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Best Exchange Rates Malaysia

Compare & Save on Malaysian Ringgit (MYR) Exchange Rates from leading foreign exchange providers in Malaysia

 

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Compare the actual market exchange rates

Foreign Transfer ProvidersReceive USD($)Exchange RateFee MYRTotal CostDeal Links
OFX logo
2,401 USD0.24010 for BER users (normally $15)1.19%
Maybank International Money Transfers
Maybank logo
2,321.55 USD0.2345RM1004.46%
OCBC Bank International Money Transfers
OCBC Bank logo
2,321.55 USD0.2345RM1004.46%
United Overseas Bank International Money Transfers
United Overseas Bank logo
2,321.55 USD0.2345RM1004.46%
Banks - Average Rate
Citibank logo Maybank logo HSBC logo OCBC Bank logo United Overseas Bank logo
2,306 USD0.2321155.11%
HSBC logo
2,292.56 USD0.2296RM155.66%
Citibank International Money Transfers
Citibank logo
2,272.27 USD0.2275126.49%
 
OFX: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:0 for BER users (normally $15)
Exchange Rate:0.2401 (1.19% from mid-rate)
USD amount:2,401 USD
Total Cost:1.19%
Time:
Rate Fetched: 1:06 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

Maybank logoMaybank

Maybank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2345 (3.5% from mid-rate)
USD amount:2,321.55 USD
Total Cost:4.46%
Difference:
79 USD less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

OCBC Bank logoOCBC Bank

OCBC Bank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2345 (3.5% from mid-rate)
USD amount:2,321.55 USD
Total Cost:4.46%
Difference:
79 USD less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

United Overseas Bank logoUnited Overseas Bank

United Overseas Bank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM100 MYR (1%)
Exchange Rate:0.2345 (3.5% from mid-rate)
USD amount:2,321.55 USD
Total Cost:4.46%
Difference:
79 USD less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:15
Exchange Rate:0.2322 (4.44% from mid-rate)
USD amount:2,306 USD
Total Cost:5.11%
Difference:
95 USD less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logoHSBC

HSBC: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:RM15 MYR (.15%)
Exchange Rate:0.2296 (5.51% from mid-rate)
USD amount:2,292.56 USD
Total Cost:5.66%
Difference:
108 USD less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer MYR→USD
MYR amount:10,000 MYR
Fee:12
Exchange Rate:0.2275 (6.38% from mid-rate)
USD amount:2,272.27 USD
Total Cost:6.49%
Difference:
129 USD less than using OFX
Time:1:06 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 07/22/2019 - See full table
 

Welcome to BER Malaysia. Here we list useful guides and FX provider reviews plus market updates keep our customers aware of the latest Malaysia ringgit exchange rates, charts and rate changes in the major MYR cross currency pairs.

#Guides
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MYR Market Outlook

MYR/USD – 3 month chart

Malaysia was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it added to negative sentiment, which then spurred a rise in USD/MYR to a 6-month high (MYR low) of RM4.2.

Among factors contributing to the ringgit’s weakness over the past year has been political uncertainty relating to Malaysia’s ruling Pakatan Harapan coalition, late-2018’s crash in oil prices, global trade tensions and higher US interest rates.


 

Money Saving Guides

Facebook’s Libra Is Not the Game Changer That’s Being Promised

Enthusiasts would have us believe that Facebook’s own digital currency, Libra, will instantly revolutionize the remittance industry upon its release in 2020 — except it won’t. A harsher reality awaits, with conversion costs, capital gains taxes and a lack of Libra-priced goods all likely to limit its appeal.

Last update: 6 Jul, 2019

TransferWise Gets Malaysian Remittance Licence

No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.

Last update: 19 Jun, 2019

Best Multi-Currency Accounts 2019: WorldFirst vs. TransferWise vs. OFX

We compare the features, exchange rates and security of the three best multi-currency accounts available today — the WorldFirst World Account, the TransferWise Borderless Account and the OFX Global Currency Account.

Last update: 12 Jun, 2019

A Guide to Buying Overseas Property

Tips on Buying your dream property abroad.

Last update: 3 May, 2019

 

Foreign Exchange News

TransferWise Gets Malaysian Remittance Licence

No longer will Malaysians sending money overseas be subjected to grossly inflated exchange rates and unnecessary bank charges following news that TransferWise has been granted a remittance licence by Bank Negara.

19 Jun, 2019 by Joel Wright

Booming Commodities Can’t Save Australian Dollar

The Australian dollar is at or near multi-month lows against a number of major currencies in spite of a rampant iron ore market — once a great influence on AUD.

15 Jun, 2019 by Joel Wright

 

Singapore dollar Market Outlook

SGD/MYR – 3 month chart

Singapore was added to a US watchlist of suspected currency manipulators in May. Though that means little right now in terms of economic implications, it created some negative sentiment that spurred a rise in USD/SGD to a 6-month high (SGD low) of S$1.384.

Overall, it’s been a mixed 2019 for the Singapore dollar, with small gains (<2 percent) against the euro and Australian dollar, but small losses against the US dollar and pound.

In May, SGD was pressured by data showing core inflation at a 1-year low, by an escalation in US-China trade tensions, and after Singapore’s Ministry of Trade and Industry downgraded 2019 growth forecasts. At 1.2 percent, quarterly growth in the Lion City has slowed to its lowest level in a decade.

All said, the Monetary Authority of Singapore will, at best, keep monetary policy unchanged when it next meets in October (there's a chance it could turn dovish).


 

Reviews – Money Transfer & Currency Exchange in Malaysia

OFX 2019 Review – Foreign transfers with OFX compared

OFX is one of the world’s largest and best providers of international money transfers. This highly regulated firm offers a complete foreign exchange solution complete with 24/7 phone support.

Last update: 14 Jul, 2019

WorldRemit – BER Review

With WorldRemit, send money online 24/7 to 140 destinations at highly competitive exchange rates. Send to bank accounts and mobile money wallets, top up a loved one’s mobile phone or send for cash pick-up.

Last update: 7 Jul, 2019

OFX Global Currency Account – BER Review

OFX Global Currency Account – Independent BER Review OFX Global Currency Account: A Summary OFX has a 30-year history and is one of the largest foreign exchange specialists in the world. It offers a “Global Currency Account” that allows online sellers to hold, send and receive funds in GBP, EUR, USD, AUD, CAD and HKD. […]

Last update: 1 Jul, 2019

 

Australian dollar Market Outlook

AUD/MYR – 3 month chart

In late June and early July, the Australian dollar recovered from multi-month lows against a number of important currencies; however, these recoveries were minor relative to losses over the past 18 months. Against the US dollar, at a rate of 70¢ (July-2), the Aussie was 14 percent lower than its best rate from 2018.

Investors have sold AUD in recent months as they’ve bet on aggressive interest-rate cuts by the Reserve Bank of Australia. These bets paid off: the RBA cut its cash rate in both June and July to a record low of 1 percent.

Lower borrowing costs are necessary, investors believe, in light of persistently soft domestic data and the fallout from a US-China trade standoff that shows no sign of nearing an end.

AUD will continue to track changes in interest-rate expectations. Economists expect at least one further cut this year and many expect two by early 2020. After July's cut, the RBA hinted it would leave rates unchanged for several months.

Interestingly, AUD has decoupled from commodity prices in 2019. The price of iron ore (Australia’s largest export) nears multi-year highs while AUD languishes.

Further RBA interest rate cuts this year are now a certainty, and that doesn’t bode well for currency valuations. Westpac has predicted three cuts this year.


 

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