure what is the maximum amount one can change without providing personal details.

[Grounded Eagle]

The reason for this is Anti Money Laundering and Anti Terrorism. Applies if change in Malaysia. Believe S;pore should have similar act but not sure what is the maximum amount one can change without providing personal details.

In SG it is above 5K then need to produce identification.

[iceboy]

Hi bro,

Upz u back. Thanks.

Iceboy


The reason for this is Anti Money Laundering and Anti Terrorism. Applies if change in Malaysia. Believe S;pore should have similar act but not sure what is the maximum amount one can change without providing personal details.

[laukk]

yesterday@0930 rate at woodlands town center 266. Johore permas baru was 267.chinatown point also 267 !!!! good to accumulate for future chiong use !!!!

[octman]

Yesterday nite change rate 265............after Malaysia custom, B point beside Money changer.......Think the rates will exceed 270 soon

[KohOnly21]

266.50 ang Mo Kio central block 702.

[mark_07]

any JB exchange rate update?

[funny_man]

http://www.raffles1.net/currency.php

Updated this morning is 2.659
Saudi King pass away this morning, oil price will go up, maybe will affect exchange rate. Change early before the market speculates...

[36SCE]

any JB exchange rate update?

On 22 Jan, most shops in JB offering 2.69

[localbest]

The few main reasons as to why the ringgit value will continuously depreciate are due to the fall in the oil price and the strong US dollar.

Oil price has drop from US$95 per barrel to US$45 per barrel. Malaysia depend heavily on oil export to other country to generate revenue for the country and the oil revenue constitute 33 % or one third of its total revenue.

Although some msian may think that the fall in the value of ringgit can help boost export but is msia a high exporting country like Japan or Korea.

Msia ringgit is the worst performing currency in asia last year as stated from the source and. Msia hold external debt of about 170 billion ringgit $170,000,000,000.00.

Putting money in ringgit is a no-no business because the interest that it offered is unable to cover the exchange rate loss. Therefore do not change too much surplus or else you will find your ringgit buying power gets weaker....

[36SCE]

Ringgit cannot keep falling. Million dollar question is how low will it go before it reaches bottom. As for me, I don't speculate in currencies. I just change in advance for couple of day trips spending.

[localbest]

Ringgit cannot keep falling. Million dollar question is how low will it go before it reaches bottom. As for me, I don't speculate in currencies. I just change in advance for couple of day trips spending.

As to when the ringgit will reach its lowest will depend on many internal and external factors like :

1) How fast the oil price stabilises as Malaysia is an oil export country.

2) Before the aviation disasters that had happened past few months ago, malaysian airline has already suffered a big loss due to its poor revenue management and rising fuel costs.

The company then suspended services to many locations due to poor occupancy rate. (if every trip has too few passenger then it will be flying at a loss in revenue).

However, after the disasters happened e.g. 3 incidents of Malaysia airline (2fatal and 1 non-fatal) MH370 and MH 17, Malaysian airline has suffered another great impact as it lost two Boeing 777 aircraft which is very expensive and they have to compensate for the damages. The company stock has also fallen by about 80% and ticket sales had also declined substantially.

There are also 3 incidents of airasia (1 fatal and 2 non-fatal) has contributed to the loss in revenue. Now majority of the Malaysian would rather take air-con bus or train or taxi or own transport back to their kampong and will not even consider taking a plane back to their hometown during Chinese new year as they lost confident with both airlines management.

3) Flood last month has caused many damaged to property and facility and infrastructure which needs to be repaired and funds to help the poor to build their homes. The amount the msia garmen spend on this will affect the ringgit as the debt becomes more.

4) US dollar always move in the opposite direction against the ringgit. When US dollar appreciate, ringgit value will fall. The worst was during the year 1998 when the asean economic crisis happen. At that time 1US$ = rm3.70. But as you can see now the value of us dollar is 1US$ = rm3.62 coming close to the value during the economic crisis. Now US dollar is appreciating and this is beyond the control of the msia govt.

5) 45% of the govt bond is owned by foreigner, therefore once there is selling off of the bonds, the value of ringgit will suffer more. Any negative news will cause foreign investors to lose confident and sell off their bonds and contribute to the fall in the ringgit value.

6) the fall in rubber price and palm oil price also reduce the revenue collected and in turn affect the value of the ringgit.

7) Has little foreign reserve and hugh debt unlikely to help the ringgit to a stabilise level.

[36SCE]

As to when the ringgit will reach its lowest will depend on many internal and external factors like :



Thanks for sharing the many possible scenarios. I'm just a simple tourist hoping the low Ringgit will remain for some time more whllst we continue to ensure our higher spending power in Malaysia :D

[newbie85]

Went a couple of days ago. Got 2.65, seems like they are expecting ringgit to rise a bit. Indeed it has.