When you are thinking about sending money abroad, an international money transfer provider is a great option. They can help you with the whole process, provide useful online tools and most importantly bank-beating exchange rates and low or zero fees.
| Foreign Transfer Providers Ratings & Reviews | Receive MYR(RM) | Exchange Rate | Fee HKD | Total Cost | Transfer Services | Transfer Speed | Deal Links |
|---|---|---|---|---|---|---|---|
 Great rates and platform for personal, business and online sellers. Get local currency accounts in GBP, EUR, CAD, USD, AUD, NZD, JPY and CNY. More▾ | 25,130 MYR | 0.5026 | 0 | 3.2% | Bank Transfers - Online & Phone | 1-2 days | |
 OFX exchange rates are highly competitive for global money transfers, great customer service. ^Zero transfer fees for BestExchangeRates customers. More▾ | 25,100 MYR | 0.502 | 0 for BER users (normally $60) | 3.31% | Bank Transfers - Online & Phone | 1-2 days | |
Banks - Average Rate    Average rate from these selected Banks. Click icons to see each bank's individual rate and fee. More▾ | 24,572 MYR | 0.4919 | 55 | 5.35% | Online, Branch, Bank Transfers | 2-3 days |
This is the current HKD-MYR mid-market exchange rate. The Total Cost of each foreign transfer in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market HKD-MYR exchange rate.
Whenever you are interested in an exchange rate you are actually interested in two currencies due to the fact that the value of a currency must always be quoted in comparison to a second currency.
So it follows that if you are determining the best time to transact, in this case the HKD vs MYR, you should pay attention to both Hong Kong Dollar and Malaysian Ringgit news and forecasts.
27-January-19: 2018 was a reasonable year for the Hong Kong dollar. Against a basket of major currencies, HKD appreciated by 4 percent, which was much better than a near-10 percent loss in 2017. It was, though, something of a stuttering end to 2018 and HKD has had mixed fortunes in early 2019.
As is well known, HKD follows, to a large extent, developments in US monetary policy. In December, after lifting US interest rates, the Fed lowered its expectations for future hikes due to so-called “cross currents” (China, Brexit, trade wars etc.). Skepticism among analysts over future Fed hikes has for some time been the main reason for HKD pessimism for 2019, but now, there is also the prospect of a US economic slowdown to contend with.
“A slowdown in the US economy is likely to weigh on USD [and therefore HKD] in the second half of this year,” a CIBC researcher said in January.
Of the same opinion was an expert at ING, who argued that USD, and therefore HKD, would soon “embark on a gradual long-term bearish trend.”
Like many other emerging market currencies, the ringgit struggled in 2018.
The ringgit weakened in November to a one-year low of RM4.2 per USD but had recovered slightly by the time of this report into the high RM4.17s.
Against the Singapore dollar — the currency of Malaysia’s largest trading partner — the ringgit weakened in November to 3.06 (also a one-year low at the time), before recovering to 3.043.
Among factors contributing to the ringgit’s weakness in 2018 has been political uncertainty relating to Malaysia's ruling Pakatan Harapan coalition, a 40 percent end-of-year crash in the price of oil, as well as general risk-off sentiment, driven partly by global trade tensions and most evident from a 20 percent fall in US equities prices. Higher US interest rates also make holding Malaysian currency less attractive.
“The ringgit will remain weak due to continued political uncertainty,” Fitch’s head of Asia Country Risk said in December.
For 2019 year-end, the team at TradingEconomics.com is forecasting USD/MYR and SGD/MYR at 4.19 and 3.01.
