Tigershark1976 Turbocharged May 14, 2013 Share May 14, 2013 My friend wanted to change 200K+ worth of ringgit for his father medical fees. He dont feel comfortable bring in so much cash (dont think anyone would carry so much cash around even in SG), so, he intended changing ringgit at the bank and ask the bank to issue a cheque so that he could pass to his mother to deposit at Mal bank. Any idea which local bank sell ringgit? He check with POSB & DBS and found that the 2 doesnt sell ringgit ( I was quite surprise to hear that).... ↡ Advertisement Link to post Share on other sites More sharing options...
Flyerking 3rd Gear May 14, 2013 Share May 14, 2013 Why so troublesome? Remit the money over to the malaysia bank from spore. He cannot bring so much cash across custom either. Either he get robbed at custon or robbed at jb. Link to post Share on other sites More sharing options...
Wt_know Supersonic May 14, 2013 Share May 14, 2013 (edited) use remittance ... !!! if you dare ... use money changer remittance (split to $60k/$60K/$80K on 3 days if worried) ... better rate and the other party get it immediately or the next day any remittance above $10K, remittance fees are waived Edited May 14, 2013 by Wt_know Link to post Share on other sites More sharing options...
Blackyv Turbocharged May 14, 2013 Share May 14, 2013 Just open a maybank account in sg, bank in the money, than transfer the money over to maybank Malaysia account.. Link to post Share on other sites More sharing options...
Solar Turbocharged May 15, 2013 Share May 15, 2013 another option is CIMB. it is also a malaysian bank. and yes, malaysian banks allow you to transfer funds from one account in SG to the other in MY. Link to post Share on other sites More sharing options...
Watwheels Supersonic May 15, 2013 Share May 15, 2013 (edited) My friend wanted to change 200K+ worth of ringgit for his father medical fees. He dont feel comfortable bring in so much cash (dont think anyone would carry so much cash around even in SG), so, he intended changing ringgit at the bank and ask the bank to issue a cheque so that he could pass to his mother to deposit at Mal bank. Any idea which local bank sell ringgit? He check with POSB & DBS and found that the 2 doesnt sell ringgit ( I was quite surprise to hear that).... Call up both the banks on Telegraphic Transfer or TT for short. http://en.wikipedia.org/wiki/Telegraphic_transfer They will guide you on how to do the transfer. No need so troublesome to do exchange or remittance. Remittance also got to bring money to their counter and mostly foreign worker does that. Imagine your friend holding on to so much money and surrounded by FWs. TT very easy to do and safe, you dun have to bring cash here and there. Of course there's a transfer fee. Edited May 15, 2013 by Watwheels Link to post Share on other sites More sharing options...
Kangadrool Supersonic May 15, 2013 Share May 15, 2013 My friend wanted to change 200K+ worth of ringgit for his father medical fees. He dont feel comfortable bring in so much cash (dont think anyone would carry so much cash around even in SG), so, he intended changing ringgit at the bank and ask the bank to issue a cheque so that he could pass to his mother to deposit at Mal bank. Any idea which local bank sell ringgit? He check with POSB & DBS and found that the 2 doesnt sell ringgit ( I was quite surprise to hear that).... I love Maybank. See this: http://info.maybank2u.com.sg/personal/depo...emittances.aspx Link to post Share on other sites More sharing options...
Tianmo Hypersonic May 15, 2013 Share May 15, 2013 Call up both the banks on Telegraphic Transfer or TT for short. http://en.wikipedia.org/wiki/Telegraphic_transfer They will guide you on how to do the transfer. No need so troublesome to do exchange or remittance. Remittance also got to bring money to their counter and mostly foreign worker does that. Imagine your friend holding on to so much money and surrounded by FWs. TT very easy to do and safe, you dun have to bring cash here and there. Of course there's a transfer fee. I think RM cannot TT..............bank will convert SGD into USD...........reach KL convert from USD into RM...........two exchange lost involve...........but I agree TT still the easiest...... [laugh] Link to post Share on other sites More sharing options...
Donut Supercharged May 15, 2013 Share May 15, 2013 My friend wanted to change 200K+ worth of ringgit for his father medical fees. He dont feel comfortable bring in so much cash (dont think anyone would carry so much cash around even in SG), so, he intended changing ringgit at the bank and ask the bank to issue a cheque so that he could pass to his mother to deposit at Mal bank. Any idea which local bank sell ringgit? He check with POSB & DBS and found that the 2 doesnt sell ringgit ( I was quite surprise to hear that).... Maybank or CIMB. you can deposit S$ into SG Maybank account here, and you can draw out RM$ in Malaysia Maybank, from the same account. Thousands of MY workers in SG. The banking system has become advanced liao.... no more old days where u carry cash and cross borders. Link to post Share on other sites More sharing options...
