Tag Archives: MYR

MYR/SGD Currency Exchange Rate

I think most of the travelers know the process of exchanging some of home currency into a foreign currency when they travel oversea, and then reversing the process when they’re back. Money changer is the one that provides currency exchange service. And, they will earn a significant amount in each trade by taking advantage of currency spreads.

The service fees are often masked by the exchange rates applied to currency transactions. We as a consumer can do some advance planning to ensure that we receive the best possible rate and pay less service fees for our money exchanges.

I have exchanged my home currency MYR500 into foreign currency SGD207.45 with the exchange rate of 2.41 two days ago. During that period, the money changer buying rate was 2.37 and I made some analysis on their charges for each trade. Based on my observation, I just can tell that the actual cost might be 2.39 in order to match their earning profit. So, basically the charges will be:

This also means that their service charge is about 0.5-1%. Do you know why? Let’s take my example below:

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Ringgit Malaysia Hits High of 3.15 against US Dollar

The US dollar was one of the strongest currencies in the market with millions of people using them but however, they are now losing against Asian countries such as Malaysia, Singapore and etc.

usd against myr

Based on my personal analysis, the Malaysian Ringgit (MYR) against the US Dollar is at its strongest in the beginning of April if compared with the previous months with it reaching MYR 3.21.

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