There are three important types of information that you need to know if you are to have any chance of getting the
best possible MYR / CAD rate :
Find the Market MYR to CAD mid-rate - the starting point.
Check your FX provider's transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
The closer your final exchange rate is to the market MYR/CAD midrate the better deal you are getting.
1 Malaysian ringgit equals Canadian dollar
1MYR=CAD
Right now the MYR/CAD market rate is
and represents how many
Canadian dollar
you can get for one Malaysian ringgit.
The MYR/CAD mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. The closer your final exchange rate is to the market MYR/CAD midrate the better deal you are getting. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the currencies were exchanged in a transaction (bought or sold) in the international markets.
Malaysian ringgit to Canadian dollar (MYR-CAD) Recent History
When
Exchange Rate
Date
1 Week ago
0.325
18 Apr 2018
1 Month ago
0.3298
26 Mar 2018
6 Months ago
0.3021
27 Oct 2017
1 Year ago
0.3105
25 Apr 2017
2 Years ago
0.3242
25 Apr 2016
5 Years ago
0.3355
26 Apr 2013
10 Years ago
0.3222
27 Apr 2008
There are three important types of information that you need to know if you are to have any chance of getting the
best possible MYR / CAD rate :
Market MYR to CAD mid-rate - the starting point.
Transaction costs, these include exchange rate margins plus various types of fees. These margin and fee costs vary for
Foreign Transfers
and
Travel Money
transactions.
Right now the MYR/CAD market rate is
and represents how many
Canadian dollar
you can get for one Malaysian ringgit.
The MYR/CAD mid-rate is the rate you will see
Quoted on Google
or the News, nobody except the largest banks and businesses can get exchange rates close to this mid-rate. It is actually just the theoretical half-way point (hence mid-rate) between
the last rate at which the MYR / CAD was traded (bought or sold) in the international markets.
2. Transaction Costs - Margins and Fees for MYR/CAD Foreign Exchange
The transaction margin from the mid-rate you will be charged by your bank or foreign exchange provider plus any fixed or percentage fees. These margins and fees will vary significantly for International Money Transfers and Travel Money transactions.
MYR to CAD Foreign Transfer - Costs Compared
You can see a sample of the margins from mid-rate in the table below which shows an example of the costs charged by FX specialist and the average bank rate when sending money transfers from MYR to CAD.
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This is the amount of money that could be received by your transfer at rate MYR/CAD=0.3241 and inclusive of the fee of MYR 0. Rate timestamp : 15:14 Local
This is the average MYR to CAD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.
The below table shows an example of the margins and possible savings when you order travel money online with a currency specialist versus the average bank, kiosk or post office rate to buy foreign cash.
Getting a good market rate is mainly about timing however the transaction margin
you end up being charged can be considerably reduced by around a few percent (of total amount being exchanged) for
travel money
and possibly over 5% to 6% when sending money.
The exact potential savings depends on the currencies being exchanged and the amount
you are transferring and if you are willing to shop around.
Why can't I just get the same MYR/CAD market rate I see on Google or in the Media?
When you look up the current Malaysian ringgit to Canadian dollar exchange rate on the web the figure you find quoted on sites like google or mentioned on TV is commonly referred to as the mid-market rate.
Getting a great MYR to CAD mid-market rate is all about timing, so unless you
are able to wait, watch and time the market this is largely beyond your control.
This rate will go up and down with varying amounts of volatility depending on the currency pair.
This mid-market rate is really only a reference and is just the starting point for calculating the actual rate you will
get for your transaction, luckily we can also use this same rate to determine how good a deal a rate that a provider offers you actually is.
You can use the below
MYR to CAD calculator to convert currency amounts using the latest mid-market exchange rates.
Then choose your transaction type for specific Malaysian ringgit cross rates and reviews of leading foreign exchange providers versus the Banks.
3. Currency News, Research and Forecasts for Malaysian ringgit and Canadian dollar
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 is always determined quoted in comparison to another currency.
So it follows that if you are determining the best time to transact, in this case the MYR vs CAD, you should pay attention to both Malaysian ringgit and Canadian dollar news and forecasts.
Malaysian ringgit (MYR) - Market news and forecasts
The ringgit had a strong start to 2018. The currency climbed in early April to a 2-year high against the dollar (3.856), to an 11-month high against the euro (4.727) and to a 21-month high against the Australian dollar (2.957). At the time of this report, the ringgit was Asia’s second best performing currency of the year.
Investors will have to suffer greater volatility in ringgit markets in the second quarter, thinks the team at UOB, due to growing trade tensions between the US and China, which threatens the outlook of export-driven Asian economies like Malaysia. Any significant escalation of trade tensions might see investors sell the ringgit as they seek the relative safety of dollars, euros, yen and similar currencies. The ringgit will, however, be among the most resilient Asian currencies in the face of a trade war, says the bank, due to favourable domestic growth drivers.
UOB expects the ringgit to strengthen further by year-end to 3.8 per dollar.
Canadian dollar (CAD) - Market news and forecasts
The Canadian dollar was the worst performing G10 currency in the first quarter of 2018.
Against the US dollar, CAD fell to buy 77.5 US cents (USD/CAD 1.29), but this was in line with average rates over the preceding twelve months.
Against the euro, CAD fell to an 8-year low but recovered somewhat before March was out to buy 63 euro cents (EUR/CAD 1.587).
For CAD, little respite is likely in the months ahead according to TD Securities, which described the currency in March as “really expensive.” A senior analyst at the firm explained that CAD was the “most exposed [major currency] from a global macro level and also from the local level of trade risk.”
Trade remains a dominant theme affecting CAD. Washington stepped up its protectionist measures in the first quarter with tariffs on steel and aluminium products (Canada is the number one exporter of such products to the US) and $60 billion worth of Chinese goods. Being a global growth-sensitive currency, CAD will suffer should international trade tensions escalate, not to mention the ramifications for ongoing NAFTA negotiations between Canada, the US and Mexico. The market consensus remains for an 8-10% drop in CAD's valuation should NAFTA negotiations fail.