Porker Turbocharged May 15, 2013 Share May 15, 2013 My friend wanted to change 200K+ worth of ringgit for his father medical fees. He dont feel comfortable bring in so much cash (dont think anyone would carry so much cash around even in SG), so, he intended changing ringgit at the bank and ask the bank to issue a cheque so that he could pass to his mother to deposit at Mal bank. Any idea which local bank sell ringgit? He check with POSB & DBS and found that the 2 doesnt sell ringgit ( I was quite surprise to hear that).... Your friend don't happen to drive a Maserati and has 400k in the bank and named Sabbie right? Sorry I couldn't resist pulling this Link to post Share on other sites More sharing options...
Topspin 2nd Gear May 15, 2013 Share May 15, 2013 (edited) You can go to Travelex (now bought over by Western Union). Office is near DBS building Shenton way. For large amount of remittance in RM, they tend to offer better rates than say, Maybank. Because of MAS rulling, you need to be present in person at their office. Cannot do it online. For online, use Maybank but the amount is capped to a certain amount only. Edited May 15, 2013 by Topspin Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged May 15, 2013 Share May 15, 2013 I would just carry 20 pcs of $10k SGD over to Malaysia and change... But remember to bring along the SG bank withdrawal slip and keep the fx slip if wanna open bank account in Malaysia and deposit the 500+k rm in.. Link to post Share on other sites More sharing options...
Astro 1st Gear May 15, 2013 Share May 15, 2013 Do it via the remittance agent cuase I have done it before for 190K RM. I did in batches of 50-60K. They tend to give better rate as compared to the bank and a slight diff in exchange do multiply given the large sum. Did it over at the money changer cum remittance agent in Tampines, opp HDB office to be precise. If the sum is remitted today , the other party should receieved it by the afternoon of the next day.... Link to post Share on other sites More sharing options...
Sabian Turbocharged May 15, 2013 Share May 15, 2013 The issue here is RM is a capital controlled currency. Hence, local SG banks cannot quote you a rate since they cannot deal with it offshore (onshore being M'sia). Maybank SG circumvents this by getting their parent (Maybank MY) to agree on a daily rate for them. So when you step into Maybank SG and tell them you wanna remit RM200k, they can quote you the exact amount in SGD to hand over to them. For other banks in SG, what happens is they just remit the SGD to whichever MY bank account (is on your transfer form) and let the MY bank covert the SGD to RM at their SGD/ RM exchange rate (this rate will be quoted on the day the funds are credited to the MY account) So unless you already have an RM account in MY and can nego with a relationship manager to quote you a better rate on the day when the funds are in, go with Maybank SG if you want certainty of rate and funds being credited. Unless you have a trusted remittance agency, going to the remittance agencies (that the FWs go to) will only give you certainty of exchange rate but whether the funds will reach your beneficiary, is another matter. If the remittance agent run road, it's only a loss of SGD83k or so plus remittance charges. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged May 15, 2013 Author Share May 15, 2013 (edited) I send this topic to my friend and his answer is similiar to yours.. In SG, so far, he could only found Maybank that able to exchange ringgit. The rest of the bank doesnt offer ringgit. Problem his, Maybank exchange rate is ridicularsly high, .... even for account holders (both Mal & SG), he is lossing around 3% per 50K transfer (max amount per transaction) when comparing the rate with those money changer. I told him to consider himself whether to take the risk or to spend the $$$... Of course, remittance agent is another option.... where he could save a bit by doing it in smaller batches with diff agent.... but still, risk is there... Edited May 15, 2013 by Tigershark1976 Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged May 15, 2013 Author Share May 15, 2013 Your friend don't happen to drive a Maserati and has 400k in the bank and named Sabbie right? Sorry I couldn't resist pulling this hahaha.... no lah, he is quite poor thing... all these money are hard earn money with blood and sweat... savings for many years and got to use it all at 1 go due to his family commitment... He is not even driving a car in SG.. Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged May 15, 2013 Author Share May 15, 2013 I think RM cannot TT..............bank will convert SGD into USD...........reach KL convert from USD into RM...........two exchange lost involve...........but I agree TT still the easiest...... [laugh] can, but only Maybank do that (according to my friend findings), other than that, you can TT thru remittance agents or Singpost... Link to post Share on other sites More sharing options...
Tigershark1976 Turbocharged May 15, 2013 Author Share May 15, 2013 Maybank or CIMB. you can deposit S$ into SG Maybank account here, and you can draw out RM$ in Malaysia Maybank, from the same account. Thousands of MY workers in SG. The banking system has become advanced liao.... no more old days where u carry cash and cross borders. dont think it works in such a way... still need to even if you have Maybank acc in both Mal & SG. ↡ Advertisement Link to post Share on other sites More sharing options...
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