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SGD to MYR - Rate Guide

Singapore Dollar to Malaysian Ringgit exchange rates aren't all the same.

The total cost you are charged by your bank or foreign exchange provider consists of a margin from the interbank mid-rate plus fees. These margins and fees vary significantly for International Money Transfers and Travel Money transactions as shown below.

 

SGD/MYR update & alerts

1 SGD = 3.0096 MYR

Sell SGD - Buy MYR  Invert

SGD to MYR - Trading Range (90 Day)
ALERT: 90-DAY LOWS 🔔 |
SGD/MYR at 3.01 is trading 1.4% below the 90-day average 3.0517 with a range 3.01 to 3.0742. ALERT: SGD/MYR has dropped to 90-DAY LOWS.
17-Jan-2020 16:NY 21:LON 08:SYD+1d

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SGD/MYR Exchange Rates and Providers Compared

This guide to the Singapore Dollar to Malaysian Ringgit exchange rate with 90-day chart & alerts, historic rates, forecasts and SGD to MYR comparison tables for foreign transfers and travel money rates and fees on offer by banks and foreign exchange providers. If you want to calculate equivalent amounts in foreign currencies or rate margins then use our SGD/MYR Quick Calculator.

Exchange rates can vary significantly depending on the transaction type (transfer, cash or card), currency pair and amount. The below table shows an example of total costs charged by FX specialists and banks for SGD/MYR International Money Transfers. Costs are calculated against the current interbank mid-rate.

 
  

SGD to MYR International Money Transfers

  

Foreign Transfer ProvidersReceive MYR(RM)Exchange RateFee SGDTotal CostDeal Links
TransferWise logo
RM29,9133.0066S$510.61%
OFX logo
RM29,0432.90430 for BER users (normally $15)3.5%
OCBC Bank International Money Transfers
OCBC Bank logo
RM28,9902.9283S$1003.67%
DBS Bank logo
RM28,7152.8767184.59%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo OCBC Bank logo
RM28,5802.8685185.04%
HSBC logo
RM28,4332.8476S$155.53%
Citibank International Money Transfers
Citibank logo
RM28,1802.8214126.37%
WorldRemit logo
Your amount above the WorldRemit SGD2000 maximum
 
TransferWise logo
TransferWise: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:S$51 SGD (0.5% + S$1)
Exchange Rate:3.0066 (0.1% from mid-rate)
To Amount (MYR) RM29,913
Total Cost:0.61%
Time:1:11 Local
Transfer Speed:0-2 days
Services:Bank Transfers - Online, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 
OFX logo
OFX: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:0 for BER users (normally $15)
Exchange Rate:2.9043 (3.5% from mid-rate)
To Amount (MYR) RM29,043
Total Cost:3.5%
Difference:
RM870 MYR less than using TransferWise
Time:
Rate Fetched: Sat Jan 18 2020 00:15:21 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 
OCBC Bank logo
OCBC Bank: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:S$100 SGD (1%)
Exchange Rate:2.9283 (2.7% from mid-rate)
To Amount (MYR) RM28,990
Total Cost:3.67%
Difference:
RM923 MYR less than using TransferWise
Time:1:11 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
DBS Bank logo
DBS Bank: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:18
Exchange Rate:2.8767 (4.42% from mid-rate)
To Amount (MYR) RM28,715
Total Cost:4.59%
Difference:
RM1,198 MYR less than using TransferWise
Time:1:11 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Banks - Average Rate
Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:18
Exchange Rate:2.8534 (5.19% from mid-rate)
To Amount (MYR) RM28,580
Total Cost:5.04%
Difference:
RM1,333 MYR less than using TransferWise
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 
HSBC logo
HSBC: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:S$15 SGD (.15%)
Exchange Rate:2.8476 (5.38% from mid-rate)
To Amount (MYR) RM28,433
Total Cost:5.53%
Difference:
RM1,480 MYR less than using TransferWise
Time:1:11 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Citibank logo
Citibank: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:12
Exchange Rate:2.8214 (6.25% from mid-rate)
To Amount (MYR) RM28,180
Total Cost:6.37%
Difference:
RM1,733 MYR less than using TransferWise
Time:1:11 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
WorldRemit logo
WorldRemit: Foreign Transfer SGD→MYR
From Amount (SGD)S$10,000
Fee:
Transfer Speed:1 day
Services:Bank Transfers & Cash Pickup - Online only
Rating:
 
: 4.5/5.0
Reviews:
 
Snapshot 01/18/2020 - See full table

SGD and MYR in the Markets

When determining the best time to make a foreign exchange transaction, in this case the SGD vs MYR, you should pay attention to the recent market trends for both currencies.

Singapore Dollar (SGD)

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).

Read more in the article SGD Forecasts.

 

Malaysian Ringgit (MYR)

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.

Read more in the article MYR Forecasts.

Why can't I just get the SGD/MYR market rate I see online or in the media?

The mid-rate is the rate you will see quoted online or the news. It is actually just the half-way point (hence mid-rate) between the last rate at which the SGD / MYR was traded (bought or sold) in the international markets.

All foreign exchange providers charge a fee for providing their service and this fee is usually contained within the exchange rate margin (or difference to the mid-rate). Some providers such as Transferwise will quote you the mid-rate (or close to) and charge a separate percentage fee.

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.

Our real-time foreign transfer and travel money/cards comparison calculators make shopping around easy and help you calculate how much you can save.

We help you Compare & Save Money on Exchange Rates.

 

View all SGD Exchange Rates