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 |
|---|---|---|---|---|---|---|---|
 OFX exchange rates are highly competitive for global money transfers, great customer service. ^Zero transfer fees for BestExchangeRates customers. More info▾ | 25,505 MYR | 0.5101 | 0 for BER users (normally $60) | 3.19% | Bank Transfers - Online & Phone, Foreign Currency Accounts | 1-2 days | |
Banks - Average Rate    Average rate from selected banks. Click icons for each bank's costs. More info▾ | 24,968 MYR | 0.4998 | 55 | 5.23% | Online, Branch, Bank Transfers | 2-3 days |
This is a chart showing the change in the HKD-MYR mid-market exchange rate over the last week. 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.
On balance, the Hong Kong dollar strengthened steadily in the February-April period. By recent standards, it was particularly strong against the euro at rates near HK$8.825. It was near the weaker boundary of its US dollar trading range, at HK$7.844. Against a basket of currencies, the US dollar was up 1.5 percent on the year by April-22, implying the same year-to-date gain for HKD.
HKD’s strength comes in spite of this year’s dovish turn by the US Federal Reserve, whose actions Hong Kong’s central bank must follow. The Fed has ditched two interest rate hikes from its 2019 projections, but fortunately for holders of HKD, the rest of the world has problems too and other important central banks have also turned dovish, removing much of the incentive for selling HKD.
Based on USD research, a Bloomberg analyst warned in April of potential for a large upcoming move in HKD, up or down. Over the past quarter-century, three deep troughs in a prominent volatility index were followed by USD moves over 6-month periods worth 10-15 percent. The index in question fell in the second half of April to a 5-year low.
The period between April and November 2018 was a tough one for the ringgit, as it lost value against the dollar on a near-weekly basis. Fortunately, losses in that period only amounted to 8 percent and only took the currency to a 1-year low of RM4.2 — it could have been much worse.
Since then, the ringgit has turned a corner; in late February it was trading at RM4.06, near 6-month highs.
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. There are positive factors though.
“With good GDP data and strong economic fundamentals coupled with positive external factors, I believe the ringgit can go higher to RM4.02 [per USD],” a dealer said in February.
The team at TradingEconomics.com believes the ringgit weakens to RM4.14 by year-end.
