Best Ways to Exchange SGD to MYR in 2023

Jul 7, 2024

Best Ways to Exchange SGD to MYR in 2023

Context

  • Presenter lived in Malaysia for 10 months.
  • Despite credit cards being widely accepted, cashless payment codes or cash are often needed.
  • Focus on finding the best rates to exchange SGD to MYR, especially for trips to Johor Bahru.

Commonly Mentioned Apps

  • YouTrip
  • Trust
  • Wise
  • These apps have been widely covered and are not the focus of this lecture.

Alternatives to YouTrip and Trust

  • Presenter's current focus is on under-discussed apps and methods.

IChange

  • Overview: Has one of the best exchange rates for SGD to MYR.
  • Features:
    • Close to Google spot rate.
    • Fast conversion.
    • Allows storage of MYR in the app.
    • Comes with a Mastercard (can be added to Apple Pay or Google Pay).
  • Limitations:
    • Cannot be used to top up e-wallets like Touch 'n Go or Grab.
    • Limited to merchant acceptance of Mastercard.
  • Promo: Use referral code CHONG268 to get $5 wallet credit.

Amaze Wallet

  • Overview: Good exchange rates; few multi-currency wallets allow MYR to be held.
  • Features:
    • Competitive rates, even on weekends.
    • Can be used to top up e-wallets like Touch 'n Go.
    • Physical card for Apple Pay users; Google Pay supported.
  • Limitations:
    • Recent charge for topping up the Amaze Wallet.

CIMB Bank Transfers

  • Overview: Competitive rates; bank-to-bank transfer ensures safety.
  • Process:
    • Open both CIMB SG and MYR accounts in one appointment.
    • Physical presence needed for account setup.
    • Use CIMB mobile app for instant transfers.
  • Benefits:
    • Pay Malaysian merchants directly via DuitNow without topping up other wallets.
  • Requirements:
    • Need NRIC, passport, and other IDs.
  • Limitations:
    • Account can only be opened from the Singapore CIMB branch.

Summary

  1. IChange Wallet: With Mastercard; great for direct payments.
  2. Instarem Amaze: Great for exchange rates and e-wallet top-ups; avoid top-up fees when possible.
  3. CIMB Bank Transfer: Secure, competitive rates; enables direct payments in Malaysia.

Additional Resources

  • Join HoneyMoneySG Telegram group for credit card and travel spending strategies.
  • Webull Singapore for low-commission trading and bonus rewards.

Full transcript