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SGD/MYR - Convert Compare Save

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.

 

This resource page for the Singapore Dollar to Malaysian Ringgit exchange rate, has news, forecasts and SGD to MYR comparison tables for foreign transfers and travel money rates and fees on offer by banks and foreign exchange providers. You can also check an exchange rate margin with our Exchange Rate Checker.

SGD/MYR Exchange Rates - How to Compare & Save

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.

 
Foreign Transfer ProvidersReceive MYR(RM)Exchange RateFee SGDTotal CostDeal Links
OFX logo
29,742 MYR2.974202.49%
DBS Bank logo
29,406 MYR2.9459183.59%
OCBC Bank International Money Transfers
OCBC Bank logo
29,380 MYR2.9677$1003.67%
Banks - Average Rate
DBS Bank logo Citibank logo HSBC logo OCBC Bank logo
29,190 MYR2.9298184.29%
HSBC logo
29,117 MYR2.9161$154.53%
Citibank International Money Transfers
Citibank logo
28,858 MYR2.8893125.38%
 
OFX: Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:0
Exchange Rate:2.9742 (2.49% from mid-rate)
MYR amount:29,742 MYR
Total Cost:2.49%
Time:
Rate Fetched: Tue Jun 18 2019 00:16:06 GMT+0000 (UTC)
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

DBS Bank logoDBS Bank

DBS Bank: Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:18
Exchange Rate:2.9459 (3.41% from mid-rate)
MYR amount:29,406 MYR
Total Cost:3.59%
Difference:
336 MYR less than using OFX
Time:2:39 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

OCBC Bank logoOCBC Bank

OCBC Bank: Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:$100 SGD (1%)
Exchange Rate:2.9677 (2.7% from mid-rate)
MYR amount:29,380 MYR
Total Cost:3.67%
Difference:
362 MYR less than using OFX
Time:2:39 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:18
Exchange Rate:2.9221 (4.19% from mid-rate)
MYR amount:29,190 MYR
Total Cost:4.29%
Difference:
552 MYR less than using OFX
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

HSBC logoHSBC

HSBC: Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:$15 SGD (.15%)
Exchange Rate:2.9161 (4.39% from mid-rate)
MYR amount:29,117 MYR
Total Cost:4.53%
Difference:
625 MYR less than using OFX
Time:2:39 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logoCitibank

Citibank: Foreign Transfer SGD→MYR
SGD amount:$10,000 SGD
Fee:12
Exchange Rate:2.8893 (5.27% from mid-rate)
MYR amount:28,858 MYR
Total Cost:5.38%
Difference:
884 MYR less than using OFX
Time:2:39 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 06/18/2019 - See full table

SGD to MYR interbank exchange rate = 3.0511

 
 

Exchange Rate Checker

If you have been offered/charged an exchange rate then enter it below to check the true cost to the latest interbank mid-rate.

 
   

Compare savings on SGD/MYR exchange rates

Foreign Transfers

Foreign Transfers Travel Money

   

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